Offshore Oil Engineering secures $4 bn QatarEnergy project

Offshore Oil Engineering Co., Ltd. recently announced the official signing of an EPCI (Engineering, Procurement, Construction, and Installation) lump-sum contract for the BH project with QatarEnergy. The project, valued at approximately $4 billion, involves managing detailed design, procurement, construction, transportation, installation, and commissioning. This contract marks a significant step for the company's international operations.

The contract, for two segments of the BH project, BH-EPIC1 and BH-EPIC2, is set to commence in October 2025 with an estimated completion date of June 2031. This agreement is expected to positively impact the company's operating performance.

This contract represents a material breakthrough in Offshore Oil Engineering's Middle East strategy and reinforces its overseas expansion efforts. The company highlights that this is a routine operating contract and does not involve related party transactions, thus not requiring board or shareholder approval.