Honghua Group Ltd. has announced that Honghua Golden Coast Equipment FZE, a wholly-owned subsidiary of the Group, entered into a sales agreement with Kuwait Drilling Company K.S.C 15 March 2016. The total amount is approximately US$15 million (approximately HK$118 million). As per the agreement, a 7000 m cluster well drilling rig is expected to deliver to KDC by the end of 2016.
This drilling rig contract 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."
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21032016/honghua-receives-land-drilling-rig-contract-2814/