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Honghua Group Enters Into Memorandum of Understanding with Baker Hughes Beijing On the Strategic Cooperation to Jointly Provide Integrated Services of Unconventional Oil and Gas

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(12 December 2012, Hong Kong) A leading global land drilling rig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua”), is pleased to announce that on 11 December 2012 (time in Houston, the United States of America), Honghua (China) Investment Co., Limited (“Honghua China”), a wholly-owned subsidiary of Honghua, entered into a memorandum of understanding (the “MOU”) with Baker Hughes Beijing Trading Co., Limited (“Baker Hughes Beijing”), an indirect wholly-owned subsidiary of Baker Hughes Incorporated (”Baker Hughes”), in relation to set forth certain principles and understandings on the strategic cooperation between the parties to jointly provide integrated operation services and carry out research and sub-surface evaluation and engineering services for unconventional oil and gas opportunities in the People’s Republic of China (the “PRC”).  

The scope of cooperation contained in the MOU covers the following: (1) Both parties intend to complement each other’s strengths via contractor / subcontractor to jointly provide full integrated operation solutions to unconventional oil and gas projects for international oil companies and independent oil and gas investors in the PRC. The cooperation of both parties shall be based on each project. (2) Both parties intend to jointly establish a center for unconventional resources engineering in Chengdu, Sichuan Province, the PRC which will be principally engaged in conducting shale oil and gas related research and consultancy services to support shale oil and gas development in the PRC. (3) Both parties intend to extend their cooperation to technology development for unconventional oil and gas including but not limited to 6000 HP hydraulic fracturing pump testing and coiled tubing down-hole electrical intelligent drilling system.  

Mr. Zhang Mi, Chairman of Honghua commented, “The PRC has great potential in developing unconventional oil and gas. As one of the superior unconventional oil and gas services providers in the world, Baker Hughes has extensive experience and advanced techniques in providing drilling and evaluation, completion and production, pressure pumping, as well as reservoir development services and integrated operations. Honghua, one of the highest quality integrated solutions and equipment providers of unconventional oil and gas in the PRC, believes that the MOU is favourable for us to capture the unique opportunity of long-term business cooperation with Baker Hughes in the unconventional oil and gas field. The MOU will also bring mutual benefits and achieve win-win development in such field in the long run. Through fully seizing the great opportunity brought by forseeable large-scale development of unconventional oil and gas in the PRC, we will bring more returns for shareholders.

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