CNOOC Engineering releases 2025 annual operating performance

On March 20, CNOOC Engineering Co., Ltd. (hereinafter referred to as “the Company”) released its operating performance for the year 2025.

The year 2025 marks the conclusion of the Company’s “14th Five-Year Plan” and is also a critical year for planning the new development under the “15th Five-Year Plan.” Currently, the global marine engineering industry landscape is undergoing profound restructuring, with a combination of technological revolutions, market competition, and geopolitical factors creating unprecedented complexities of opportunities and challenges. The Company’s board of directors, together with management and all employees, has successfully advanced various production and operational tasks, systematically implemented quality improvement and efficiency management, effectively offsetting the adverse impacts of declining workload, and opened a new chapter in high-quality development.

During the reporting period, the Company achieved a market contract value of 48.849 billion yuan, a year-on-year increase of 61.51%; achieved operating revenue of 27.163 billion yuan, a year-on-year decrease of 9.32%; and achieved a net profit attributable to shareholders of the listed company of 2.084 billion yuan, a year-on-year decrease of 3.56%. As of December 31, 2025, total assets were 49.192 billion yuan, net assets attributable to shareholders of the listed company were 26.578 billion yuan, and the asset-liability ratio was 41.83%, maintaining a robust capital structure with ample cash flow.

Focusing on strategic challenges, significant breakthroughs in engineering construction across multiple fields have been achieved.

During the reporting period, a total of 74 large-scale projects were implemented, with 31 completed within the year. The annual steel processing volume was 336,000 tons, a year-on-year decrease of 25.96%; the input was 24,200 ship days, a year-on-year decrease of 15.46%, with the operating ship days of owned vessels remaining basically stable compared to the previous year.

The global first set of kilometer-level deep-water ball valve assemblies for the Deep Sea No. 1 Phase II project was successfully applied, achieving a significant breakthrough in the self-research capabilities of deep-water underwater products;

The CNOOC 116 FPSO fully resumed production, setting a benchmark for the maintenance of mooring systems in the South China Sea oil and gas field, exploring a complete solution for emergency repairs of deep-water facilities, and achieving a major breakthrough in the full-chain operational capacity in China’s high-risk marine engineering sector;

The first EPC general contracting project in cooperation with Shell, the Nigeria HI project jacket, was successfully completed; the Qatar NOC RUYA EPCI 09 project set a new record for overseas daily pipeline laying;

The world’s largest single-unit capacity deep-water tension leg floating wind power platform completed structural topping out, marking the first application of China’s deep-water tension leg platform floating wind power technology;

The Fujian LNG Xiamen photovoltaic project completed its first independently designed project, achieving a key breakthrough from reliance on outsourcing to independent control in the photovoltaic field; the European offshore wind project at Yingqi Cape delivered all ten-thousand-ton steel piles, deepening Sino-European green energy cooperation.

Deepening the dual circulation layout, the market development capability reached a historic new height.

Thoroughly implementing the national “Belt and Road” initiative, strategically guiding market development, and adopting multiple measures to promote the coordinated development of domestic and international markets, the Company achieved a market contract value of 48.849 billion yuan, of which the overseas market contract value was 30.843 billion yuan, setting a historical high. The backlog of orders reached 61.6 billion yuan, promoting the Company’s historic transformation from an engineering subcontractor to an international engineering general contractor, and then to a “package” international engineering general contractor, accumulating sufficient momentum for the Company’s development under the “15th Five-Year Plan,” while continuously solidifying the new development pattern of dual circulation.

Improving the entire governance system, continually enhancing management standards.

For three consecutive years, the Company has been listed on both the ENR International Contractors and the Global Contractors Top 250 lists; the Wind Information ESG rating has been upgraded from A to AA; it has won the Board’s “Golden Roundtable Award” and the Investor Relations Pegasus Award for three consecutive years; successfully selected for the 2025 China Listed Companies Association Cash Dividend List, Best Practice Cases for Internal Control, and Best Practice Cases for Listed Company Boards; awarded the “Best Board of Directors Award” on the Listed Company Reputation List, “Company Governance Award” from the Shanghai Stock Exchange Eagle Gold Quality, and ranked among the top 100 main board value companies, among 21 capital market awards, continuously enhancing the brand value of corporate governance and the board of directors.

The Company maintained a healthy cash position with ample cash flow, actively returning benefits to shareholders to better share the results of the Company’s development. The board has proposed a cash dividend of 1.96 yuan (including tax) for every 10 shares, accounting for 41.57% of the net profit attributable to shareholders of the listed company for 2025.

As 2026 marks the beginning of the “15th Five-Year Plan,” the Company will seize the current important opportunity for international development and the critical period of transformation from quantitative to qualitative change, rallying the spirit to tackle challenges, adhering to a pragmatic work ethic, promoting innovation, and maintaining perseverance, focusing on modern governance, market-oriented transformation, lean management, digital and intelligent development, and systematic risk control, continually creating new productive forces and driving the Company’s high-quality, sustainable development.

Text | Zhang Jian, Li Xin

Images | CNOOC Engineering Photo Library

Editor | Yu Shaowei

Chief Editor | Yu Shaowei

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