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  • TitleAnnual Business Performance Released by COOEC
  • Date2017-04-05
  • Content

    2016 Annual Performance Report was issued by COOEC on March 21. In 2016, the Company realized the business income of RMB 11.992 billion, net profit of RMB 1.315 billion, asset-liability ratio of 22%, and the closing cash balance exceeded RMB 10.2 billion.

    In 2016, the continuing downturn of international oil prices brought unprecedented challenges to the oil and gas engineering industry. COOEC insisted on strategy leadership, focused on main business development, developed international market greatly, continued to improve quality and effectiveness, and maintained good performance.

    COOEC implemented 21 offshore oil & gas field development projects and 5 modular construction projects in the whole year, including 8 large and medium international projects, such as Yamal in Russia, Zawtika in Myanmar, and FPSO in Brazil, which made the project management effect and operating efficiency keep increasing.

    As for domestic project, it only takes 13 days to complete 9 large offshore lifting operations in Enping 23-1 project with zero error and standby (12 days ahead of schedule). It only takes 24h to complete the removal work of 3 crude oil storage tanks in the overall upgrading and renovation project for equipment and facilities in Chengbei Oilfield.

    For international projects, the first core module of the Yamal project has been delivered and a breakthrough has been made in a series of key technologies, such as cryogenic insulation of the pipeline, over-sized irregular equipment hoisting and welding process in frigid environment, which promoted the technology upgrading of the Company and made "COOEC fabrication" enter into the market of international high-end oil and gas equipment, so COOEC mastered rich experience and technologies for further developing the global LNG modular construction market.

    Annual report also represents, international market development in COOEC makes new progress in the difficult global market environment with market deals of RMB 7.828 billion in a whole year, including overseas deals of RMB 3.016 billion. Qatar NFA turnkey project in Middle East market is the first EPCI project independently and wholly contracted by the Company in the Middle East. Nigeria Dan-gote project in West Africa market is the first large-scale offshore engineering project acquired by the Company in the West Africa.

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