China Offshore Oil Engineering (COOEC) has reported its financial results for the third quarter and first nine months of 2025.
For the third quarter, operating revenue was CNY6.34 billion (approximately $870 million), a decrease of 9.34 per cent compared to the same period in 2024. Net profit attributable to shareholders for the quarter fell 7.55 per cent year-on-year to CNY507 million (approximately $70 million).
For the first nine months of 2025, COOEC's operating revenue totalled CNY17.66 billion, down 13.54 per cent from the previous year. Net profit attributable to shareholders for the nine-month period decreased by 8.01 per cent to CNY1.60 billion.
However, net profit excluding non-recurring items showed a positive trend, increasing by 7.59 per cent to CNY1.40 billion, suggesting an improvement in core operating performance despite the lower overall revenue.
The company's net cash flow from operating activities decreased significantly, down 35.88 per cent for the nine months to CNY2.53 billion, which the company attributed to the impact of contract execution phases. Total assets remained relatively stable at CNY47.88 billion.
Despite the year-on-year decline in revenue, COOEC highlighted significant market development achievements in the first nine months.
The company secured new contracts totalling CNY37.24 billion, a rise of 124.85 per cent compared to the same period last year, with overseas business reaching a record high of CNY29.34 billion.
The total order backlog stood at approximately CNY59.5 billion at the end of the reporting period. Major new contracts included the Qatar Bul Hanine EPIC project and several domestic offshore oil and gas projects.
