Date：2023-10-30
On October 30, Offshore Oil Engineering Co., Ltd. (hereinafter referred to as "Company" or "COOEC") released its results for the third quarter of 2023 to the capital market. In the first three quarters, the Company's revenues and net profit both increased year-on-year, with the revenues reaching RMB 20.963 billion yuan, a year-on-year increase of 7.64%, and the net profit attributable to the parent company reaching RMB 1.373 billion yuan, a year-on-year increase of 64.4%.
In the first three quarters, the Company saw remarkable growth in the overseas market, securing a total contract value of RMB 7.635 billion yuan in the overseas market, a significant increase of 276% compared to the same period of last year. In the third quarter, it the Company also reached a new transportation and erection contract for a large module in the Middle East and won a FEED project for a deepwater gas field development in Southeast Asia.
In the first three quarters, the Company secured a total contract value of RMB 26.285 billion yuan, an increase of 51% compared to the same period of last year. As of the end of the reporting period, the total value of outstanding orders in hand was approximately RMB 41.1 billion yuan, laying a solid foundation for the Company's long-term sustainable development.
COOEC actively promoted the construction of domestic and foreign oil and gas projects and executed a total of 64 projects smoothly and orderly. In the first three quarters, 340,000 structural tons of steel were used and processed in the projects, an increase of 19% compared to 286,000 structural tons in the same period of last year. The land workload reached a new record high. 19,700 vessel days were spent in installation and other offshore operations, an increase of 2% compared to 19,300 vessel days in the same period of last year.
In the fourth quarter, the Company is still facing a heavy workload. It is expected to process over 400,000 structural tons and spend over 25,000 vessel days in the whole year. COOEC will keeps focusing on capacity building and value creation to improve development quality and efficiency and create value for shareholders continuously.