COOEC released its operating results for the first quarter of 2023

Date：2023-05-06

On April 28, Offshore Oil Engineering Co., Ltd. (hereinafter referred to as “COOEC”) released its operating results for the first quarter of 2023. The company achieved operating revenue of RMB 6.397 billion with a year-on-year increase of 46.91%, and recorded a net income attributable to shareholders of listed companies of RMB 448 million, up 279.56% from the same period last year.

In the first quarter, COOEC pursued a diversified development strategy in both domestic and international markets, covering traditional oil and gas as well as new energy. The company secured new contracts worth RMB 5.871 billion, with a year-on-year increase of 20.66%. Notably, COOEC won the Zhejiang LNG Phase III Project, which has strengthened its competitiveness in the LNG engineering industry. In addition, COOEC actively promoted the development of oil and gas projects both at home and abroad ,overseeing a total of 67 large scale EPC projects in the first quarter alone. The Company also processed 120,100 tons of structural steel, with a year-on-year increase of 44%, and conducted offshore operations for a total of 6,200 days, a year-on-year increase of 24%.

COOEC has been pushing the boundaries of offshore wind power technology and achieved a major breakthrough through the construction completion of China's very first deep-water floating wind power platform, "CNOOC Guanlan".

In addition to this, COOEC delivered all core modules for the North American Shell LNG Project, which were built at the Qingdao site. And the company also successfully delivered the key modules for Hong Kong's first integrated waste management facility, which utilized a world-class, advanced centralized waste combustion system. This innovative approach has significantly improved COOEC's manufacturing capacity for clean energy power generation equipment, and has helped to drive the industry towards a green and high-quality development path.