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COOEC’s Issue of its Operating Performance Results in the First Half of 2022


On August 23, 2022, Offshore Oil Engineering Co., Ltd (hereinafter referred to as the “Company”) issued its operating performance results in the first half of 2022.

In the first half of 2022, while ensuring safety at work, the Company completed various tasks such as market development, technological innovation, cost reduction, quality improvement, and efficiency enhancement in a coordinated manner, continued to improve its capability in low-carbon development, made important progresses in key technologies, took substantial steps in the intelligent and digital transformation, gradually established the value management index system, and greatly improved its development quality. For the first half of 2022, the operating income is RMB 11.734 billion, marking a year-on-year increase of 57.06%, and the net profit attributable to shareholders of the listed company is RMB 481 million, representing a year-on-year increase of 20.37%.

In 2022, the Company actively carried out market development in accordance with the established development strategy. In the first half of 2022, the contracts of domestic offshore oil and gas projects signed by the Company increased significantly, and the Company signed the contract for the Lingshui 25-1 gas field development project, which is the second kilometer-scale deepwater project undertaken by the Company after the Lingshui 17-2 gas field development project. In addition, the Company made breakthroughs in the new energy market and signed the contracts for the deep-sea floating wind farm development and localization project and the construction, transportation and installation of the offshore step-up station of the Three Gorges Yangjiang Qingzhou VI Offshore Wind Power Project. The total value of contracts signed in the first half of 2022 is RMB 14.9 billion, representing an increase of 118% over the same period of the previous year. These contracts will provide strong support for the Company’s workload in the next one to two years.

In the reporting period, the workload of oil and gas projects undertaken by the Company continued to increase, and 48 projects were being executed simultaneously in a smooth and orderly manner. The “Haiji-1” of Lufeng Oilfields Regional Development Project, Asia’s largest deepwater jacket platform, has been mechanically completed. This is the first EPCI project undertaken by the Company involving a 300 m-deep super-large jacket platform in China and marking the Company’s complete mastery of a complete set of key technologies for the construction and installation of super-large deepwater jacket platforms. The construction of the FPSO unit for Liuhua 11-1/4-1 oilfield secondary development project—Asia’s first cylindrical FPSO unit (floating production, storage and offloading unit) has been officially commenced, which will help the Company make new breakthroughs in the field of FPSO units relying on its capability to independently design and construct super-large offshore oil and gas facilities and equipment operating in deep waters. The jacket for the Enping 15-1 central platform—China’s first offshore carbon storage demonstration project was successfully launched and accurately positioned in the eastern water of the South China Sea.

In the reporting period, the Company strengthened independent innovation, actively carried out technical research and the application of technological achievements, enhanced research and development of new energy and low-carbon technologies, and achieved important results; promoted the work of “new ideas, new technologies, new methods, simplification, standardization, and localization”, strengthened the transformation of technological achievements, and generated benefits of RMB 139 million. The intelligent manufacturing base in Lingang Industrial Zone, Tianjin was officially put into operation in the reporting period, which will effectively help the Company to achieve the leap from “traditional plants” to “smart plants”; the Company actively explored digital twin and digital simulation technologies to reduce project risks.

In the second half of 2022, the Company will focus on capacity building, strengthen project management and control, strengthen lean management, allocate and use resources in a scientific and reasonable way, and efficiently complete various production and construction tasks. In addition, the Company will further strengthen market development, continue to reduce costs and improve quality and efficiency, continuously improve the quality and efficiency of its development, and continue to create values for its shareholders.