(Yicai) Sept. 1 -- Offshore Oil Engineering, the engineering arm of Chinese offshore oil explorer China National Offshore Oil, has won a USD4 billion contract for a project owned by QatarEnergy.

Offshore Oil Engineering will build new offshore structures, install new submarine pipelines and cables, and upgrade existing facilities of two sections of an offshore oil and gas project of QatarEnergy in the Persian Gulf, the Tianjin-based company announced on Aug. 30.

The project set four sections for bidders, including new construction, underwater works, modification, and decommissioning, Offshore Oil Engineering noted, adding that it participated in the bidding of only two of them.

If the project is formally signed and implemented, it will mark a major breakthrough in the implementation of Offshore Oil Engineering’s Middle Eastern market strategy and have a positive impact on its future performance, the company pointed out.

Offshore Oil Engineering won another engineering construction project in Qatar in February last year. It included the design, construction, and installation of 38 submarine oil and gas pipelines, nine submarine compound cables, and related facilities for the AI-Shaheen oilfield exploitation project of North Oil Company, a subsidiary of QatarEnergy. The contact’s value was USD900 million.

Shares of Offshore Oil Engineering [SHA: 600583] were trading down 0.4 percent at CNY5.51 (77 US cents) as of lunch break in Shanghai today.

Editor: Futura Costaglione