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Honghua Group Limited Enters into First Overseas Offshore Product Sales Agreement Worth Approximatel

soruce:manager    click:3824    time:2011-11-23

(Hong?Kong,?22?November?2011)?C?Honghua?Group?Ltd.?(Honghua?or?Group)?(Stock?Code:?196.HK),?a?leading?global?land?drilling?rig?manufacturer,?is?pleased?to?announce?that?it?has?entered?into?an?offshore?product?sales?agreement?(Agreement)?worth?approximately?US$9.7?million?(approximately?HK$75.4?million)?with?Nautilus?Minerals?Niugini?Limited?(Nautilus).

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Nautilus?is?primarily?engaged?in?the?exploration?and?development?of?seafloor?resources?including?copper,?gold,?zinc?and?silver,?at?its?Solwara?1?project?in?the?territorial?waters?of?Papua?New?Guinea.?Pursuant?to?the?Agreement,?Honghua?will?provide?equipment?for?the?Nautilus?mining?vessels,?including?hoisting?and?ancillary?equipment,?horizontal?riser?gantry?and?storage?system,?as?well?as?drill?floor?manipulator?and?catwalk?equipment.?The?deep?seabed?contains?rich?resources?with?great?potential?for?future?development.?Solwara?1?is?one?of?the?worlds?first?deep-sea?mining?projects.

Mr.?Zhang?Mi,?Chairman?of?Honghua?commented:?We?are?pleased?to?enter?into?the?first?overseas?offshore?product?sales?agreement?with?Nautilus,?the?industry?leader.?It?not?only?signifies?Honghuas?successful?entry?into?the?global?offshore?equipment?market,?but?also?indicates?that?the?Group?is?capable?of?applying?its?oil?drilling?technology?into?the?deep-seabed?mining?industry.?The?Agreement?will?serve?as?a?foundation?for?the?Group?to?develop?further?cooperation?with?Nautilus?as?well?as?to?capture?enormous?business?opportunities?arising?from?the?seabed?mining?industry.?The?market?anticipates?that?the?deep-seabed?mining?industry?possesses?enormous?development?potential?and?prospects,?and?will?lead?to?growing?demand?for?related?offshore?engineering?products.

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