齐鲁晚报.齐鲁壹点记者赵波 10月13日，海洋石油工程股份有限公司(下称"海油工程（600583）")发布消息，随着合同金额约40亿美元的卡塔尔BH EPIC总包项目启动会的召开，标志 着我国承揽的合同金额最大的国际海洋油气工程总包项目全面启动，推动中卡能源合作再上新台阶，对高质量推进共建"一带一路"国际油气合作具有重要 意义。 据海油工程总裁助理兼中东项目集总经理刘瑞介绍，项目团队深入研究合同条款和技术要求，系统识别项目重点难点，通过管理前置和风险研判，制定详 细周密的实施计划和质量管理方案，充分发挥国内全产业链资源优势，以精细化、标准化管控和强有力的组织管理为抓手，全力推动项目高标准、高质量 开展。 据了解，卡塔尔BH EPIC总包项目是海油工程继NFA、NFPS COMP2、ISND5-2、RUYA等项目之后，再次承揽的卡塔尔海洋油气田建设项目。近年来， 海油工程深耕中东市场，充分发挥中东项目集海外项目"桥头堡"作用，统筹中东区域市场开发和项目管理，与沙特阿美、卡塔尔能源公司等中东石油公司 建立了良好的合作关系，国际工程一揽子总承包能力获得中东市场高度认可。 下一步，海油工程将持续加快国际化发展步伐，将 ...

Core Insights - The Qatar BH EPIC project, valued at approximately $4 billion, marks the largest international offshore oil and gas engineering contract undertaken by a Chinese company, enhancing energy cooperation between China and Qatar and contributing to the Belt and Road Initiative [1][3]. Group 1 - The project is located about 100 kilometers off the eastern coastline of Qatar in the Persian Gulf, specifically in the Bul Hanine oil field, with a maximum water depth of approximately 40 meters [3]. - The scope of work includes over 60 offshore oil and gas facilities, 40 subsea pipelines, and involves design, procurement, construction, transportation, installation, commissioning, as well as modifications and decommissioning of existing platforms, with a steel processing volume exceeding 130,000 tons [3][5]. - The project team has conducted in-depth research on contract terms and technical requirements, identifying key challenges and developing a detailed implementation and quality management plan to ensure high standards and quality [5]. Group 2 - The Qatar BH EPIC project is a continuation of the company's efforts in the Middle East, following previous projects such as NFA, NFPS COMP2, ISND5-2, and RUYA, showcasing the company's established relationships with major regional oil companies like Saudi Aramco and Qatar Energy [5]. - The company aims to accelerate its international development by integrating domestic standardized design experiences and digital transformation achievements into international projects, providing comprehensive solutions for marine energy infrastructure in Belt and Road countries [7].

卡塔尔BH+EPIC总包项目启动会现场 卡塔尔BH EPIC总包项目由卡塔尔能源公司投资开发，合同金额约40亿美元。项目位于卡塔尔海岸线以东 约100公里的波斯湾卡塔尔海域Bul Hanine（BH）油田，最大水深约40米。项目工作范围包括60余个海洋 油气设施单体，40条海底管缆等设计、采办、建造、运输、安装、调试，以及在役平台设施改造和弃置平 台拆除工作，钢材加工量超过13万吨，项目业务品类之多、工作内容之复杂均创纪录。 据海油工程总裁助理兼中东项目集总经理刘瑞介绍，项目团队深入研究合同条款和技术要求，系统识别项 目重点难点，通过管理前置和风险研判，制定详细周密的实施计划和质量管理方案，充分发挥国内全产业 链资源优势，以精细化、标准化管控和强有力的组织管理为抓手，全力推动项目高标准、高质量开展。 10月13日，海洋石油工程股份有限公司（下称"海油工程"）发布消息，随着合同金额约 40 亿美元的卡塔 尔BH EPIC总包项目启动会的召开，标志着我国承揽的合同金额最大的国际海洋油气工程总包项目全面启 动，推动中卡能源合作再上新台阶，对高质量推进共建"一带一路"国家间油气合作具有重要意义。 据了解，卡塔尔BH ...

