On October 24, China Offshore Oil Engineering Co., Ltd. (hereinafter referred to as “COOEC”) issued the “Voluntary Disclosure Announcement Regarding Overseas Projects”.
As disclosed in the announcement, COOEC has recently formally signed a contract with Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) for the wellhead platform and subsea pipeline new construction work package under the Bundled Phases 4 EPCI general contracting project.
Implemented on a long-term agreement basis, the project will see the client confirm the annual workload of wellhead platforms and subsea pipelines to be delivered offshore during 2027-2029 through sequential orders. COOEC will undertake the overall contracting responsibilities, including design, procurement, construction, offshore transportation, installation and commissioning. The estimated contract value is approximately US$800 million.
The announcement states that PTTEP is a state-owned energy company in Thailand, primarily engaged in domestic and international oil exploration and production activities. By the end of 2024, the company’s oil and gas production in Thailand accounted for 69% of the country’s total output.
COOEC stated that this project marks the company’s second offshore engineering EPC contract executed for Thailand’s PTTEP. The construction period spans from 2025 to 2029.
The project represents a significant stride in advancing the company’s overseas strategy, reflecting its sustained efforts to strengthen overseas market development and promote high-quality growth in international operations. This achievement underscores COOEC’s steadfast commitment to its strategic vision.
On the same day it announced the contract signing with Thailand’s PTTEP, COOEC released its third-quarter report for 2025: Affected by workload factors in the first three quarters, operating revenue reached RMB 17.661 billion (approximately US$2.483 billion), a year-on-year decrease of 13.54%; Net profit attributable to shareholders of the listed company reached RMB 1.605 billion (approximately US$226 million), down 8.01% year-on-year. However, gross profit margin increased, cash flow remained robust, and the capital structure remained stable. As of the end of the reporting period, the total value of orders on hand stood at approximately RMB 59.5 billion (approximately US$ 8.366 billion).
Notably, this marks the second major offshore engineering contract announced by COOEC Engineering in recent times.
On October 21, COOEC announced the formal signing of the BH EPC project contract with QatarEnergy. The announcement revealed that COOEC and QatarEnergy have officially signed a BH EPC contract. The contract covers BH-EPIC 1 and BH-EPIC 2, encompassing EPC scope including management, detailed design, procurement, construction, transportation, installation, and commissioning.
Under the announcement, the project contract is valued at approximately US$4 billion. The contract will take effect in October 2025, with an anticipated completion date of June 2031, featuring multiple intermediate milestones throughout the period.