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Entered Land Drilling Rig Sales Agreement with Abraj Again With a Total Amount over US$13 Million

soruce:manager    click:5351    time:2014-11-17

(17 November 2014, 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 Honghua Golden Coast Equipment FZE (“Honghua Golden Coast”), an indirect wholly-owned subsidiary of the Company, entered into a land drilling rig sales agreement (the “Sales Agreement”) with Abraj Energy Services LLC (“Abraj”) today, the largest drilling company in Oman, with a total amount over US$13 million (approximately HK$101 million). Pursuant to the Sales Agreement, Abraj drilling could choose to purchase extra three land drilling rig from Honghua Golden Coast before December 2015.



Mr. Zhang Mi, Chairman of Honghua commented, “This is the 4th sales agreement between Honghua and Abraj. Honghua’s products has continuously gained high recognization from local customer and further enhance its market share in local market. Against this backdrop, it will faciliate Hognhua to bid more new sales contracts in Middle East market in the future. Looking forward, the Group will strengthen the cooperation with local customer, expand the influence of Honghua brand and further consolidate the leading position in Middle East market to optimize the global market distribution”



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


Honghua is one of the largest land drilling equipment manufacturers in the world, which is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components for the drilling rigs or for the maintenance of the drilling rigs in operation. Leveraging on the strong R&D strength, high-quality production facilities and mature international sales network, the Group’s products have been sold to a large number of famous enterprises all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, India, Russia, China, Africa. In 2013, the overall construction of the base located in Qidong County, Jiangsu Province progressed well, among which the dock basin project has passed the examination of related departments and the overall lifting of “Honghai crane” is expected to complete in 2015. Based on the existing solid foundation of the drilling rigs equipment, Honghua will implement diverse development strategies, and expand to become the integrated enterprise which is involved in the interaction development of three major sectors, including onshore and offshore areas, equipment manufacturing and oil and gas resources development (especially the unconventional oil and gas area), as well as engineering services.



For further information, please contact:



Honghua Group Limited


Ms. Xiaoqi Ji


Tel: (852) 2520 5933 / (86 28) 8601 5242


Fax: (852) 2528 3929/ (86 28) 8601 3847


Email: ir@hhcp.com.cn


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