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Honghua Signed Directional Drilling Equipment Agreement with Approximately HK$1.406 Billion with a Venezuela Oil Service Provider

soruce:manager    click:7694    time:2013-01-31

(31 January 2013, Hong Kong) A leading global land drilling rig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), is pleased to announce that on 31 January 2013, the Group has entered into a directional drilling equipment sales agreement (“Agreement”) with a total value of approximately US$181 million (approximately HK$1.406 billion) with PDVSA Servicios Petroleros, S.A. (“PDVAS Servicios”), a subsidiary of PDVSA Petróleros de Venezuela,S.A.. According to the Agreement, Honghua will purchase directional drilling equipments for PDVAS Servicios with a taget to be delivered within 2013.

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“Since the cooperation with PDVAS Servicios in 2011, the Group has entered into two large-amount land drilling rig contracts with a total value of approximately US$427 million. We have established a good cooperative relationship. Apart from the drilling rigs Honghua produced, PDVAS Servicios entrusted the Group to purchase directional drilling equipments, which fully signifies the wide recognition and credibility from customers in the South America market. South America regions possess rich oil reserves with promising market prospects. Looking forward, we will expand sales of parts and components as well as provide diversified services in order to further explore business opportunities with an aim to satisfy various customer needs and thus drive continuous business growth." said Mr. Zhang Mi, the Chairman of Honghua.

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About Honghua Group Limited (Stock Code: 196.HK)

Honghua is a large-scale equipment manufacturer and drilling engineering service enterprise primarily engaged in the R&D, design, manufacturing and assembly of large-scale equipment for land drilling rigs, offshore equipment and oil exploration and development. Honghua is China's largest oil rig sets exporter and also one of the largest land drilling equipment manufacturers in the world. In June 2009, the Group confirmed Qidong, Jiangsu Province as the site for constructing its offshore drilling platform construction base. Leveraging on its solid foundation in land drilling equipment manufacturing, Honghua will proactively implement its diversified development strategy in both the land and offshore segments so as to develop into a diversified conglomerate with interactive development in the fields of equipment production, oil and gas resources exploration (especially the non-conventional oil and gas sector) and engineering services.

For further information, please contact:

Honghua Group Limited

Ms. Xiaoqi JI

Tel: (86 28) 8601 5242

Fax: (86 28) 8601 3847

Email: jixq@hhcp.com.cn / ir@hhcp.com.cn

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