China’s Offshore Oil Engineering Corporation (COOEC) reported a net profit of CNY438.4 million ($60.6 million) for the first quarter of 2026, which is an 18.94 per cent decrease from the previous year. This result followed a two per cent decline in revenue, which fell to approximately CNY5 billion during the three months ending March 31.
Market contract values increased significantly as the company secured new orders worth CNY17.2 billion, representing a 381.81 per cent jump compared to the first quarter of 2025. Total project backlog stood at approximately CNY73.8 billion at the end of the period, supporting long-term development targets.
Management attributed the 74.74 per cent drop in operating cash flow to timing differences in project collections and payments. Total profit reached CNY535.1 million, representing a 14.65 per cent decrease from the same period last year.
Operating activity included 60 projects of significant scale with four completions recorded by the end of March.
International operations saw the completion of the Shell Nigeria HI project, which the company stated set an efficiency record for the sector. Domestic progress continued with the start of construction on the Kaiping 11-4 oil field development and the Enping 24-2 well slot project.
The company highlighted technological milestones during the quarter, including obtaining design certifications for floating wind power platforms from Bureau Veritas and the American Bureau of Shipping, as well as the completion of system integration testing for deepwater production equipment.