Honghua Signs $26m Drilling Contract

By John Lee.

Chinese company Honghua Group Ltd has announced that it entered into an oilfield services agreement worth approximately US$26.0 million (approximately HK$201.5 million) with an Iraqi client in early July.

Pursuant to the oilfield services agreement, the company will provide drilling services using two rigs which are expected to gradually begin operations in August and September 2015.

In addition, the oilfield services agreement also includes the subsequent optional drilling services provided by Honghua.

Mr. Zhang Mi, Chairman of HH commented:

"We will continue to expand the business layout from equipment manufacturing to engineering services by taking the drilling business as the core, and to capture the enormous opportunity rising from the recovery of the global oil market in the future."

(Source: PR Newswire)

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