海油工程10月24日公告，公司于近日与泰国PTTEP公司正式签署Bundled Phases 4 EPCI总包项目井口平 台及海管新建工作包合同，该项目按照长协模式执行，业主通过订单逐年确认2027-2029年海上交付的 井口平台及海管工作量，由公司承担设计、采购、建造、海上运输安装及调试总承包工作，预计合同金 额约为8亿美元。 ...

Core Viewpoint - The company has signed a significant contract with PTTEP for an offshore engineering project, indicating a stable revenue stream for the upcoming years [1] Group 1: Contract Details - The contract signed with PTTEP is for the Bundled Phases 4 EPCI project, which includes the construction of wellhead platforms and subsea pipelines [1] - The estimated contract value is approximately $800 million [1] - The project will be executed under a long-term agreement, with the owner confirming the workload for offshore delivery from 2027 to 2029 [1] Group 2: Project Timeline and Impact - This project marks the second offshore engineering contract the company has undertaken for PTTEP [1] - The construction period for the project is set from 2025 to 2029, providing a stable overseas business volume during the 14th Five-Year Plan period [1]

格隆汇10月24日｜海油工程公告，公司于近日与泰国PTTEP公司正式签署BundledPhases 4 EPCI总包项 目井口平台及海管新建工作包合同，该项目按照长协模式执行，业主通过订单逐年确认2027—2029年海 上交付的井口平台及海管工作量，由公司承担设计、采购、建造、海上运输安装及调试总承包工作，预 计合同金额约为8亿美元。泰国PTTEP公司是泰国国有能源公司，主要从事泰国国内和国际石油勘探和 生产活动。至2024年年底，该公司在泰国的油气产量占泰国总产量的69%。该项目是公司为泰国PTTEP 公司执行的第二个海洋工程总包项目，项目建设周期从2025年持续到2029年。 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $743 million, a 9% increase compared to Q3 2024, and operating income rose 21% to $86.5 million [5] - Adjusted EBITDA reached $111 million, the highest quarterly performance since Q4 2015 [4] - Free cash flow improved, generating $77 million after $24.2 million in business investments, with an ending cash position of $506 million [5] Business Segment Data and Key Metrics Changes - Subsea Robotics (SSR) revenue and operating income were flat, with an EBITDA margin of 36%. ROV revenue per day increased to $11,254 from $10,576, despite a fleet utilization of 65% [5][6] - Manufactured Products operating income doubled to $24.7 million with a 16% operating income margin on a 9% revenue increase. Order intake was $208 million, with a backlog of $568 million [8] - Offshore Projects Group (OPG) operating income increased 17% to $23.7 million on a 16% revenue increase, maintaining a 14% operating income margin [9] - AdTech operating income rose 36% to $16.6 million, with a 27% revenue increase and a slight improvement in operating income margin to 13% [9] Market Data and Key Metrics Changes - The company maintained a 60% share of the contracted floating rig market, with ROV contracts on 78 of 131 floating rigs [6] - The company anticipates a decrease in revenue for OPG in Q4 2025 due to the absence of large-scale international projects [10] Company Strategy and Development Direction - The company plans to continue share repurchases in 2026, with approximately 5.8 million shares remaining under the existing repurchase authorization [13] - The focus is on growth opportunities in various markets, driven by long-term commodity prices and increasing demand for mobile robotics technologies [14] Management's Comments on Operating Environment and Future Outlook - Management expects revenue to decrease in Q4 2025, with consolidated EBITDA projected between $80 million and $90 million [10] - For 2026, the company initiated consolidated EBITDA guidance in the range of $390 to $440 million, anticipating significant growth in AdTech and stable activity levels across energy-focused businesses [12][13] Other Important Information - Alan Curtis, CFO, plans to retire on January 1, with Mike Sumrold introduced as the new Senior Vice President of Finance [15] Q&A Session Summary Question: Advantages of Ocean Intervention II for simultaneous autonomous survey operations - Management highlighted efficiency improvements, reduced fuel usage, and enhanced data quality through simultaneous operations [18][19] Question: Market outlook in Brazil and expected market share increase - Management expressed optimism about the robust market in Brazil, with significant opportunities and an expectation for increased market share [20][21][22] Question: Growth expectations for AdTech and competition for capital - Management noted low capital intensity in AdTech growth and alignment with existing energy business, indicating a strong future for the segment [23][24][25] Question: Revenue decline in manufactured products for Q4 - Management clarified that the focus is on quality of earnings rather than revenue decline, with a strong backlog expected to support future growth [32][34] Question: Cadence of AdTech growth in 2026 - Management indicated a ramp-up in revenue throughout 2026, driven by new large-scale projects [35][36]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $743 million, representing a 9% increase compared to 2024, and operating income rose 21% to $86.5 million [4] - Consolidated adjusted EBITDA reached $111 million, marking the highest quarterly performance since 2015 [4] - Free cash flow improved significantly, generating $77 million after investments of $24.2 million [4][5] Business Segment Data and Key Metrics Changes - Subsea Robotics (SSR) revenue and operating income were flat, with an EBITDA margin of 36%. ROV revenue per day utilized increased to $11,254 from $10,576, despite a fleet utilization of 65% [5][6] - Manufactured Products operating income increased to $24.7 million with a margin of 16%, driven by higher margin backlog execution and pricing improvements [6][7] - Aerospace and Defense Technologies (AdTech) operating income increased by 36% to $16.6 million on a 27% revenue increase, with a slight improvement in operating income margin to 13% [9] Market Data and Key Metrics Changes - As of September 30, 2025, the company held 60% of the contracted floating rig market with ROV contracts on 78 of 131 floating rigs [6] - The backlog as of September 30, 2025, was $568 million, with a book-to-bill ratio of 0.82 for the trailing twelve months [7] Company Strategy and Development Direction - The company plans to continue share repurchases in 2026, with approximately 5.8 million shares remaining under the existing repurchase authorization [14] - The focus remains on growth opportunities across all markets, driven by long-term commodity prices and increasing demand for mobile robotics technologies [15] Management's Comments on Operating Environment and Future Outlook - Management expects revenue to decrease in 2025 due to lower international OPG projects, but anticipates improved results in SSR and AdTech [10][12] - For 2026, the company projects consolidated EBITDA in the range of $390 million to $440 million, driven by growth in AdTech and stable activity levels in energy-focused businesses [13][14] Other Important Information - Alan Curtis, the CFO, plans to retire on January 1, 2026, after 30 years with the company, and Mike Sumrall will take over [16][17] Q&A Session Summary Question: Advantages of the Ocean Intervention II for simultaneous autonomous survey operations - The vessel allows for more efficient operations, reducing service expression, fuel usage, and personnel on board, leading to better data quality through simultaneous data gathering [20][21] Question: Market outlook in Brazil and expected market share increase - The Brazilian market is robust with significant opportunities, and the company expects to increase its market share due to strong interest in technology and ongoing projects [23][25][26] Question: Growth of the AdTech business and capital competition - The AdTech business is low capital intensity, allowing for significant scaling without heavy investment, and is expected to grow due to increased defense spending and international opportunities [27][28][30] Question: Revenue decline in manufactured products and margin implications - The decline in revenue is not indicative of a lack of backlog, as improved pricing and operational excellence are expected to enhance operating income and margins [35][39] Question: Cadence of AdTech growth in 2026 - The growth in AdTech is expected to ramp up throughout 2026, with new projects contributing to revenue progression [40][41]

