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Enters Into Another Significant Drilling Rigs Sales Agreement with a Russian Client Worth Over HK$1 Billion

soruce:manager    click:5005    time:2013-07-05

(4 July 2013, Hong Kong) A leading global land drilling rig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), is pleased to announce that on 3 July 2012, Rushong-Hua Co.Ltd (“Rushong-Hua”), a wholly-owned subsidiary of Honghua, entered into land drilling rig sales agreements (the “Agreements”) with OOO Burovoya Kompaniya Eurasia (“BKE”), with a total amount of approximately US$135 million (approximately HK$1.05 billion). Pursuant to the Agreements, Honghua will provide 9 units of land drilling rigs with certain sepecifications to BKE and deliver them separately in 2014.

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It is another significant contract Honghua signed with BKE after the contract on 27 December 2012. As the largest onshore drilling contractor in Russia, BKE has been actively expanding customer bases and new markets, resulting in a yearly increase in both numbers and depth of wells drilled. The statistics indicated that its total wells drilled climbed to 1431 in 2011 from 652 in 2005. As at 31 March 2012, the rig fleet of BKE was comprised of 212 drilling rigs and 45 workover rigs. To accommodate the growing demand of oil drilling and exploition, BKE has been continueously purchasing new drilling rigs and upgrading its existing rig fleet.

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Mr. Zhang Mi, Chairman of Honghua commented, “We’ve maintained a stable partnership with BKE, and are very optimistic about BKE’s future prospects as it gradually expanded its business in recent years. With the continuous increase of the oil output in Russia, we are confident that there will be growing demand for drilling rigs, so to create excellent cooperation opportunities for both parties. Looking ahead, Honghua will leverage on its strong R&D capabilities to develop high performance-to-cost products and fully capture the market opportunities. Honghua will also maintain its competitive edges in rigs for meidium to high depth and strengthen the leading position in Russian market, so as to achieve further expansion ofour business and bring maximum returns for shareholders.”

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About Honghua Group Limited (Stock Code: 196.HK)

Honghua is one of the largest land drilling equipment manufacturers in the world, which is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components which are for the drilling rigs or for the maintenance of the drilling rigs in operation. Leveraging on the strong R&D strength, high-quality production facilities and mature international sales network, the Group’s products have been sold to a large number of famous enterprise all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, India, Russia, China, Africa and etc. In 2012, the first phase (stage 1) of the construction of the base located in Qidong County, Jiangsu Province has been completed and the base has the manufacturing capabilities to receive offshore drilling platform orders. Based on the existing solid foundation of the drilling rigs equipment, Honghua will implement diverse development strategies, and expand to become the integrated enterprise which is involved in the interaction development of three major sectors, including onshore and offshore areas, equipment manufacturing and oil and gas resources development (especially the unconventional oil and gas area), as well as the engineering services.

About Rushong-Hua Co.Ltd

Rushong-Hua is a company incorporated in Russia and is an indirect wholly-owned subsidiary of the Company. It is principally engaged in trading of drilling rigs and related parts.

About OOO Burovoya Kompaniya Eurasia

BKE is a company incorporated in Russia and as measured by meters drilled is the largest onshore drilling contractor in Russia. It is principally engaged in well construction and workover of all types of oil and gas wells.

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For further information, please contact:??

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Honghua Group Limited

Ms. Xiaoqi JI

Tel: (86 28) 8601 5242

Fax: (86 28)8601 3847

Email: jixq@hhcp.com.cn/ ir@hhcp.com.cn

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