COOEC profits soar on hefty workload and bumper orders

China’s leading offshore contractor Offshore Oil Engineering Company (COOEC) posted record revenues of 29.358 billion yuan ($4.2 billion) in 2022, up from 2021’s 19.8 billion yuan.

Net profit last year rocketed to 1.457 billion yuan, compared with the 370 million yuan it earned in 2021

By the end of the last year, the company’s total assets were valued at 42.64 billion yuan, up from 2021’s 34.65 billion yuan.

Last year, the Shanghai-listed company booked contracts valued at 25.64 billion yuan, a marginal increase from 2021’s 25.3