Financial Data and Key Metrics Changes - Total company revenue for the quarter was $2.6 billion, with adjusted EBITDA of $531 million, resulting in a margin of 20.1% when excluding foreign exchange impacts [4][10] - Free cash flow generated was $448 million, with total shareholder distributions amounting to $271 million through dividends and share repurchases [4][11] - The company ended the period with a total backlog of $16.8 billion [10] Business Line Data and Key Metrics Changes - Subsea revenue was $2.3 billion, reflecting a 5% increase compared to the previous quarter, driven by increased project activity, particularly in iEPCI™ projects [10] - Surface Technologies revenue was $328 million, up 3% from the second quarter, primarily due to higher activity in the North Sea and Asia-Pacific [10] - Adjusted EBITDA for subsea was $506 million, with a margin of 21.8%, while Surface Technologies had an adjusted EBITDA of $54 million, maintaining a margin of 16.4% [10][11] Market Data and Key Metrics Changes - The company reported strong inbound orders of $2.6 billion, with subsea orders contributing $2.4 billion [10] - The company anticipates securing over $10 billion in subsea orders in 2025 and maintaining strong activity levels through the end of the decade [6][8] - The offshore market is expected to receive an increasing share of capital investment due to improvements in project execution and cost management [6][8] Company Strategy and Development Direction - The company is focused on reducing cycle times and improving project returns through innovations like Subsea 2.0 and the integrated execution model iEPCI™ [7][8] - The strategy emphasizes operational excellence and the ability to deliver projects on time and within budget, which has led to increased direct awards from clients [8][64] - The company has authorized an additional $2 billion in share repurchases, reflecting confidence in its outlook and commitment to maximizing shareholder value [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $10 billion in subsea orders for 2025, citing strong commercial success and customer trust [6][8] - The company highlighted the importance of continuous improvement and lean operating principles to enhance project execution and returns [9][39] - Management noted that the offshore market is becoming more favorable for investment due to improved project economics and reduced execution risks [6][48] Other Important Information - The company reduced its debt by $258 million during the quarter, ending with $438 million in gross debt [11][12] - Cash and cash equivalents stood at $877 million, with a net cash position of $439 million [12] - The company expects a decline in revenue for the fourth quarter due to seasonal impacts, with adjusted EBITDA margin anticipated to decrease to 18.8% [12][13] Q&A Session Summary Question: Share repurchase authorization and cash return in 2026 - Management confirmed a commitment to return at least 70% of free cash flow to shareholders, maintaining the same level as in 2025 [18][20] Question: Subsea award intake and working capital expectations - Management indicated that there are still more awards to be announced and emphasized the strength of their order intake, which is differentiated by direct awards [22][23][25] Question: 2026 subsea guidance and backlog conversion - Management expressed confidence in the 2026 subsea guidance, highlighting strong backlog coverage and the quality of projects [27][30] Question: Drivers of margin expansion in 2026 - Management identified Subsea 2.0 and iEPCI™ execution as key drivers for margin expansion, emphasizing sustainable operational improvements [36][38] Question: Outlook for Surface Technologies - Management noted that the outlook for Surface Technologies remains less certain compared to subsea, but highlighted strong positioning in key markets [51][54] Question: All-electric subsea infrastructure opportunities - Management discussed progress in all-electric subsea projects, emphasizing applications in carbon capture and storage, and brownfield tiebacks [55][57] Question: Execution focus as backlog deepens - Management reiterated a commitment to only take on work that can be executed effectively, ensuring high performance and repeat awards [62][66]

