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Honghua Group Enters into Land Drilling Rig Sales Agreement Worth over HK$170 Million with BAPEX

soruce:manager    click:5965    time:2012-08-10

Honghua Group Ltd.,a leading global land drilling rig manufacturer, is pleased to announce that the Group has recently entered into a land drilling rig sales agreement (the “Agreement”) worth over US$22 million (approximately HK$170 million) with Bangladesh Petroleum Exploration & Production Company Limited (“BAPEX”). The Agreement signifies the Group’s dominant share in the Bangladeshi new drilling rig market and brings additional confidence for further expansion in the Southeast Asian Markets including India, ?Pakistan, Bangladesh, Indonesia, Thailand, Vietnam.

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Pursuant to the Agreement, the Group will provide a unit of 1500HP DBS Drilling Rig and deliver it to BAPEX in 2013.

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As a subsidiary company of Bangladesh Petroleum Corporation, BAPEX is wholly owned by the Government of Bangladesh and focuses on exploration and exploitation of petroleum and natural gas. BAPEX has implemented a rig procurement project to strengthen oil and gas exploration capability since 2003. Recently, BAPEX announced that it had found 137 million barrels of new oil reserve in Bangladesh’s northeast projects with an estimated total value of US$ 5.5 billion.

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Mr. Zhang Mi, Chairman of Honghua commented, “Following the systematic expansion of oil and gas exploration and exploitation in Southeast Asian countries, it is expected that such emerging markets have a huge potential and will benefit companies with remarkable R&D and production capacity of oil and gas equipment to further develop their business in the region. This agreement is the second cooperation between Honghua and BAPEX since the first signed drilling rig agreement in 2010. Leveraging on our outstanding product performance and cost-efficient operation, we have established a long-term, mutually trusting and coordinated development partnership with BAPEX, as well as occupied a leading position in the share of the Bangladeshi new drilling rig market. Relying on our profound experience in the Southeast Asian markets, together with excellent product performance and strong research and production capability, we will seize the continuing development trends, strive to expand market share and optimize global allocation, so as to bring maximum returns to shareholders.”

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