China's Honghua Bags $340M Oilfield Services Contracts from PDVSA

China's Honghua Group Ltd. reported that its indirect owned subsidiary Sichuan Honghua International Co., Ltd. (Honghua International) and  Petroleo de Venezuela, S.A. (PDVSA) entered Thursday into three oilfield service agreements for Honghua International to provide turnkey services in Lake Maracaibo region of Venezuela, the company said Sunday.

Under the $340 million agreements, Honghua International will work on the progressive cavity pump upgrade project, electric submersible pump upgrade project and pipelaying project for PDVSA.

"Honghua International’s entering into the Service Agreements with PDVSA indicates that the Company makes a great breakthrough in Engineering Procurement Construction service business of the Company’ s oilfield services. It not only enhances the Company’s market position in the South American markets, but also extended our unique advantages in related products/services, global procurement network and customer network," Honghua said in the filing on the Hong Kong Exchanges and Clearing Ltd.

Honghua International is principally engaged in the sales of oil drilling rigs and parts and components of rigs manufactured by the Company and its subsidiaries.

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