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Enters Into Drilling Rigs Sales Agreement Worth US$14 million with Kuwait Drilling Company K.S.C

soruce:manager    click:5424    time:2014-06-26

(26 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, 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 Kuwait Drilling Company K.S.C (“KDC”), with a total amount of approximately US$14 million (approximately HK$110 million). Pursuant to the Agreement, Honghua Golden Coast will deliver KDC a unit of 7,000 meters land drilling rig by the first half of 2015.



Mr. Zhang Mi, Chairman of Honghua commented, “Honghua and KDC has established deep parternership for eight years, which fully demonstrated Honghua, as one of the largest global land drilling rig manufacturers, has consolidated its leading position in the Middle East market. In addition, this signed agreement with KDC will further lay down the customer base and cooperation foundation for the Group’s offshore business expansion and sales in the local market.”



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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.



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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