Honghua Group Ltd. announces that Honghua Golden Coast Equipment FZE, a wholly-owned subsidiary of Honghua, entered into a land drilling rig sales agreement with Kuwait Drilling Company K.S.C, with a total amount of approximately US$54 million (approximately HK$418.5 million). Pursuant to the Sales Agreement, Honghua Golden Coast will provide and deliver KDC 4 units of 7,000 meters land drilling rig in 2015, the company said in its press release.
Mr. Zhang Mi, Chairman of Honghua commented, “Honghua has further consolidated its leading position in the Middle East market and established deep partnership with KDC. It’s the second drilling rig sales agreement with KDC subsequent to the land drilling rig agreement signed worth approximately HK$110 million in June this year. The agreement not only deepens our long-term cooperation, but also reflects that Honghua’s fast-move desert rig designed for the Middle East market and its high-quality production and assembly process have gained great recognition from clients and the market. We believe that the agreement will benefit the Company in consolidating and increasing its market share in Kuwait, continuously penerating into the Middle East Market, further optimizing our global business layout which will provide strong momentum for the Group’s stable development in the long run.”
About Honghua Group Limited
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.
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