Offshore Oil Engineering (600583) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 4,994.36 million, down 2.00% year-over-year; net profit attributable to shareholders was RMB 438.41 million, down 18.94% year-over-year.

• The company maintained stable domestic oil and gas operations and expanded international and new energy projects, achieving a significant increase in new contract value and a robust order backlog.

• Strategic focus on market expansion, resource optimization, and innovation drove resilience despite a decline in work volume.

Financial highlights

• Operating income: RMB 4,994.36 million, down 2.00% year-over-year.

• Net profit attributable to shareholders: RMB 438.41 million, down 18.94% year-over-year.

• Operating cash flow: RMB 508.23 million, down 74.74% year-over-year due to timing differences in project payments.

• Total assets at period end: RMB 48,213.96 million, down 1.99% from year-end 2025.

• Shareholders’ equity: RMB 29,015.73 million, up 9.17% from year-end 2025.

Outlook and guidance

• Order backlog reached approximately RMB 73.8 billion, providing strong support for future growth and the company’s “15th Five-Year Plan” targets.

• Continued focus on domestic and international market expansion, new energy, and technological innovation to drive high-quality development.