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Honghua Group Limited Enters Into Land Drilling Rig Sales Agreement Worth Approximately US$300 Million With Middle-Eastern Client NDC

soruce:manager    click:5513    time:2011-12-19

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 that the Group has entered into a land drilling rig sales agreement (Agreement) worth approximately US$300 million (approximately HK$2.3 billion) with the National Drilling Company (NDC).

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NDC is one of the largest drilling contractors in the Middle-East and is primarily engaged in the provision of quality drilling and maintenance services. Pursuant to the Agreement, Honghua will provide 7 units of 9000-meter 3000hp cluster land drilling rigs, which will be used mainly in the operation of oilfields in the Middle-East. All drilling rigs will be delivered to the client throughout stages in 2013.

Following the gradual recovery of the global land drilling rig market, Honghua has obtained cumulative land drilling rig sales orders worth approximately US$680 million (approximately HK$5.3 billion) since August 2011.

The Middle-Eastern drilling contractor NDC is a renowned enterprise in the industry with high standards and strict requirements. The Agreement once again proves that Honghua has successfully entered the high-end market within the industry. The Agreement signed with NDC is Honghuas largest single land drilling rig contract obtained this year, which demonstrates that the Group has successfully upgraded its integrated competitiveness through proactive enhancement in its market distribution and production capacity in recent years. The Agreement not only strengthens the Groups market position in the Middle-Eastern land drilling rig market, but also effectively promotes the Groups brand recognition and enhances its competitiveness in the global market. Looking forward, leveraging on its strong research and production capability, Honghua will continue to enhance its after-sales service and proactively develop markets to gain more clients, so as to bring maximum returns to shareholders.

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