On August 17, China Offshore Oil Engineering Co., Ltd. (COOEC) released its “2026 Semi-Annual Report”. During the reporting period, COOEC generated operating revenue of 12.384 billion yuan (approximately $1.837 billion), representing a year-over-year increase of 9.42%; net profit attributable to shareholders of the listed company was 1.091 billion yuan (approximately $162 million), a slight year-over-year decrease of 0.64%, remaining essentially unchanged from the same period last year.
As of the end of June 2026, COOEC’s total assets amounted to RMB 49.677 billion (approximately $7.367 billion), with net assets attributable to shareholders of the listed company reaching RMB 28.856 billion (approximately $4.279 billion). The company’s asset-liability ratio was 41.91%, reflecting a robust capital structure and ample cash flow.
In the first half of 2026, COOEC continued to advance engineering and construction projects both domestically and internationally, executing 64 projects of significant scale and completing nine. The company completed the onshore fabrication of 30 jackets and 13 topsides, the offshore installation of 16 jackets and nine topsides, and the laying of 241.40 kilometers of subsea pipelines and 31.60 kilometers of subsea cables. Steel processing volume for fabrication operations totaled 179,200 tonnes, a year-on-year decrease of 5.40%; offshore operations, including installation, utilized 11,500 vessel-days, a year-on-year increase of 0.68%.
In the first half of 2026, COOEC secured new contracts totaling RMB 21.185 billion (approximately $3.142 billion). As of the end of the reporting period, its total order backlog stood at approximately RMB 73.3 billion (approximately $10.870 billion). During the reporting period, COOEC and Saipem jointly won the bid for the NFPS COMP 5 project of Qatar Energy LNG Company, with a total contract value of approximately $4 billion, of which COOEC’s share exceeded $800 million. The contract for this project was formally signed at the end of May.
During the reporting period, COOEC’s other newly signed contracts included: the EPCI general contracting services project for the North Area Development Project of the Ningbo 31-1 Gas Field; the West Lake Region Natural Gas Transmission and Terminal Facility Capacity Enhancement Project; and the EPCI general contracting project for the Comprehensive Adjustment Project of the Liuhua 29-1 Gas Field; EPC general contracting services for CNOOC North America’s Pad 20 project; the Saudi Aramco CRPO 161 project; and EPC services for CNPC Canada’s McKenzie River MRCP project, among others.
COOEC is a listed company controlled by China National Offshore Oil Corporation (CNOOC). It is China’s only large-scale general engineering contractor integrating offshore oil and gas development engineering design, procurement, construction, offshore installation, commissioning, and maintenance, as well as projects involving LNG, offshore wind power, and refining and chemical engineering. It also ranks among the largest and most capable offshore oil and gas general contractors in the Asia-Pacific region.
COOEC has a workforce of nearly 10,000 employees and operates large-scale offshore engineering fabrication bases in locations such as the Tianjin Binhai New Area, Qingdao (Shandong), and Zhuhai (Guangdong). With a total site area of approximately 4 million square meters, the company has established a strategic layout that spans north and south, features complementary functions, covers both deepwater and shallow-water operations, and serves the global market. COOEC operates a specialized offshore construction fleet comprising 19 vessels—including DP3 deepwater pipelay vessels and a 7,500-ton crane vessel—along with two additional vessels currently under construction; its capabilities in offshore installation and pipelaying rank among the best in Asia.