On the evening of August 15, Offshore Oil Engineering Co., Ltd. released its 2025 semi-annual report to the public.
In the first half of 2025, guided by its strategic plan, Offshore Oil Engineering achieved sustained results in lean management, continuous upgrades in intelligent manufacturing, and gradual deepening of value management. The momentum of high-quality development was further consolidated, earning the company the “China Listed Companies Investor Relations Tianma Award” for three consecutive years. New strides were made in building a world-class marine energy engineering company with Chinese characteristics.
In the first half of the year, Offshore Oil Engineering reported operating revenue of 11.318 billion yuan, a year-on-year decrease of 15.72% due to workload fluctuations. Net profit attributable to shareholders of the listed company was 1.098 billion yuan, down 8.21% year-on-year. As of the end of June 2025, total assets stood at 47.828 billion yuan, with shareholders’ equity attributable to the listed company at 26.484 billion yuan. The debt-to-asset ratio was 40.37%, reflecting a stable capital structure and ample cash flow.
Domestic projects progressed steadily. In the first half of the year, Offshore Oil Engineering successfully completed the offshore installation of the Bohai KL10-2 oilfield platform, a billion-ton-level project, setting new records in both size and weight for oil and gas platforms in the Bohai region.
Overseas business advanced steadily. The successful delivery of 24 sets of 2,000-meter-class international ultra-deepwater suction anchors for Brazil’s Mero Phase II project marked one of China’s deepest-water deep-sea equipment exports to date, demonstrating the international mainstream market’s recognition of “Made in China” deep-sea equipment.
Green projects continued to advance. Construction began on the world’s largest single-unit capacity deep-sea tension-leg floating wind power platform, pioneering new approaches for deep-sea wind power development. Progress was smooth on the UK’s Inch Cape offshore wind farm, the world’s largest single-unit capacity wind project, laying a solid foundation for expanding the international wind power market.
Adhering to the “Engineering + Products + Services” development philosophy, Offshore Oil Engineering targeted key challenges to drive deeper market development. New contracts signed in the first half totaled 12.068 billion yuan, with the total order backlog reaching approximately 40.7 billion yuan by the end of the reporting period, providing a strong foundation for stable operations and continued market expansion. The company actively engaged with key international clients under its “Go Global, Bring In” strategy, securing overseas contracts such as TotalEnergies’ ALK pipeline replacement project and the ESD system upgrade for Iraq’s Missan Oilfield.
Breakthroughs were achieved in key technology and equipment R&D. The company independently developed China’s first seven-function manipulator for subsea robots in the deepwater oil and gas industry, completing land tests. The quality control model for domestically produced 1,500-meter-class subsea control systems passed coupled performance tests. Progress was smooth on China’s first independently developed deepwater subsea Christmas tree. The self-designed 50,000-cubic-meter fully submersible deep-sea intelligent aquaculture platform received principle approval.
Systematic advancement of “productization” continued. The company established its first “four-tier” product framework, transitioning from “single-product driven” to “product-series driven.” It hosted the 2025 Deepwater Oil and Gas Equipment Modern Industry Chain Collaboration Initiative and Tianjin Marine Equipment Industry (Talent) Alliance Conference, launching the “Qinghai” subsea product series brand and furthering the development of the modern deepwater oil and gas equipment industry chain.
Looking ahead to the second half of the year, Offshore Oil Engineering will focus on capability building, deepening lean management and technological innovation while intensifying market development efforts, particularly in overseas and emerging industries. By optimizing resource allocation and enhancing production synergy, the company aims to complete construction tasks with high quality and efficiency, continuously strengthening core competitiveness and profit growth drivers to ensure the preservation and appreciation of state-owned assets and create value for shareholders.
