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Honghua Group Limited Enters Into Land Drilling Rig Sales Agreement Woth More Than US$32 Million WI

soruce:manager    click:3703    time:2011-06-06

Honghua?Group?Ltd.?(“Honghua”?or?“Group”)?(Stock?Code:?196.HK),?a?leading?global?land?drilling?rig?manufacturer,?is?pleased?to?announce?today?that?the?Group?has?entered?into?a?land?drilling?rig?sales?agreement?(“Agreement”)?with?a?Russian?client?worth?more?than?US$32?million?(approximately?HK$250?million).?The?Agreement?is?the?client’s?first?procurement?order?for?large?equipment?from?a?Chinese?company,?which?not?only?allows?Honghua?to?further?penetrate?the?trailer?drilling?rig?market?in?Russia,?but?also?facilitates?the?business?development?of?the?Group?in?the?Far-Eastern?region.

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Pursuant?to?the?Agreement,?Honghua?will?deliver?the?land?drilling?rigs?to?the?Russian?client?in?stages?from?the?second?half?of?2011.?The?relevant?products?are?4000-meter?low-temperature?tolerant?trailer?drilling?rigs?which?will?operate?in?Orenburg,?Russia.?These?drilling?rigs?are?low-temperature?tolerant?rigs?specially?designed?to?adapt?to?the?climatic?and?geographic?characteristics?of?Russia,?which?not?only?operate?smoothly?under?server?low-temperature?environment,?but?also?meet?the?operational?requirement?of?rapid?transportation.?

Mr.?Zhang?Mi,?Chairman?of?Honghua?commented,?“We?are?pleased?to?enter?into?a?sales?agreement?with?the?new?Russian?client?for?land?drilling?rigs?worth?more?than?HK$250?million.?The?Agreement?not?only?signifies?that?the?Group?has?successfully?extended?its?competitive?advantages?in?the?4000-meter?trailer?and?vehicle-mounted?drilling?rig?market,?but?also?strengthens?promotion?of?high?performance-to-cost?products?to?domestic?clients.?Following?the?steady?recovery?of?the?global?economy,?demand?for?land?drilling?rigs?from?Russia,?which?is?one?of?the?major?exporting?nations?of?oil?and?natural?gas,?has?also?recovered?correspondingly.?In?the?future,?the?Group?will?proactively?improve?the?sales?network?and?consistently?enhance?the?market?layout?in?Russia?through?establishment?of?parts?distribution?centres?and?service?centres?in?locations?like?Irkutsk.?Leveraging?on?its?strong?research?and?production?ability,?Honghua?will?continue?to?develop?more?high?performance?and?economical?drilling?rigs?to?meet?various?market?demands?in?product?configuration,?and?satisfy?the?needs?of?clients?for?land?drilling?rigs.?Honghua?will?capture?the?business?opportunities?arising?from?the?recovery?of?the?global?economy?and?bring?maximum?returns?for?shareholders.”

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