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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