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Honghua Group Ltd. Enters Into Land Drilling Rigs Sales Agreement with Russian Client

soruce:manager    click:6334    time:2012-12-28

27 December 2012,A leading global land drillingrig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), is pleased to announce that on 26 December 2012, Rushong-Hua Co.Ltd (“Rushong-Hua”), asubsidiary of Honghua, has entered into a land drilling rig sales agreement (“Agreement”)with OOO Burovoya Kompaniya Eurasia (“BKE”), amounting to an aggregate of approximately US$150million (approximately HK$ 1.163 billion), which represents about 27% of the Group’stotal revenue for the year ended 31 December, 2011.

Pursuant to the Agreement, Honghua will provide11 units of land drilling rigs with certain sepecifications to BKE anddeliver them separately in 2013.

Mr. Zhang Mi, Chairman ofHonghua commented, “As the largest onshore drilling contractor in Russia, BKE hasentered into several large-amount drilling rig sales agreements with Honghuaand is a strong long-term client in the local market. At present, over 50% of land drilling rigs inRussia are approaching retirement, which creates relatively strong replacementdemands. The low-temperaturetolerant rig series developed by Honghua are applied for severe low-temperatureweather and geographical environment in Russia, and able to be transported efficiently,which enhance the flexibility of planning for oil drilling operations and havetherefore gained popularity among Russian clients. Being the first Chinese land drilling rig equipment manufacturerto enter the Russian market as well as having the largest market share, Honghua is confident that leveraging on itsstrong research and production ability, the Group will grasp the greatopportunity of gradual recovery of Russican oil drilling market and upgradingdamands of land drilling rigs, so as to fulfill diversified customer demandsand bring maximum returns for shareholders.”

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