Offshore Oil Engineering to vote on Kingfisher joint venture financial assistance extension

Offshore Oil Engineering Co., Ltd. (COOEC) will hold its first extraordinary general meeting of shareholders in 2026 on January 6, 2026, to vote on a proposal for its wholly-owned subsidiary to provide an extension of financial assistance. The meeting will be held at the company's offices in Tianjin Binhai New Area, with online voting available via the Shanghai Stock Exchange's trading system on the same day.

The core agenda item is the approval of an extension of financial assistance from COOEC International Co., Ltd.'s Uganda Branch to the COOEC and CPECC Joint Venture (Kingfisher Joint Venture). The proposal, approved by the eighth board of directors on December 18, 2024, seeks to extend financial aid of up to $6.5 million for an additional year, maturing in April 2026, at an annual interest rate of 6%.

This extension, from the original agreement's expiry date until December 31, 2027, aims to meet the project's ongoing funding requirements for contract payments and other operational expenses. The detailed announcement regarding this financial assistance extension was published on the Shanghai Stock Exchange website on December 20, 2025.