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Honghua Group Enters into Land Drilling Rig Sales Agreement Worth More Than US$240 Million With New

soruce:manager    click:3870    time:2011-08-25

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”)?worth?more?than?US$240?million?(approximately?HK$1,870?million)?with?PDVSA?Servicios?Petroleros,?S.A.,?a?subsidiary?of?Petróleros?de?Venezuela,?S.A.?(“PDVSA”).?This?is?the?Group’s?first?sales?agreement?obtained?from?the?Venezuelan?market?and?currently?the?largest?sales?agreement?obtained?from?the?South?American?market,?which?not?only?enhances?the?market?recognition?of?the?Group?in?the?region,?but?also?allows?it?to?further?penetrate?the?land?drilling?rig?market?in?South?America?and?expands?its?market?share,?so?as?to?facilitate?the?sustainable?growth?of?the?Group’s?core?business.?

Pursuant?to?the?Agreement,?Honghua?will?provide?17?units?of?drilling?rigs?of?various?types?ranging?from?1000-metre?to?9000-metre?drilling?rigs,?including?both?drilling?rigs?and?workovers.?These?rigs?will?mainly?operate?in?oilfields?in?Venezuela?and?other?South?American?countries.?Both?parties?target?to?deliver?all?the?rigs?within?2011.?According?to?the?statistics?of?the?Organization?of?the?Petroleum?Exporting?Countries?(“OPEC’),?the?oil?reserves?of?Venezuela?in?2010?exceeded?that?of?Saudi?Arabia?and?reached?296.5?billion?barrels,?making?Venezuela?the?country?with?richest?oil?reserves?in?the?world.

Mr.?Zhang?Mi,?Chairman?of?Honghua?commented,?“We?are?pleased?to?enter?into?a?sales?agreement?with?the?Venezuelan?client?for?land?drilling?rigs?worth?more?than?US$240?million.?The?Agreement?has?profound?influence?in?Honghua's?market?development?in?South?America.?It?fully?demonstrates?the?success?of?the?Group's?operating?and?marketing?principles?of?heterogeneous?competition?and?the?market?recognition?gained?through?our?dedicated?efforts?in?the?research?and?development?of?products?for?the?South?American?market.?Honghua's?brand?and?quality?products?play?an?important?part?in?the?Group's?success?in?obtaining?the?Agreement?amid?keen?competitions?with?competitors,?and?allow?the?Group?to?capture?further?business?opportunities?in?the?South?American?market?and?strive?for?larger?returns.?Leveraging?on?the?advanced?manufacturing?technology?and?professional?production?management?team,?the?Group?will?endeavour?to?deliver?all?the?rigs?within?2011?and?provide?high?performance-to-cost?and?quality?products?for?the?client,?making?contribution?to?the?oil?industry?in?Venezuela?as?well?as?South?America.”

Mr.?Zhang?added,?“Although?the?current?global?economy?still?has?uncertainties?and?brings?certain?challenges?to?the?land?drilling?rig?market,?leveraging?on?the?optimization?in?the?Group's?internal?management?system,?strengthening?of?product?research?and?development,?as?well?as?facilitation?in?its?global?market?allocation,?the?Group?has?significantly?upgraded?its?integrated?competitiveness?and?experienced?an?upwards?development?trend?in?recent?years,?The?Agreement?not?only?signifies?that?Honghua?successfully?extends?its?competitiveness?to?the?South?American?market?which?is?rich?in?oil?and?gas?resources?and?possesses?great?drilling?rig?market?capacity,?but?also?adds?the?Group’s?confidence?in?expanding?its?global?market?share.?In?the?future,?the?Group?will?continue?to?introduce?more?high?performance-to-cost?drilling?rig?products?to?meet?various?configuration?requirements?in?the?market,?so?as?to?satisfy?customers’?demands?for?land?drilling?rigs.?Honghua?will?strive?to?capture?the?business?opportunities?arising?from?the?recovery?of?the?global?economy?and?bring?maximum?returns?for?shareholders.”

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