Offshore Oil Engineering acquires full control of subsidiary for 859m yuan

Offshore Oil Engineering's wholly-owned subsidiary, Offshore Oil Engineering (Zhuhai) Co., Ltd., will acquire Fluor International Limited's entire 49% stake in Fluor Offshore Oil Engineering Co., Ltd. for 859,468,300 yuan. This transaction increases Offshore Oil Engineering (Zhuhai)'s ownership from 51% to 100%, consolidating control over the implementation entity for the "Zhuhai Deepwater Offshore Engineering Equipment Manufacturing Base Project." This change in equity structure does not alter the fundraising purpose or impact the project's implementation.

In related announcements, Offshore Oil Engineering plans to extend financial assistance to COOEC AND CPECC JOINT VENTURE (CNOOC Offshore Oil Engineering Co., Ltd.'s Uganda branch) for $6.5 million until December 31, 2027, at an annual interest rate of 6%. The company also renewed its financial services framework agreement with CNOOC Finance Co., Ltd., setting maximum daily deposit and loan limits of 1 billion yuan and 1.3 billion yuan, respectively. Additionally, the company announced its 2026 operating budget and investment plan, with a total planned investment of 2.438 billion yuan.