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Honghua Group Formalized JV Company with SBI Offshore for Offshore Drilling and Construction Equipme

soruce:manager    click:4281    time:2011-07-28

Honghua?Group?Ltd.?(“Honghua”?or?“Group”)?(Stock?Code:?196.HK),?a?leading?global?land?drilling?rig?manufacturer,?is?pleased?to?announce?that?the?Group?and?Singapore?Exchange?Catalist-listed?SBI?Offshore?Limited?(“SBI?Offshore”),?one?of?the?leading?offshore?equipment?manufacturers?in?Singapore?have?formalized?a?Joint-Venture?Company?(“JV?Company”)?on?26?July?2011?to?offer?contract?manufacturing?services?to?global?offshore?&?marine?(“O&M”)?industries.

Pursuant?to?the?joint-venture?agreement,?Honghua?will?hold?70%?and?SBI?Offshore?will?hold?30%?in?the?equity?of?the?JV?Company,?HS?Offshore?Pte?Ltd.?(“HS?Offshore”)?with?a?registered?capital?of?US$1.0?million.?HS?Offshore?will?focus?on?providing?contract?manufacturing?services?to?O&M?equipment?companies?and?tap?the?growing?outsourcing?trend?to?Asia.?The?signing?was?witnessed?by?Mr.?Olav?Kvaale,?Vice?President?of?Global?Sales,?and?the?other?two?senior?executives?from?Aker?Solutions,?one?of?the?leading?drilling?equipment?suppliers?in?the?world?and?which?has?qualified?SBI?Offshore’s?facility?in?China?as?its?subcontractor.?

HS?Offshore?is?expected?to?enjoy?first-mover?advantages?as?Western?offshore?equipment?companies?proactively?seek?out?competent?original?equipment?manufacturers?in?Asia?to?lower?production?costs?and?time?to?market?in?the?region?which?accounts?for?the?building?of?approximately?80%?of?all?mobile?offshore?drilling?units?globally.?The?joint-venture?will?leverage?on?Honghua’s?significant?production?facilities?and?capabilities?in?land?rigs?and?components?and?SBI?Offshore’s?knowledge?of?drilling?equipment?and?expertise?in?the?O&M?sector,?particularly,?project?management,?quality?assurance?and?detailed?engineering.?

Mr.?Zhang?Mi,?Chairman?of?Honghua?commented,?“We?are?pleased?to?have?the?precious?opportunity?to?cooperate?with?SBI?Offshore?and?formalize?the?JV?Company.?HS?Offshore?will?allow?Honghua?to?accelerate?its?expansion?into?the?offshore?sector.?Honghua?believes?that?this?JV?Company?will?boost?the?competitiveness?and?capabilities?of?its?offshore?production?base?in?progress?in?Qidong,?Jiangsu?Province,?the?People’s?Republic?of?China.?The?abundant?knowledge?and?resources?of?SBI?Offshore?in?offshore?drilling?equipment?will?certainly?be?favorable?to?the?Group’s?entry?into?the?offshore?equipment?sector.?Looking?forward,?Honghua?will?be?engaged?in?developing?its?offshore?business?and?bring?maximum?returns?for?shareholders.”

Mr.?Jonathan?Hui,?Chairman?and?Chief?Executive?Officer?of?SBI?Offshore?said,?“This?JV?Company?will?enable?SBI?Offshore?to?expand?our?contract?manufacturing?capacity?and?capabilities?substantially?while?minimizing?capital?expenditure.?SBI?Offshore?will?be?able?to?offer?to?the?JV?Company?our?detailed?engineering?expertise?following?our?collaboration?with?U.S.-based?Sea?Reef?LLC?and?Ram?Machine?Tooling,?Inc.?The?JV?Company?aims?to?become?a?leading?original?design?manufacturer?of?offshore?drilling?and?construction?equipment?and?components?in?the?world.”?

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