COOEC reports strong 2024 profits, plans dividend payout

Offshore Oil Engineering (COOEC) reported net profits attributable to shareholders of $2.16 billion for 2024, a 33.38% increase year-over-year. While revenue dipped 2.59% to $29.95 billion, the company plans to distribute cash dividends of $0.201 per share, totaling $888.69 million, pending shareholder approval. The financial performance reflects strong cost controls and project management, with key developments including the company's new status as a direct, not through sub company, controller of a project in Nigeria. The results come as the company completes a major audit of its 2024 financials, issued with a standard, unqualified opinion. COOEC also noted that a number of key leadership positions shifted, effective immediately at the start of 2025.