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Honghua Group Limited Enters Into Land Drilling Rig Sales Agreement Worth Approximately US$42 Million

soruce:manager    click:3908    time:2011-09-18

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?(Sales?Agreement)?worth?approximately?US$42million?with?Andrews?Technologies?Inc.ATI?for?a?mutual?Brazilian?customer.?ATI?is?a?long?term?partner?of?HH?jointly?marketing?and?promoting?sales?in?Brazil.?Honghua?will?provide?4?units?of?in-house?designed?heli-transportable?drilling?rigs?to?the?client.??for?operations?in?the?oil-rich?area?with?unfavorable?road?condition?in?the?亚马逊?rainforest?in?South?America.?Honghua?has?once?again?successfully?obtained?sales?from?the?South?American?market?subsequent?to?signing?of?a?sales?agreement?worth?US$240?million?(approximately?HK$1.87?billion)?with?a?Venezuelan?client?in?August,?which?propels?the?Groups?market?development?in?the?region.

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Mr.?Zhang?Mi,?Chairman?of?Honghua?commented,?As?global?oil?and?gas?drilling?activities?gradually?recover,?the?emerging?markets?demand?for?land?drillings?also?increases?steadily.?South?America?possesses?abundant?oil?and?gas?resources?and?therefore?creates?strong?demand?for?drilling?rigs.?The?pace?of?recovery?of?the?market?is?much?faster?than?our?expectation.?The?Sales?Agreement?signed?with?the?Brazilian?client?not?only?consolidates?the?market?shares?of?the?Group?in?the?Brazilian?market,?but?also?allows?the?Group?to?gain?higher?market?recognition?in?South?America,?further?strengthening?Honghuas?brand?image?and?adds?to?its?confidence?in?constantly?expanding?the?South?American?land?drilling?rig?market..?Looking?forward,?leveraging?on?its?strong?research?and?production?capability,?Honghua?will?continue?to?develop?more?efficient?drilling?rigs?to?meet?various?demands?of?the?South?American?market?in?product?configuration,?and?satisfy?the?needs?of?clients?for?land?drilling?rigs,?bringing?maximum?returns?for?shareholders.

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