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Honghua Enters into Offshore Drilling Package Sales Agreement Worth Over RMB300 mln

soruce:manager    click:4864    time:2012-03-28

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Honghua Group Ltd. (“Honghua” or “Group”) (Stock Code: 196.HK), a leading global land drilling rig manufacturer, is pleased to announce that its wholly-owned subsidiary Honghua Offshore Oil & Gas Equipment (Jiangsu) Co., Ltd. (“Honghua Offshore”) has entered into an offshore product sales agreement (“Agreement”) with Shanghai Shipyard Co., Ltd. (“Shanghai Shipyard”) on 26 March 2012, for the sale of drilling packages for TIGER drilling ships worth over RMB300 million. This marks the first Chinese offshore equipment manufacturer to enter the ultra-depth drilling package market, which was previously monopolized by international giants. It also opens a new business chapter for Honghua and marks a milestone in Honghua’s development in the offshore equipment sector.

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Pursuant to the Agreement, Honghua Offshore will deliver the drilling packages in 2013, along with a large amount of self-developed technologies and new products, including core equipment such as the quintuple mud pump, which is a world first and is able to significantly increase the efficiency of rigs and the stability of drilling ships. This not only fills the supply-demand gap of core equipment of high-end offshore drilling packages, the supply of which used to rely on imports, but it also further promotes the trend of localized manufacturing of drilling equipment for drilling ships in the future, so as to continuously improve the competitiveness of the Chinese offshore equipment manufacturing enterprises in the international market.

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Mr. Zhang Mi, Chairman of Honghua commented, “The TIGER series drilling ships are jointly developed by Opus Offshore Pte Ltd. and Shanghai Shipyard. They are suitable for operation in special water areas and are characterized by low cost and high efficiency, possess unique competitive advantages in the international market of 900 to 1500-meter drilling ships, and therefore have very broad market prospects. Through the sale, Honghua's powerful research & development capabilities and production techniques in offshore sector once again received recognition from customers and the market, laying a solid foundation for the Group's further cooperation with Shanghai Shipyard to capture business opportunities arising from the international special-purpose drilling ship market in the future, aiding the Group's active development in the offshore equipment business sector.”

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Mr. Zhang continued, “The market expects that drilling ships built before the 1980s will be retired in the coming years, which will drive the demand in the international drilling ship market, and support a relatively strong growth momentum. Supported by a favorable market environment, the Group's strong research and development capabilities and production techniques, as well as the abundant production capacity provided by Jiangsu Qidong Offshore Oil and Gas Drilling Equipment Manufacturing Base, a world-class offshore manufacturing base which will commence operation in stages in 2012, Honghua will strive to strengthen its distribution allocation, actively promote the development of its offshore equipment business, and ultimately bring maximized returns to shareholders.”

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