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Enters Into Drilling Rigs Sales Agreement Worth HK$32 million with Abraj Energy Services LLC, the Largest Drilling Company in the Sultanate of Oman

soruce:manager    click:3659    time:2014-06-25

(25 June 2014, 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 23 June 2014, Honghua Golden Coast Equipment FZE (“Honghua Golden Coast”), a wholly-owned subsidiary of Honghua, entered into a land drilling rig sales agreement (the “Agreement”) with Abraj Energy Services LLC (“Abraj”), the largest drilling company in the Sultanate of Oman, with a total amount of approximately US$32 million (approximately HK$251 million). Pursuant to the Agreement, Honghua Golden Coast will provide 2 units of 7,000 meters land drilling rigs to Abraj and deliver them by the first half of 2015.



Mr. Zhang Mi, Chairman of Honghua commented, “We’ve maintained a close partnership with Abraj. This is the third agreement signed with Abraj since we successfully entered into the market of Sultanate in 2013, which further reflects the high recognitions of the client and local market, strongly motivating us to expand the business in the middle east gulf market in the future.”



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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 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 enterprises 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. In 2013, the overall construction of the base located in Qidong County, Jiangsu Province progressed well, among which the dock basin project has passed the examination of related departments and the overall lifting of “Honghai crane” is expected to complete in 2015. 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 engineering services.



For further information, please contact:



Honghua Group Limited


Ms. Mingjia Ding


Tel: (86 28) 8297 1864


Fax: (86 28) 8297 1850


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


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