Offshore Oil Engineering Co Ltd

On September 21, the oilfield services engineering concept rose 3.02% intraday, with Offshore Oil Engineering up 7.43%, Bomesc up 6.25%, Renzhi up 2.82%, Tong Petrotech up 2.82%, and Zhongman Petroleum up 2.71%. In terms of news, according to People's Daily, Offshore Oil Engineering under CNOOC announced on the 15th that Qatar's BH EPIC project has begun construction at the international high-end equipment manufacturing base in Qingdao, Shandong. This is the largest international offshore oil and gas engineering turnkey project undertaken by a Chinese company in terms of contract value, the broadest scope of business, and the highest overall construction difficulty. A research report from Changjiang Securities pointed out that the Middle East, leveraging its low crude oil cost advantage, is accelerating its extension into downstream industry chain segments such as chemical processing, which will continue to drive growth in oilfield services demand. Chinese oilfield services companies still hold a low market share in the region and possess significant high-growth potential. The report also noted that in the first half of 2026, the overall performance of the oilfield services and process industries was stable but showed significant structural divergence. On the order side, advance receipts and contract liabilities grew 5% year-on-year in the second quarter, with mining equipment and offshore oilfield services growing 17% and 10% respectively. On the revenue side, total second-quarter revenue grew 2% year-on-year, with mining equipment and industrial gases growing 15% and 13% respectively. Although net profit attributable to the parent company declined 20% overall, mining equipment and graphite equipment achieved high growth of 64% and 74% respectively. Overseas business became an important growth driver, with industry overseas revenue increasing 14% year-on-year in the first half of 2026, far higher than the 1% domestic growth rate.