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Data:2009-12-12 2:34
Source: Hong Kong and Macao Information Author: Xu Bo
Offshore Oil Engineering (600,583): China's offshore oil alone to return a CNOOC and Offshore Oil Engineering is the only one set of marine engineering design, construction, installation, commissioning and maintenance in one large general contracting company, Offshore Oil Engineering is currently the domestic market share of about 90% of monopoly advantages are obvious. Development of the company will also benefit from explosive growth stage and gradually into the stable development stage, but the company's long-term development prospects remain promising. Trend, the stock is expected to be high, the proposed centerline attention.
Historical Information: G Sea workers (600,583): 2007 performance is expected to explosive growth in the maintenance of a "buy" rating on July 19, 2006
Source: Tianxin Investment Authors: Yong You-Jie
Qingdao, a base built for the company in 2007 to lay the foundation for explosive growth in
Huangdao base is located in Qingdao Development Zone, adjacent to Qingdao Port. Base topography superior climate and environment suitable for operation. Site area of 90 million square coastline of 1208 meters, the terminal depth of 10 ~ 12.4 meters, there are four different length of 120 ~ 340 meters of the chute. Mainly used for the construction of domestic and international offshore oil and gas field development project will require pile-type platforms, floating platforms (TLPs, Spars) and FPSO (offshore oil and gas processing unit) Total Package and other related facilities, while providing sea transportation, marine installation of the supporting services, and as a large-scale projects supply ship docked with the base.
Qingdao base a project has been basically completed three chute. Under the arrangement, the volume of business in 2006 is still small, but by the end of 2007, there will be 11 projects, 29 modules, a total of 230,000 tons of the structure. Since 2003 the company's main business profit margins remain at about 20% volume of Qingdao, the base is no doubt the company's 2007 performance growth guarantee.
Qingdao base is to undertake international industrial transfer Ocean Heavy an important participant in
From the world's ocean-going development of the history of heavy industry, with a comprehensive cost countries such as labor costs rise in the transfer of iron and steel industry worldwide has led to the transfer of shipbuilding and heavy industry sectors driven ocean-going transfer of industry. Heavy has experienced ocean from Europe to Japan, to Singapore, South Korea's migration path. China is fully equipped to undertake international transfer of strength. Qingdao, the base completed, will this strength into the feasibility of concrete.
2 Project completion time is expected to advance, when the company is expected to achieve major breakthroughs in deep-water operations
From the planning perspective, a manufacturing base in Qingdao, business still processing and other traditional jacket, focuses its operations, gross margins are likely to average slightly below the company's current gross margins. 2 Although only one slide, but he works in a much higher gross margin deep-water operations. CNOOC progress of mining operations from the point of view, after 2008 the proportion of deep-water operations will be significantly higher than the current ratio. The company projects under construction only "Panyu 30-1" to reach 200 meters water depth.
According to CNOOC's CEO Fu Chengyu's introduction, according to "Eleventh Five-Year Plan" of the jump corresponds to the development requirements of CNOOC, China's coastal oil and gas production to reach 4800 to 5000 million tons. Only 85% of existing reserves, the remaining 15% must be in 2006,2007-year exploration period and the subsequent three-year construction period is completed, we realized a reserve replacement ratio 100% exploration success rate of 30% of the overall goal. This goal corresponds to a year and started seven oil business requirements, will be in full production base in Qingdao, is the counterpart of the CNOOC part of development strategy. In this sense, the sea oil project over the next five years, the volume of business is saturated, the company will continue to grow.
Panyu 30-1 project is the company's first project a water depth of 200 meters. The occurrence of the accident, it should be said to be contrary to the company expected. According to reports, the company that the 200-meter water depth is still not as deep, 300 meters is the deep water. The project's Party, Party B is being entrusted to a third party cause of the accident investigation. We think we need a few months or longer to determine the cause of the accident. The accident for deep sea oil project after the business is no doubt engaged in a profound wake-up call. However, we believe that this incident would not affect the company's confidence to carry out deep and progress.
As the Party in accordance with international management of the construction all risks insurance, sea oil project as part of their duty to the insured liability insurance (20% of the target amount), the loss mainly to the delay of the knock-on effect on other projects. As the "Panyu 30-1" project has been 2 months ahead of schedule, so the duration of the delay can partly be offset by fear. 2005 report shows that the "Panyu 30-1" has not completed the money is not settled 1.3128 billion, equivalent to 2005 core earnings 3.08%, taking into account the impact of the follow-up, we believe that net profit 10% reduction in the worst situation.
Maintaining a "buy" rating. Panyu event is the biggest risk the company's stock price, but also the best buying opportunity for investors.
