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- Honghua Group's Accumulated Newly Signed Sales Agreements Has Recorded US$133 million (Approximately Equivalent to HK$1,044 million) Since the End of June This Year
- Creates Great Momentum and a Solid Foundation to Future Business Development |
HONG KONG, Aug 3, 2014 - (ACN Newswire) - A leading global land drilling rig manufacturer - Honghua Group Ltd. (Stock Code: 196.HK) has entered into a sales 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 approximately 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.
Honghua Group has entered into three sales agreements with Kuwait Drilling Company K.S.C, Abraj Energy Services LLC, the largest drilling company in the Sultanate of Oman, and GILLARD MIDDLE EAST FZE, a subsidiary of Eriell Group respectively, worth of approximately US$14 million, US$32 million and US$31 million since the end of June this year. Together with the aforementioned drilling package sales agreement for TIGER Series drilling ship, Honghua Group's accumulated newly signed sales agreements has recorded approximately US$133 million (approximately equivalent to HK$1,044 million), which not only further enhance the Group's stronghold in existing market, namely middle east market, but also continuously expand its footprint in the offshore equipment market, and create a solid foundation and great momentum to the long-term business development of the Group.
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 domestic core 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 cooperation between 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 offshore business market, continue to optimize the strategic allocation to produce a sustained momentum for the long-term development of the Group."
Topic: Press release summary
Source: Honghua Group Limited
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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