Tuesday, March 11, 2008

Offshore Oil Engineering 2007 net up 45.5%

Offshore Oil Engineering Co (CNOOC Engineering)<600583>, a unit of China National Offshore Oil Corporation (CNOOC), reported its 2007 net profit soared 45.5% from the previous year, said the company in a statement to the Shanghai Stock Exchange.

Sales amounted to RMB 6.03 billion last year, up 21.36% over 2006. The country's only general contracting company of offshore oil and gas projects expected to enjoy the similar growth rate in sales this year.

CNOOC Engineering plans to raise as much as RMB 6 billion in a non-public share offering this year, and its parent CNOOC<883> will buy at least 30% of the total shares to be offered, according to the statement.

The company has set up a joint venture last year with Qingdao Enpal Chemical engineering Co, in which the company holds a 65% stake, with an aim to further enhance its general contracting capacity and core competitiveness. Its total assets climbed to RMB 2.87 billion, up 31.48% from a year ago by the end of 2007.

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