On July 26, BOMESC Offshore Engineering Company Limited (hereinafter referred to as “BOMESC”) released the “2025 Semi-Annual Report”.
The report disclosed that BOMESC’s operating income in the first half of 2025 was approximately 1.043 billion yuan (approximately US$145 million), a year-on-year decrease of 1.66%; the net profit attributable to shareholders of the listed company was approximately 12.39 million yuan (approximately US$1.73 million), a year-on-year decrease of 80.42%; the basic earnings per share was 0.0447 yuan, a year-on-year decrease of 80.26%.
The reason for the decline in operating income this time is mainly due to the decrease in orders and completed work in this period. The reason for the increase of 1.74% in operating costs during the reporting period is mainly due to the increase in project costs during this period. The reason for the increase of 55.57% in sales expenses is mainly due to the increase in service fees during this period. Administrative expenses increased by 14.35%, mainly due to the increase in employee salaries and business entertainment expenses during this period. During the reporting period, R&D expenses decreased by 32.04%, and R&D investment decreased.
According to the semi-annual performance forecast announcement released by BOMESC, the decline in its semi-annual performance was mainly due to the complex and changing international political and economic situation in the first half of 2025: the continued conflict between Russia and Ukraine, the rise of US trade protectionism, the expansion of geopolitical influences in the Middle East, etc., and the ripple effect on the global scale, and the international situation continued the turbulent trend in recent years. The complex external environment has had multiple adverse effects on the company’s operations.
According to reports, BOMESC announced on January 26 this year that it had signed a contract with STS VOF for the construction of the FPSO topside module, with a contract value of 750 million to 1 billion yuan (approximately US$104 million to US$139 million). The main scope of work includes the design, material procurement, and construction of the FPSO topside module. The contract will take effect in January 2025 and is scheduled for completion in January 2027.