Steven Seagal may star in TV show on getting free land in Russia's Far EastSociety & Culture May 23, 12:00
SPIEF 2017 participants can look forward to rich cultural and sports programmePress Releases May 23, 11:43
Flags over British embassy in Moscow fly at half-mast for Manchester blast victimsWorld May 23, 11:39
Putin offers condolences to UK over terror attack in ManchesterRussian Politics & Diplomacy May 23, 10:10
Islamic State claims responsibility for Manchester terror attackWorld May 23, 9:30
Police say death toll in Manchester Arena explosion reaches 22World May 23, 9:18
Hollywood actor Steven Seagal to get free land in Russia's Far EastSociety & Culture May 23, 9:06
Ariana Grande tweets she is 'broken' over blast following her concert at Manchester ArenaWorld May 23, 8:03
British PM to chair meeting of emergency response committee after Manchester blastWorld May 23, 7:53
HONG KONG, Jan. 5, 2016 /PRNewswire/. Leading global land drilling rig manufacturer, Honghua Group Ltd. (Stock Code: 196.HK) ("HH"), is pleased to announce that it has entered into an ultra-deep drilling rig sales agreement (the "Sales Agreement") with Kuwait Drilling Company K.S.C. ("KDC"), worth a total of approximately US$25 million (HK$194 million). Pursuant to the Sales Agreement, HH will provide and deliver one set of ultra-deep drilling rigs to KDC in 2016.
Mr. Zhang Mi, Chairman of HH commented, "This Sales Agreement marks the first domestic-made ultra-deep drilling rig to enter into the Kuwait market and breaks the long-term monopoly of the Kuwaiti ultra-deep drilling rigs market by western drilling rigs manufacturers. Since HH entered the Kuwait market in 2008 it has maintained a very good relationship with KDC. The continued cooperation not only represents high market reorganization of our products, but also shows brand loyalty. We believe that the agreement will benefit HH in consolidating and increasing its market share in Kuwait, as well as serving its goal of continuously penetrating into the high-end drilling rigs market in the Middle East, further optimizing our global business layout which will provide a solid foundation for HH's wider and deeper cooperation in the future and increase our influence on global markets."
About Honghua Group Ltd.
Honghua Group Ltd. ("HH") 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. Based on the existing solid foundation, HH will implement business diversification strategy, 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, as well as engineering services.
For further information, please contact:
Honghua Group Limited
Ms. Jinny Chen