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Entered into Offshore Drilling Package Sales Agreement for TIGER Series Drilling Ship with Shanghai Shipyard Worth Approximately US$56 Million

soruce:manager    click:5452    time:2014-08-01

(1 Aug 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 the Group entered into a sales agreement (the “Agreement”) with Shanghai Shipyard Co., Ltd. (“Shanghai Shipyard”) on 31 July 2014 for the sale of drilling packages for TIGER series drilling ships, TIGER III and TIGER IV, worth over US$56 million, after the successful cooperation for TIGER I and TIGER II. Pursuant to the Agreement, Honghua will deliver the drilling packages to Shanghai Shipyard in the end of 2015, equipped with a large amount of self-developed technologies and new products by Honghua which will significantly increase the efficiency of rigs and the stability of drilling ships.



Mr. Zhang Mi, Chairman of Honghua commented, “The TIGER series drilling ships are jointly developed by Opus Offshore Pte Ltd. and Shanghai Shipyard, which are suitable for operation in deep-water areas. The successful construction of TIGER drilling ships fills the vacancy of domesticcore equipment in high-end deep-water offshore drilling packages significantly, breaks the offshore drilling packages monopoly which was previously controlled by international giants, and lays a solid foundation for drilling ships equipped with domestic high-end drilling equipment in the future. Entering into the Agreement further strengthens the close cooperationbetween Honghua and Shanghai Shipyard and proves Honghua's powerful self-research and development capabilities and production techniques in offshore sector once again received recognition from the market. Along with the satisfied progress of the construction of Offshore Oil and Gas Drilling Equipment Manufacturing Base in Jiangsu Qidong, Honghua is more confident in the development of offshore business with ample growth potential. The Group will actively promote the expansion of offshorebusiness market, continue to optimize the strategic allocation to  produce a sustained momentum for the long-term development of the Group.”



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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. Meanwhile, 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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