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(I) Primary business

COOEC, a listed company controlled by China National Offshore Oil Corporation, is the only large-scale engineering general contracting company integrating the design, procurement, construction, offshore installation, commissioning and maintenance of offshore oil and gas development engineering, as well as liquefied natural gas, offshore wind power, refining and chemical engineering, and is also one of the largest and strongest offshore oil and gas engineering general contracting companies in the Asia-Pacific region. COOEC is headquartered in Binhai New Area, Tianjin. Listed in Shanghai Stock Exchange in February 2002 (stock abbreviation: COOEC, stock code: 600583).

With more than 9,800 employees, COOEC has formed an all-around, multi-level and broad-field professional team adapted to general contracting, with the world-class qualification level, and established operational procedures and management standards that are in line with international standards. COOEC's overall design level has entered the world's leading ranks. It has large marine engineering manufacturing bases in Tianjin Binhai New Area, Qingdao in Shandong Province, Zhuhai in Guangdong Province and other places, with a total area of nearly 4 million square meters, forming a site layout spanning north and south, complementary functions, covering deep and shallow water and facing the world market; with a professional offshore construction fleet consisting of 19 vessels, including Class-3 dynamic positioning deep-water pipe-laying vessels and 7,500-ton crane vessels, its offshore installation and pipe-laying capabilities are in a leading position in Asia.

After more than 60 years of construction and development, the company has made clear the vision of "building a world-class marine energy engineering company with Chinese characteristics" and the development strategy of "EPCI capacity building with design as the only core, operation management ability and technology leading capacity building as two bases, internationalization, deep water and new industrialization as three development directions, with talent, market, cost, risk control, information construction as the five driving force”, systematically forming ten major equipment with the core of "large lifting pipe-laying vessel sequence", "1500m-class deep water operation ROV sequence", "construction site and construction equipment", and ten major technologies with the core of "deep water floating platform technology", "underwater system and product technology", "super-large offshore structure and modularization technology". COOEC has provided quality products and services for many Chinese and foreign owners such as CNOOC, ConocoPhillips, Shell, Saudi Aramco, Petrobras, Qatar National Energy, JGC, Technip, Fluor, etc., and its business has been involved in more than 20 countries and regions. In 2023, COOEC was included in the ENR double list for the first time, ranked 68th in the "World's Top 250 International Contractors" and the 98th in the "Top 250 Global Contractors".

In recent years, COOEC has consolidated its traditional offshore oil and gas engineering business and expanded its general contracting business to include onshore LNG engineering, offshore wind power and other clean energy fields, which has contributed to the continuous improvement in its comprehensive competitiveness.

(II) Business model

COOEC undertakes engineering contracts in the form of EPCI general contracting or subcontracting, participates in the construction of offshore oil and gas field engineering, LNG, FPSO, offshore wind power and other projects, and provides customers with "turnkey" projects. At present, the company is accelerating the transformation to an international engineering general contractor, speeding up the transformation of business structure to low carbonization and full industrialization, and driving the transformation of production mode to standardization and digitalization. By enhancing the value creation ability in all aspects, COOEC provide customers with "package" solutions for marine energy engineering.