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Honghua Group Limited Enters Into Land Drilling Rig Sales Agreement Worth Approximately US$100 Million

soruce:manager    click:4041    time:2011-12-01

Honghua?Group?Ltd.?(Honghua?or?Company),?together?with?its?subsidiaries?(the?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?approximately?US$100?million?(approximately?HK$770?million)?with?SDP?Service?Limited?(SDP),?a?client?primarily?engaged?in?drilling?and?oilfield?services.??

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Pursuant?to?the?Agreement,?Honghua?will?provide?10?units?of?1500hp?land?drilling?rigs?and?other?related?drilling?equipment,?which?will?be?used?mainly?in?operations?of?a?large-scale?unconventional?gas?exploration?project?in?India.?All?drilling?rigs?will?be?delivered?to?the?client?throughout?stages?in?2012.?

Mr.?Zhang?Mi,?Chairman?of?Honghua?commented,?Honghua?has?established?a?long-term?and?friendly?cooperating?relationship?with?its?India?clients?since?2003.?The?land?drilling?rig?sales?agreement?signed?with?SDP?not?only?propels?Honghuas?further?market?share?expansion?in?the?Indian?market,?but?also?enhances?the?Groups?brand?recognition?in?the?region,?promoting?the?Groups?further?penetration?into?the?Indian?land?drilling?rig?market.?Up?to?now,?the?Group?has?already?sold?more?than?30?units?of?drilling?rigs?in?the?Indian?market?and?is?one?of?the?largest?Chinese?land?drilling?equipment?suppliers?in?the?area.?Looking?forward,?leveraging?on?its?strong?research?and?production?capability,?Honghua?will?continue?to?develop?more?efficient?and?high?performance-to-cost?drilling?rigs?to?meet?various?market?demands?in?product?configuration,?and?satisfy?the?needs?of?clients?for?land?drilling?rigs,?bringing?maximum?returns?for?shareholders.

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