Chinese contractor Offshore Oil Engineering Company (COOEC) boosted its first-half 2019 revenues by 27.5% year-on-year to 4.559 billion yuan ($666 million), although it registered a net loss of 714 million yuan, much deeper than the 182 million yuan loss in the same period last year, writes Xu Yihe.
The company attributed the loss to a delay in the offshore transportation and installation work at an unnamed field in Saudi Arabia because Saudi authorities had delayed qualifying COOEC’s installation vessel Hai Yang Shi You 295.