Core Insights - The Qatar BH EPIC project marks the largest international offshore oil and gas engineering contract undertaken by a Chinese company, with a total contract value of approximately $4 billion [2][3] - The project is located in the Bul Hanine oil field, approximately 100 kilometers off the coast of Qatar, and involves complex tasks including the design, procurement, construction, transportation, installation, commissioning, and decommissioning of over 60 offshore oil and gas facilities [2] - The project is expected to enhance energy cooperation between China and Qatar, contributing to high-quality international oil and gas collaboration [2] Company Developments - The Qatar BH EPIC project is a continuation of the company's efforts in the Middle East, following previous projects such as NFA, NFPS COMP2, ISND5-2, and RUYA, showcasing the company's growing presence in the region [3] - The company has established strong partnerships with major Middle Eastern oil companies, including Saudi Aramco and Qatar Energy, which has led to high recognition of its international engineering capabilities [3] - Future plans include accelerating international development by integrating domestic standardized design experiences and digital transformation achievements into international projects, thereby providing comprehensive solutions for marine energy infrastructure [3]

何杨：随着"深海一号"大气田等一批超深水、高压海底管道相继建成，我国海底管道工程装备技术能力已成功跻身国际先进水平，并在装备技 术体系完整性等方面走在了国际前列。 中国海底管道工程走向国际市场 在国内海洋油气工程加快建设的同时，我国积极拓展国际市场，在"一带一路"等国际重点油气合作区域擦亮了中国"海底管道工程"品牌。 今年以来，我国海底管道工程海外合作加速落地： 7月，"海洋石油202"和"海洋石油295"等海上作业船只首次赴文莱参与海底管道施工作业； 央视网消息：9月28日，随着滨海109铺管船将最后一节海管终止封头铺设到渤海南部海域，我国海底油气管道总长度突破10000公里，跃居世 界前列。 我国海底管道装备技术能力达到国际先进水平 作为海洋油气开发的"生命线"，海底管道工程是集设计、建造、安装、运维于一体的高精尖领域，不仅技术体系复杂、施工难度极大，对技术 装备提出了严苛考验。随着一系列关键技术突破与国产化成果落地，我国海底管道工程装备技术已实现跨越式发展。 海底并非一马平川，海山、海丘、海沟复杂交错，海底管道内部输送介质多为高温高压油气，外部面临风浪流、台风、泥沙迁移、地质断层等 极端海洋环境及恶劣地 ...

央视网消息：9月28日，随着滨海109铺管船将最后一节海管终止封头铺设到渤海南部海域，我国海底油气管道总长度突破一万公里，跃居 世界前列。按照规划，到2030年我国海底管道总长度有望突破13000公里，进一步织密海洋能源输送网络。在新能源转型背景下，这些管道还 具备兼容输送氢气、页岩气等清洁能源的潜力，为能源结构优化提供了灵活支撑。 我国海底管道装备技术能力达国际先进水平 作为海洋油气开发的"生命线"，海底管道工程是集设计、建造、安装、运维于一体的高精尖领域，不仅技术体系复杂、施工难度极大，对 技术装备提出了严苛考验。随着一系列关键技术突破与国产化成果落地，我国海底管道工程装备技术已实现跨越式发展。 海底并非一马平川，海山、海丘、海沟复杂交错，海底管道内部输送介质多为高温高压油气，外部面临风浪流、台风、泥沙迁移、地质断 层等极端海洋环境及恶劣地质条件，要确保其在20年乃至更长的服役过程中保持安全稳定运行，极具挑战。 中国海油海油工程设计院副院长 何杨：通过联合技术攻关，成功掌握稠油及高凝油长距离多相混输、恶劣海况及复杂地貌下海底管道自 主设计安装的成套关键技术，建成3000米级超深水铺管船海洋石油201等系列 ...

Core Points - China National Offshore Oil Corporation (CNOOC) announced that the total length of its subsea oil and gas pipelines has successfully surpassed 10,000 kilometers, positioning it among the world's leaders in this sector [1][2] - The subsea pipeline system is described as the "lifeline" of marine oil and gas production, connecting various facilities within oil and gas fields and ensuring stable transportation of resources to land terminals [1] - Since the 14th Five-Year Plan, CNOOC has significantly enhanced its pipeline laying capabilities through major engineering projects and collaborations with domestic universities and research institutions, laying over 1,500 kilometers of subsea pipelines [1] Industry Developments - CNOOC's engineering installation division has undertaken over 10 projects in Southeast Asia, the Middle East, and Africa, laying more than 500 kilometers of subsea pipelines and setting multiple industry records for the largest and heaviest subsea pipes [2] - After 40 years of technological advancements and engineering practices, CNOOC's subsea oil and gas pipeline engineering technology and equipment capabilities have achieved comprehensive breakthroughs, marking a milestone in enhancing national energy security [2]

