COOEC H1 Revenue Up 9.42%; New Contracts RMB 21.19 Billion, Orders RMB 73.3 Billion

COOEC disclosed its 2026 interim report on August 17. In the first half, the company generated operating revenue of RMB 12.384 billion, up 9.42% year on year, while net profit attributable to shareholders was RMB 1.091 billion, broadly flat against the same period of 2025. As of end-June 2026, total assets stood at RMB 49.677 billion, attributable net assets at RMB 28.856 billion, and the debt-to-asset ratio at 41.91%. New contracts signed in the first half totaled RMB 21.185 billion, and orders on hand reached approximately RMB 73.3 billion at period-end. The company has won the Tianma Award for investor relations among Chinese listed companies for four consecutive years.

In the domestic market, the company is steadily advancing large-scale oil and gas and low-carbon benchmark projects at Kaiping, Dongfang and Bozhong, and has secured multiple EPCI lump-sum contracts covering the Ningbo gas field, the Xihu pipeline network upgrade and the Liuhua gas field adjustment. Overseas, its Qingdao subsidiary is participating in international module fabrication for the Brazil Buzios VIII FPSO, Qatar's NFP SEPC2, and SBM's TRION FSO and FPU suction anchors in the Gulf of Mexico. Its Saudi subsidiary renewed a long-term framework agreement with Saudi Aramco, and its Thailand subsidiary won a four-phase integrated EPCI contract from PTTEP. The company has established localized operating entities in Hong Kong, Saudi Arabia, Brazil, Thailand, Nigeria and Canada.

In green energy, the deep-sea Lufeng tension-leg platform wind demonstration project has completed integrated assembly and departed port, while multiple LNG storage tanks and overseas LNG receiving terminal projects are under construction. On the technology front, the company launched 144 key research initiatives in the first half, with R&D expenses of RMB 528 million, up 15.82% year on year. Key deep-sea floating wind technology received the Tianjin Municipal Science and Technology Progress Special Award; the first batch of domestically developed tension-leg and spar floating wind platforms obtained AIP design certification; a self-developed shallow-water multi-path quick hydraulic connector was certified by DNV; and a 1,500-meter deep-water localized Christmas tree is undergoing sea trials in the South China Sea. The company issued guidance on agile initiation of technical bottleneck projects, launched 13 technical initiatives including non-slipway construction of 10,000-tonne jackets, and built a technology achievement library comprising 369 technologies and 134 physical prototypes. It also established joint research institutes with Shanghai Jiao Tong University and China University of Petroleum (Beijing).

The Tianjin Smart Manufacturing Base was awarded CMMM Level 4 certification, and its practices were selected as a typical case of new-generation information technology integration by the Ministry of Industry and Information Technology. The company completed development and deployment of intelligent welding robots for TKY tubular joint assembly and block node assembly, and its "Haiwei" deep-water pipeline intelligent monitoring system was showcased at the national "AI + Energy" promotion conference.

Ministry of Natural Resources data show domestic offshore engineering equipment new orders grew 121.9% year on year in the first half of 2026, with global market share exceeding 80%. The Energy Sector Energy Conservation and Carbon Reduction Action Plan (2026-2028) calls for greater development of marine new energy and promotion of electrification and low-carbon transformation of the oil and gas industry. In the second half, the company will allocate resources to ensure delivery of key projects, focus on high-value-added segments including subsea complete equipment, floating wind and FPSOs, and advance cost reduction and efficiency improvement.