On March 21, China Offshore Oil Engineering Co., Ltd. (COOEC) released its 2025 Annual Report.
During the reporting period, COOEC achieved market contract value of approximately RMB 48.849 billion (approximately US$7.068 billion), representing a year-on-year increase of 61.51%; operating revenue of approximately RMB 27.163 billion (approximately US$3.93 billion), representing a year-on-year decrease of 9.32%; and net profit attributable to shareholders of the listed company of approximately RMB 2.084 billion (approximately US$302 million), representing a year-on-year decrease of 3.56%.
As of December 31, 2025, COOEC’s total assets were approximately RMB 49.192 billion (approximately US$7.118 billion), net assets attributable to shareholders of the listed company were approximately RMB 26.578 billion (approximately US$3.846 billion), the asset-liability ratio was 41.83%, the capital structure remained sound, and cash flow was ample.
As of December 31, 2025, COOEC had implemented 74 large-scale projects, of which 31 were completed within the year; the total steel processing volume for the year was 336,000 tons, a year-on-year decrease of 25.96%; 24,200 ship-days were put into operation, a year-on-year decrease of 15.46%, of which the ship-days of its own vessels were basically the same as the previous year; 26 jacket foundations and 16 modules were constructed on land, and 30 jacket foundations and 21 modules were installed at sea, and 385 kilometers of submarine pipelines and 239 kilometers of submarine cables were laid.
In 2025, COOEC thoroughly implemented the national “Belt and Road” Initiative, using strategy to guide market development and employing a range of measures to promote the coordinated development of domestic and international markets. For the year, the company secured contracts worth approximately RMB 48.849 billion (approximately US$7.068 billion), of which overseas contracts accounted for approximately RMB 30.843 billion (approximately US$4.463 billion), setting a new record for both domestic and international contracts, with a total order backlog of 61.6 billion yuan (approximately US$8.914 billion).
For the overseas markets segment, on October 21, 2025, COOEC signed an EPC contract with QatarEnergy for the BH project, covering BH-EPIC1 and BH-EPIC2, with a contract value of approximately US$4 billion. On October 24, COOEC formally signed a contract with Thailand’s PTTEP for the wellhead platform and new subsea pipeline work package under the Bundled Phases 4 EPCI project, with a contract value of approximately US$800 million.
COOEC stated that the newly secured BH project contract and the Bundled Phases 4 EPCI project during the reporting period set new records for contract values of offshore oil and gas development projects secured by Chinese companies in the Middle East and Southeast Asia. The successful implementation of projects such as Shell’s HI project in Nigeria and Total’s ALK subsea pipeline replacement project marks a new breakthrough in the company’s overseas offshore oil and gas engineering and construction capabilities and will further drive the company’s deeper involvement in global oil and gas cooperation.
In addition, in 2025, COOEC actively embraced the concept of green development, intensified its efforts to develop the new energy market, and promoted the continued expansion of emerging industries.
COOEC, a listed company controlled by China National Offshore Oil Corporation, is the only large-scale engineering general contractor that integrates the design, procurement, construction, offshore installation, commissioning, and maintenance of offshore oil and gas development projects, as well as liquefied natural gas, offshore wind power, refining, and chemical engineering projects. It is also one of the largest and strongest offshore oil and gas engineering general contractors in the Asia-Pacific region. COOEC is headquartered in Binhai New Area, Tianjin. It was listed on the Shanghai Stock Exchange in February 2002.
COOEC currently has nearly 10,000 employees and operates offshore engineering manufacturing bases covering nearly 4 million square meters in locations such as Tianjin Binhai, Qingdao, Shandong, and Zhuhai, Guangdong, establishing a global footprint that spans from north to south, features complementary functions, and covers both deep-water and shallow-water regions. COOEC has an annual processing capacity exceeding 400,000 metric tons of steel structures and possesses the capability to construct ultra-large 30,000-ton jackets, modules, and other offshore platforms, as well as large-scale modules. With the commissioning of Phase II of the Tianjin Smart Manufacturing Base, overall design capacity and production line efficiency have been significantly enhanced.
In recent years, COOEC has consolidated its traditional offshore oil and gas engineering business and expanded its general contracting business to include onshore LNG engineering, offshore wind power and other clean energy fields, which has contributed to the continuous improvement in its comprehensive competitiveness. COOEC undertakes engineering contracts in the form of EPCI general contracting or subcontracting, participates in the construction of offshore oil and gas field engineering, LNG, FPSO, offshore wind power and other projects, and provides customers with “turnkey” projects.