On the evening of October 24, Offshore Oil Engineering Co., Ltd. publicly released its third quarter report for 2025.
During the reporting period, Offshore Oil Engineering maintained firm strategic confidence, sought progress while ensuring stability, continuously consolidated its high-quality development trend, maintained a stable safety situation, and ensured effective quality control. Affected by the workload in the first three quarters, the company achieved operating revenue of 17.661 billion RMB, a year-on-year decrease of 13.54%; net profit attributable to shareholders of the listed company was 1.605 billion RMB, a year-on-year decrease of 8.01%. However, gross profit margin achieved growth, cash flow was ample, and the capital structure remained robust.
In the first three quarters, Offshore Oil Engineering’s cumulative market contract value reached 37.240 billion RMB, a year-on-year increase of 124.85%. Among this, overseas business amounted to 29.336 billion RMB, setting a new historical record. As of the end of the reporting period, the total order backlog was approximately 59.5 billion RMB, providing a solid guarantee and strong support for the healthy development of the company’s business and the continuous expansion of the external market.
Regarding domestic oil and gas business, during this reporting period, Offshore Oil Engineering secured new contracts including projects such as the rolling development of the Xihu area gas field, the depressurization production of the Panyu 30-1 platform, the CEPA platform expansion of the Lvda 16-3 oil field, and the ZZ platform processing capacity upgrade and renovation project.
In overseas business, Offshore Oil Engineering remained steadfast in its strategic objectives, achieving a historic breakthrough in the international market. The company continued to actively engage in exchange activities with key international clients, continuously strengthening strategic mutual trust. During this reporting period, further success was achieved in the Middle East market, with the successful bid for two lots of the Qatar Bul Hanine (BH) EPIC project, with a contract value of approximately $4 billion USD (approximately 28.506 billion RMB).
In the new energy business, Offshore Oil Engineering adhered to implementing the national “Dual Carbon” strategic deployment, continuously intensified market development and expansion efforts in the new energy business, and promoted the continuous expansion of the emerging industry landscape and the extension of the business chain. New projects secured during this reporting period include the EPC turnkey contract for the Fujian LNG receiving terminal 7# storage tank and supporting facilities project, and the LNG receiving station for the Koh Kong province combined cycle power plant project in Cambodia.
In the first three quarters, Offshore Oil Engineering implemented 75 projects above a designated scale, of which 22 were completed. The company completed the land construction of 21 jackets and 14 modules, the offshore installation of 23 jackets and 16 modules, and the laying of 273 kilometers of subsea pipelines and 167 kilometers of subsea cables. The construction business processed 257,400 tons of steel, a year-on-year decrease of 27.70%; offshore operations such as installation utilized 17,800 vessel-days, a year-on-year decrease of 12.32%.
In the first three quarters, Offshore Oil Engineering achieved multiple breakthroughs in deepwater technology. China’s first independently developed ultra-deepwater wedge-type pipeline emergency recovery system was applied for the first time, marking a significant breakthrough in China’s marine oil and gas emergency equipment manufacturing. The 1500-meter level subsea control system completed the final assembly and testing of the subsea control modules and obtained the product certificate from DNV (Det Norske Veritas). The out-of-plane bending fatigue calculation software for mooring chains officially received certification from Bureau Veritas, filling a technological gap in the core calculation field of deepwater mooring chains in China.
The jacket accessories for the Offshore Oil Engineering Huizhou 25-8 oil field achieved full domestic application for the first time, breaking the foreign monopoly on such equipment and injecting key momentum into the independent development of China’s marine oil and gas equipment. The Cold Metal Transfer (CMT) fully automatic welding equipment for offshore engineering was successfully applied for the first time in the pipeline laying for the Qatar ISND 5-2 project, which is of great significance for enhancing China’s marine oil and gas operational equipment capabilities.
During the reporting period, Offshore Oil Engineering’s Tianjin Intelligent Manufacturing Base, as China’s first “Smart Factory” for marine oil and gas equipment manufacturing, officially passed the customs closure acceptance inspection of the Tianjin Lingang Comprehensive Bonded Zone. The area operates under a “within the territory but outside the customs” management model, providing strong support for enhancing the international competitiveness of marine equipment. The first batch of China’s independently developed flexible manufacturing intelligent welding robot equipment system integration for offshore engineering was completed, accelerating the transition of offshore engineering flexible manufacturing intelligent welding equipment from “capable of welding” to “welding precisely and quickly.” China’s first TKY pipe joint intelligent fitting system passed acceptance, representing a major breakthrough in China’s intelligent assembly technology for offshore engineering land construction.
