On October 24, China Offshore Oil Engineering Co., Ltd. (hereinafter referred to as the “COOEC”) released its third quarter report for 2025.
In the first three quarters, affected by workload, COOEC achieved operating revenue of RMB 17.661 billion (approximately US$2.480 billion), a year-on-year decrease of 13.54%. Net profit attributable to shareholders of the listed company was RMB 1.605 billion (approximately US$225 million), a year-on-year decrease of 8.01%. However, gross profit margin increased, cash flow was sufficient, and capital structure was sound.
COOEC achieved a cumulative market contract value of 37.24 billion yuan (approximately US$5.228 billion), a year-on-year increase of 124.85%. Overseas business reached a record high of 29.336 billion yuan (approximately US$4.119 billion). As of the end of the reporting period, the total order backlog was approximately 59.5 billion yuan (approximately US$8.354 billion), providing solid support for the healthy development of the company’s business and the continued expansion of external markets.
The company implemented 75 large-scale engineering projects, with 22 completed. It finished the onshore fabrication of 21 jackets and 14 modules, the offshore installation of 23 jackets and 16 modules, and the laying of 273 kilometers of subsea pipelines and 167 kilometers of subsea cables. The construction business processed 257,400 tons of steel, a year-on-year decrease of 27.70%. Offshore operations, including installation, utilized 17,800 ship days, a year-on-year decrease of 12.32%.
The first set of ultra-deepwater wedge-type subsea pipeline emergency recovery device independently developed by COOEC has been put into initial application, marking a major breakthrough in China’s marine oil and gas emergency equipment manufacturing. The 1,500-meter-class subsea control system has completed the final assembly and testing of subsea control modules and obtained product certification from DNV (Det Norske Veritas). The software for calculating out-of-plane bending fatigue of mooring anchor chains has officially passed certification by BV (Bureau Veritas), filling the technical gap in China’s core calculation field of deepwater mooring chains.