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Honghua Enters into Sales Agreement worth About US$187 million with Venezuelan Customer

soruce:manager    click:4067    time:2012-04-03

Honghua Group Ltd. (“Honghua” or “Group”) (Stock Code: 196.HK), a leading global land drilling rig manufacturer, is pleased to announce today that the Group has entered into a land drilling rig sales agreement (“Agreement”) worth approximately US$187 million (approximately RMB$1.18 billion) with PDVSA Servicios Petroleros, S.A., a subsidiary of Petróleros de Venezuela, S.A. (“PDVSA”) on 2 April2012.

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Pursuant to the Agreement, the Group will provide 12 units of land drilling rigs with specific requirements and deliver them to the Venezuelan customer in 2012. These rigs will mainly operate in oilfields in Venezuela and other South American countries. The value of the Agreement amounts to approximately 34% of the Group’s total revenue in 2011.

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Mr. Zhang Mi, Chairman of Honghua commented, “Subsequent to the land drilling sales agreement worth US$240 million signed last year, PDVSA once again entered into another significant sales agreement with the Group, providing stronger momentum for the Group’s further expansion in the South American market. Since the second half of 2011, the Group has already signed contracts of 33 units of land drilling rigs in total with customers in South America, which increases the Group’s market share and also consolidates its leading position in the market. South America possesses rich oil reserves and its demand for land drilling rigs will grow steadily. The Group will strive to constantly obtain orders from South American clients to increase its market share in the region. Leveraging on the strong R&D capability and production skills to meet various market demands, Honghua is well-positioned to capture the business opportunities arising from the recovery of the global economy and bring maximum returns to shareholders.”

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