COOEC expands overseas market with high-quality development

China Offshore Oil Engineering Co Ltd, or COOEC, has been expanding its overseas business during the first half of this year, with the Middle East market as a key bidding focus, the company said on Wednesday.

The company will focus on the Middle East this year for overseas market expansion, which it described as a relatively high-end market in the global marine engineering market with higher expectations for engineering quality and related requirements.

While COOEC has seen around 70 percent of its annual sales revenue coming from the domestic market for over 20 years, the company, a listed company controlled by China National Offshore Oil Corp, has been stepping up its overseas market development, with overseas contracts exceeding 6.9 billion yuan ($947.6 million) during the first six months this year, a significant increase compared to the same period last year, it said.

While continuously exploring the international market, the company will also work towards solidifying and implementing high-quality development achievements, establishing a strong foundation for sustainable growth, it said.

The company said its net profit rose 103.81 percent year-on-year during the first half of this year to 983 million yuan, a record high. Revenue meanwhile rose 23.08 percent year-on-year to 14.44 billion yuan, it said.

zhengxin@chinadaily.com.cn