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Upstream: Honghua Poised for Offshore Expansion

soruce:manager    click:3164    time:2013-06-26

Title:?Honghua?Poised?for?Offshore?Expansion

Outlet:?Upstream

Author:?Luke?Johnson

Date:?May?9,?2013

Circulation:?181,760

*Article?ran?in?print?and?online.

Chengdu based?Honghua?Group,?China's?largest?exporter?of?land?drilling?rigs,?expects?its?emerging?offshore?services?and

construction?business?to?become?the?company's?biggest?source?of?revenue?within?the?next?five?years.

Hong?Kong listed?Honghua?is?molding?itself?into?a?unique?provider?of?an?integrated?slate?of?products?and?services,?building?on?

its?established?land-rig?manufacturing?business.

"We?expect?the?offshore?business?to?be?just?as?strong?as?our?land drilling?business?in?terms?of?sales?revenue??and?even?possibly?

exceeding?it?within?three?to?five?years,"?Honghua?chief?executive?Zhang?Mi?told?Upstream?on?the?sidelines?of?the?Offshore?Technology?Conference?in?Houston?on?Wednesday.

Last?October,?Honghua?completed?the?first?of?a?two phase?onshore?fabrication?yard?in?Qidong,?Jiangsu?province,?where?it?

plans?to?build?jack-up?rigs,?semi-submersibles?and?other?drilling?modules.

Once?the?yard?is?running?at?full?capacity,?Zhang?expects?production?revenues?to?total?between?$2?billion?and?$3?billion?a?year.?The?company?reported?total?revenues?of?about?$826?million?in?2012,?an?increase?of?about?45%?compared?to?2011.

Honghua?is?currently?building?two?platform?supply?vessels?at?the?yard?for?a?pair?of?Singaporean companies,?but?is?involved?in?

"intensive?discussions"?with "a?couple?of?big?potential?customers",?including?Swiss-based?Noble?Corporation,?to?build

the?fabricator's?first?jack-up?rig.?Zhang?said?it?is?"very?possible"?that?Honghua?will?sign?a?jack-up?deal?by?the?end?of?the?year.

"Since?we're?building?the?offshore?equipment?on?land,?our?production?capability?is?not?limited?by?the?number?of?docks,?so?we?can?build?maybe?five?to?10?modules?or?jack-ups?altogether?on?land,"?Zhang?said.

"That's?also?the?reason?why?we?can?save?20%?to?30%?of?construction?cost,?and?that?is?passed?on?to?our?customers."

On?the?services?front,?Honghua?is?building?a?new?mobile?crane,?dubbed?Honghai,?to?be?deployed?for?construction?projects?of?offshore?platforms.?Honghua?says?Honghai,?which?will?boast?a?22,000-tonne?lifting?capacity,will?be?the?largest?mobile?crane?in?the?world.

The?company?says?the?crane?will?be?able?to?save?time?and?between?20%?and?30%?of?construction?costs?of?a?single?offshore?platform.

"With?the?mobile?crane,?we?are?very?confident?we?can?be?a?leader?in?offshore?platform?construction,"?Zhang?said.

Link:?http://www.upstreamonline.com/epaper/article1325998.ece

Meida?Contact?

Miss?FU?

Email:fuhj@hhcp.com.cn?

Telephone:+86?28?8297?1852?

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