The competition in the overseas offshore oil and gas engineering market continues to heat up, and COOEC has once again won a heavyweight order in Southeast Asia. The ignition ceremony of the fourth phase of the Bundled project in Thailand was held at the Tianjin Intelligent Manufacturing Base, and the project smoothly entered the construction phase, becoming an important milestone for the company to deeply cultivate the Asia Pacific market.

Project initiation and construction

On July 23, 2026, the first steel plate cutting and ignition ceremony was held for the PTTEP Bundled Phase IV general contracting project in Thailand. The contract amount for this project is approximately 800 million US dollars, setting a new record for the total amount of Southeast Asian offshore oil and gas contracting projects by Chinese companies. The operation area is located in the Gulf of Thailand at a depth of 60 to 80 meters, and the company provides a fully integrated engineering solution for the entire process. The project adopts a long-term contract model and will complete the sea delivery tasks from 2027 to 2029 in batches. It is also COOEC's second general contracting project to land in Thailand. Based on the reputation accumulated from the Zawtika project in Myanmar in the early years, the company continues to consolidate its cooperation with PTTEP.

The pace of internationalization is accelerating

According to the annual report data, COOEC's revenue in 2025 was 27.163 billion yuan, with a significant increase of 82.59% in overseas revenue. The total market contracted amount for the year was 48.849 billion yuan, with overseas contracted amount exceeding 30.843 billion yuan and a total order size of 61.6 billion yuan. In addition to the Thailand project, the company also won a total contract of approximately 4 billion US dollars for offshore oil fields in Qatar. Multiple breakthroughs have been made in the field of technology, with key progress made in deepwater equipment and deep-sea floating wind power platforms, and overseas business becoming the core driving force for growth.

Risk Warning for Overseas Projects

Domestic offshore enterprises rely on a complete supply chain to form cost advantages, but overseas projects pose multiple challenges. The COOEC Nigeria project has incurred high bad debts due to legal disputes, and the risks of local compliance, contract disputes, and account recovery in overseas oil and gas cooperation cannot be ignored. Chinese funded enterprises are laying out overseas resource projects, while seizing market opportunities, they also need to improve their long-term risk management system and balance commercial profits with compliant operations.Editor/Min Jing