Core Viewpoint - CNOOC Engineering has signed a contract with Qatar Energy for the BH general contracting project, with a contract value of approximately 4 billion USD, marking a significant breakthrough in the Middle East strategy [1] Group 1 - The contract is set to take effect in October 2025 and is expected to be completed by June 2031, covering management, design, procurement, construction, transportation, installation, and commissioning [1] - The contract is anticipated to have a positive impact on the company's future performance [1]

Core Insights - The company has officially signed a contract with Qatar Energy for the BH EPC project, which includes management, detailed design, procurement, construction, transportation, installation, and commissioning [1] - The contract value is approximately $4 billion, with an expected completion date of June 2031 [1] - This contract signing is expected to have a positive impact on the company's future performance and marks a significant breakthrough in the implementation of its Middle East strategy [1]

Core Insights - The event "Qiongbay Linked to the Future: Free Trade Empowerment for New Chapters" was held in Sanya, focusing on cooperation between Sanya and the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Approximately 260 representatives from government, banks, and enterprises participated, leading to the signing of multiple strategic cooperation agreements [1][2] - The event aimed to transform core policies of Hainan Free Trade Port into tangible business opportunities for enterprises [1] Group 1 - The Sanya Central Business District Management Bureau signed cooperation agreements with Zhuhai Huafa Group and China Communications Construction Company, focusing on commercial complex operations and marine engineering, respectively [1] - Collaborations were established with various organizations, including the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurs Alliance and Hong Kong Xinhua Group, covering sectors such as high-end services, digital economy, artificial intelligence, and technology manufacturing [1] - The event was supported by multiple organizations, including the Hainan International Economic Development Bureau and the Hong Kong General Chamber of Commerce [2] Group 2 - Notable companies represented at the event included China Tourism Group, Overseas Chinese Town Group, Tencent, Huawei, and JD.com, indicating strong interest from major players in the region [2] - The event featured thematic promotions, keynote speeches, and a high-level forum to outline a clear blueprint for cooperation between the two regions [1]

Group 1: Company Announcements - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan, including projects in deep-sea technology and marine energy [2] - Chip Union Integrated plans to increase capital by 1.8 billion yuan to support the ongoing implementation of its 12-inch integrated circuit project [3] - Guangsheng Nonferrous Metals expects a net profit of 100 million to 130 million yuan for the first three quarters of 2025, marking a turnaround from losses [4] - Fuyao Glass's chairman, Cao Dewang, has resigned to optimize the company's governance structure, with Cao Hui elected as the new chairman [5] - Longbai Group's subsidiary plans to acquire Venator UK's titanium dioxide business assets for 69.9 million USD [5] - Zhiguang Electric intends to purchase minority stakes in its subsidiary Zhiguang Energy, with stock resuming trading on October 17, 2025 [6] Group 2: Performance Highlights - Aobi Zhongguang expects a net profit of approximately 108 million yuan for the first three quarters, indicating a return to profitability [7] - China Shenhua reported a 1.6% year-on-year decline in coal sales volume for September [7] Group 3: Important Transactions - Huayu Automotive has completed the acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology [8] - Guobang Pharmaceutical reported a 23.17% year-on-year increase in net profit for the third quarter [9] - Tianan New Materials reported a 31.12% year-on-year increase in net profit for the third quarter [9] - Guangdong East CNC reported a 151.78% year-on-year increase in net profit for the first three quarters [9]