On December 19, China Offshore Oil Engineering Co., Ltd. (COOEC) issued the “Announcement on the Acquisition of a Minority Equity Interest in CNOOC Fulu Heavy Industry and Changes to the Equity Structure of the Implementing Entity for the Company’s Non-Public Offering of Shares for Investment Projects.”
As disclosed in the announcement, Offshore Oil Engineering (Zhuhai) Co., Ltd. (“COOEC Zhuhai”), a wholly-owned subsidiary of COOEC, plans to acquire the entire 49% equity interest in CNOOC Fulu Heavy Industry held by Fluor International Limited (“Fluor International”) with RMB 859 million of its own capital. The move is aimed at strengthening COOEC’s control over CNOOC Fluor International, improving operational and management efficiency, and continuously advancing the development of differentiated capabilities in the field of deepwater and new energy engineering equipment.
Prior to this transaction, COOEC Zhuhai held a 51% stake in Fluor International, giving him actual control and including it in the company’s consolidated financial statements. Following this transaction, COOEC Zhuhai’s shareholding will increase to 100%, but this will not result in any change to the company’s consolidated financial statements.
The transaction target, CNOOC Fulu Heavy Industry, serves as the implementing entity for COOEC’s 2013 non-public offering fundraising project, the “Zhuhai Deepwater Offshore Engineering Equipment Manufacturing Base Project.” Upon completion of this transaction, the equity structure of the implementing entity for this fundraising project will change from a CNOOC-controlled grandchild company to a wholly-owned grandchild company. However, this change does not involve any alteration in the use of the raised funds.
The announcement indicates that CNOOC Fulu Heavy Industry was established in 2016 with a registered capital of US$1 billion. Its primary business activities include project general contracting, design of oil and gas construction projects, offshore petroleum project construction, and other offshore project construction.
Financial data indicates that as of September 30, 2025, CNOOC Fulu Heavy Industry held net assets of RMB 4.046 billion. In 2024, the company achieved operating revenue of RMB 2.276 billion and net profit of RMB 51 million. During the first three quarters of 2025, it recorded operating revenue of RMB 1.5 billion and net profit of RMB 91 million, demonstrating steady performance growth.