Offshore Oil Engineering Co., Ltd.

Offshore Oil Engineering Co., Ltd. (COOEC) (SSE: 600583) is China's flagship offshore engineering contractor and a subsidiary of CNOOC Group, headquartered in Tianjin Binhai New Area. Founded in 2000, the company employs about 9,824 people, operates over 4 million square metres of heavy fabrication yards in Tianjin, Qingdao and Zhuhai, and recorded FY2025 revenue of RMB 27.16 billion (about USD 3.8 billion). VerityRank Score: 85/100.

Corporate Overview

COOEC is the most complete offshore EPCI contractor in China, spanning design, procurement, heavy steel fabrication, offshore installation and commissioning. Its yards handled 336,000 tonnes of steel in 2025, producing 26 jackets and 16 topsides, while its marine fleet — the largest dedicated offshore installation fleet in Asia — deployed roughly 24,200 vessel-days on pipelaying, heavy lifting and mooring work, including 385 km of subsea pipeline. The company also builds offshore wind converter and booster stations, extending its franchise into clean-energy marine infrastructure.

2025 marked a historic internationalisation breakthrough: in October the company beat global majors to sign a ~USD 4 billion BH package with QatarEnergy and a ~USD 800 million new-build work package with Thailand's PTTEP — the largest Chinese offshore engineering awards ever secured in the Middle East and Southeast Asia — lifting full-year overseas intake to RMB 30.843 billion, an all-time high.

Competitive Strengths

• The only Chinese contractor with a complete in-house EPCI chain spanning jackets, subsea pipelines and offshore wind substations.
• Asia's largest offshore installation fleet and a multi-billion-dollar fabrication base across three coastal provinces.
• Internationally benchmarked cost competitiveness validated by record QatarEnergy and PTTEP awards.
• RMB 61.6 billion year-end order backlog (2025) essentially de-risks the next two to three years.
• Strong parent CNOOC Group relationship provides domestic base-load work and technology platforms.

Risks & Outlook

FY2025 revenue fell 9.32% as domestic workload and settlement pace slowed, with net profit down 3.56% — and management responded by cutting executive compensation by 3.98%. Dependence on CNOOC group capex timing and geopolitical sensitivity around Middle East energy contracts are structural risks.

With RMB 61.6 billion of contracted backlog entering execution, the outlook is decisively positive: international margin recovery, offshore wind expansion and strong domestic demand are expected to drive revenue growth from 2026, restoring COOEC to a growth trajectory rare among Chinese industrial contractors.

COOEC's industrial base is a national asset in its own right. Its Hong Kong-listed parent group operates more than four million square metres of heavy fabrication yards across Tianjin, Qingdao and Zhuhai, supported by Asia's largest dedicated offshore installation fleet, which deployed roughly 24,200 vessel-days in 2025 on pipelaying, heavy lifting, mooring and commissioning — including 385 kilometres of subsea pipeline. The yards processed 336,000 tonnes of steel in 2025, fabricating 26 jackets and 16 topsides, and the company is also a builder of offshore wind converter and booster stations, extending its franchise into clean-energy marine infrastructure.
Internationalisation is the growth story. The October 2025 QatarEnergy BH package worth about USD 4 billion and the PTTEP new-build work package of about USD 800 million were the largest overseas offshore-engineering awards ever won by a Chinese contractor, and full-year overseas intake reached RMB 30.843 billion, an all-time high. Although FY2025 group revenue declined 9.32 percent on slower domestic settlement, a year-end order backlog around RMB 61.6 billion — including the record international wins — positions COOEC for a decisive revenue rebound from 2026, with management signalling continued discipline by cutting executive compensation 3.98 percent.