CIMC Raffles Order Backlog Tops US$10 Billion as New Orders Reach US$5.7 Billion

CIMC Raffles secured US$5.7 billion in new orders during the first nine months of 2026, while its backlog exceeded US$10 billion for the first time, supported by FPSO, FLNG and high-end vessel contracts.

CIMC Group’s third-quarter report, released on 29 October, showed that CIMC Raffles secured US$5.7 billion in new orders during the first nine months of 2026, up sharply from US$260 million a year earlier. Its order backlog exceeded US$10 billion at the end of September, setting a new record. Oil and gas projects accounted for roughly two-thirds of the backlog, with non-oil and gas work making up the remaining third.

CIMC Raffles has expanded its portfolio across floating oil and gas facilities and high-end commercial vessels this year. In June, it signed what CIMC described as China’s first full-vessel EPCIC contract for a purpose-built FPSO. In August, the company secured its second EPC contract for a floating LNG facility. It has therefore built a project pipeline spanning both FPSO and FLNG developments. The yard also won orders for four very large crude carriers (VLCCs) and 12 pure car and truck carriers (PCTCs).

High-end commercial vessels have become another important source of growth. In March, CIMC Raffles signed contracts with European shipping investment company Bruton Ltd for four 319,000-dwt VLCCs, marking its entry into the VLCC newbuilding market. The vessels use a mature design intended to meet international environmental requirements while supporting fuel efficiency and operating economics.

Execution of existing projects also continued during the third quarter. CIMC Raffles delivered a 7,000-vehicle PCTC and a ro-ro vessel designed for the North Atlantic’s demanding sea conditions and extreme weather. It also completed the topside module for the offshore substation serving Datang’s Danzhou offshore wind project in Hainan. The company is planning additional capacity at its oil and gas construction bases to support demand from the deepwater market.

CIMC Group also reported an improvement in its offshore asset operations and management business. As global rig utilisation and day rates recovered, several offshore assets were placed on hire, extended under existing charters or sold. The group’s offshore leasing business returned to profit in the first nine months, while net profit from its offshore engineering business also increased year on year.

At group level, CIMC recorded third-quarter revenue of RMB47.898 billion, up 16.91% year on year. Net profit attributable to shareholders reached RMB708 million, an increase of 146.40%.