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Honghua Wins US$15m Land Drilling Rig Contract from KDC

Source: www.gulfoilandgas.com 3/21/2016, Location: Middle East

Honghua Golden Coast Equipment FZE, a wholly-owned subsidiary of Honghua Group Ltd., entered into a sales agreement with Kuwait Drilling Company K.S.C ("KDC") on 15 March 2016, with a total amount of approximately US$15 million (approximately HK$118 million). Pursuant to the Sales Agreement, a 7,000-meter cluster well drilling rig is expected to deliver to KDC by the end of 2016.

This newly signed drilling rig contract, following the sales agreement of a 9,000-meter ultra-deep drilling rig with KDC on 1 January 2016, marks the breakthrough of HH's cluster well drilling rig entering into Kuwait market for the first time.

Mr. Zhang Mi, Chairman of HH commented, "As the national drilling company in Kuwait, KDC has continued to purchase HH products, representing its high recognition of our producst and trust in the HH brand. The Sales Agreement marks a solid and strategic step towards enhancing the leading position of new rig sales in the Kuwait market and expanding our influence in the region. It has also laid a significant solid foundation for further in-depth cooperation with KDC and better sales achievement in the future."



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