Core Insights - China National Offshore Oil Corporation (CNOOC) announced that the total length of China's subsea oil and gas pipelines has successfully surpassed 10,000 kilometers, marking a significant milestone in the country's marine oil and gas pipeline engineering capabilities after 40 years of technological advancements and engineering practices [1][4] Group 1: Engineering Achievements - The subsea pipeline system is described as the "lifeline" of marine oil and gas production, connecting oil fields and ensuring stable transportation of resources to land terminals [3] - CNOOC has developed a complete technical system for subsea pipeline engineering, including design, construction, installation, emergency response, and maintenance, achieving a high level of autonomy across the entire industry chain [4] - Since the 14th Five-Year Plan, CNOOC has enhanced its pipeline laying capabilities, laying over 1,500 kilometers of subsea pipelines, with the maximum operational water depth reaching 1,542 meters, marking a historic leap from shallow to ultra-deep water [4] Group 2: Technological Innovations - The company has made significant advancements in overcoming technical challenges related to long-distance multiphase transportation of heavy oil and high-viscosity oil, as well as designing and installing pipelines in harsh marine conditions [4] - CNOOC has continuously upgraded its specialized vessels and supporting equipment for pipeline laying, including the development of intelligent monitoring systems and automated welding equipment, significantly improving welding quality and laying efficiency [6] Group 3: Global Contributions - CNOOC has actively participated in energy development projects in countries along the Belt and Road Initiative, laying over 500 kilometers of subsea pipelines in Southeast Asia, the Middle East, and Africa, setting multiple industry records [6] - The company aims to deepen its core technical capabilities in subsea pipeline engineering, enhance the application of domestically produced equipment, and accelerate the digital transformation of its operations to support the construction of a maritime power [7]

事件描述 公司发布2025 年半年报，主营收入113.18 亿元，同比下降15.72%；归母净利润10.98 亿元，同比下降 8.21%；扣非净利润9.6 亿元，同比上升14.41%。其中单二季度主营收入62.22 亿元，同比下降19.8%； 归母净利润5.57 亿元，同比下降22.74%；单季度扣非净利润4.83 亿元，同比上升9.99%。 事件评论 油价下滑叠加交付节奏等问题，上半年工作量承压。公司推进国内外油气工程建设，2025年上半年完成 了 15 座导管架和8 座组块的陆地建造，同比减少57.14%和27.27%；完成19 座导管架和10 座组块的海上 安装，同比减少13.64%和增加11.11%；完成197 公里海底管线铺设，同比增加17.26%；建造业务完成钢 材加工量18.95 万吨，同比减少30.15%；安装等海上作业投入1.14 万船天，同比持平。总体而言，整体 工作量承压。 盈利能力持续改善，2025Q2 单季度毛利率是2020 年以来最高水平。2025 上半年，公司销售毛利率达到 16.25%，同比提升5.43pct，是2017 年以来同期最高水平；销售净利率达到9.93%，同比提升0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a 2025 semi-annual revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21%. However, the net profit excluding non-recurring items increased by 14.41% to 960 million yuan [2][6] - In Q2 2025, the company's revenue was 6.222 billion yuan, a decline of 19.8% year-on-year, with a net profit of 557 million yuan, down 22.74%. The quarterly net profit excluding non-recurring items rose by 9.99% to 483 million yuan [2][6] - The company's gross profit margin for Q2 2025 reached its highest level since 2020, with a sales gross margin of 16.33% and a net profit margin of 9.93%, indicating improved profitability [12] Summary by Sections Financial Performance - The company experienced a decline in overall workload due to falling oil prices and delivery schedules, completing fewer land constructions and installations compared to the previous year [12] - The company achieved a market contract amount of 12.068 billion yuan in the first half of 2025, a decrease of 3.59% year-on-year, but the order backlog remains robust at approximately 40.7 billion yuan, up 4.90% year-on-year [12] Market Outlook - The potential of marine oil and gas resources is significant, with the company expected to benefit from CNOOC's capital expenditure plans, which are projected to remain stable at 125-135 billion yuan for 2025 [12] - The government’s focus on "deep-sea technology" is anticipated to create new development opportunities for the company, particularly in deep-sea resource development and equipment manufacturing [12] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan respectively, with corresponding PE ratios of 10.62X, 9.65X, and 8.86X based on the closing price on August 15, 2025 [12]