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Enters Into Top Drive Sales Agreement Worth US$31 million with Eriell Group, One of the Largest Oil and Gas Equipment Suppliers in the UAE Market

soruce:manager    click:5603    time:2014-07-01

(1 July 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 28 June 2014, Honghua Golden Coast Equipment FZE (“Honghua Golden Coast”), a wholly-owned subsidiary of Honghua, entered into a top drive sales agreement (the “Sales Agreement”) with GILLARD MIDDLE EAST FZE (“GILLARD”), a subsidiary of Eriell Group (“Eriell”), with a total amount of approximately US$31 million (approximately RMB190 million). Pursuant to the Sales Agreement, Honghua Golden Coast will provide and deliver 20 units of top drives to GILLARD within 2014.



Mr. Zhang Mi, Chairman of Honghua commented, “Honghua’s self-poduced core component of land drilling rig, top drive has obtained great market response and recongnition since its launch. The Sales Agreement with GILLARD this time not only marks a further breakthrough of our new components products, but also implies the products of the Company has been highly recognized in local market, strongly motivates us to expand the business in the global 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.



About GILLARD MIDDLE EAST FZE


GILLARD is a limited company incorporated in the United Arab Emirates, an affiliate of ERIELL Group. ERIELL Group was founded in 1999 and is based in the Czech Republic. ERIELL Group is an international oilfield services group providing well construction and workover services for leading oil and gas companies in Russia, Central and South Asia, North Africa and Europe.


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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