Offshore Oil Engineering Co. Ltd., an offshore oil project construction company affiliated with state-owned China National Offshore Oil Corporation, said Tuesday its 2009 profit dropped 11.5 percent even as its revenues rose.

In a statement filed with the Shanghai Exchange, the company said 2009 profit fell to 1.2 billion yuan (176 million U.S. dollars), down 11.5 percent year on year, while revenues soared 45.5 percent to hit 13.96 billion yuan.

Earnings per share dipped 28.57 percent year on year to 0.3 yuan while assets rose 1.87 percent year on year to total 16.37 billion yuan, the statement said.

The statement attributed the revenue growth to better management and hard work but gave no explanation for the profit decline.

The company's stock price dropped 1.38 percent to 9.99 yuan at midday on Tuesday.