COOEC(SH:600583) Xin Lang Cai Jing·2025-10-24 13:52Core Points - The company, CNOOC Engineering Co., Ltd. (stock code: 600583), has signed a contract worth approximately $800 million with Thailand's state-owned energy company PTTEP for offshore oil and gas development [1][2] - The project will be executed under a long-term agreement model, with work confirmed annually from 2027 to 2029 [1][2] Project Overview - The signed contract involves the construction of wellhead platforms and subsea pipelines, with the implementation period from 2025 to 2029, focusing on offshore delivery from 2027 to 2029 [2] - CNOOC Engineering will provide a full range of services from design to commissioning, marking the second offshore engineering contract between the two companies [2] Partner Background - PTTEP is a major state-owned energy company in Thailand, responsible for 69% of the country's oil and gas production as of the end of 2024, and is a significant player in Southeast Asia's energy sector [3] - The collaboration is noted to be a market-driven commercial relationship, with no existing affiliations between PTTEP and CNOOC Engineering [3] Strategic Significance - The successful implementation of this project is expected to positively impact the company's future performance and market image [4] - As a long-term agreement project, it provides stable overseas business growth during the 14th Five-Year Plan period (2026-2030), supporting the company's internationalization strategy [4] - The partnership reflects the company's commitment to enhancing its competitiveness in the Southeast Asian offshore engineering market [4]