China's Honghua to Supply Middle East Client with 3 Land Rigs for $41.5M

China's Honghua Group Limited reported Wednesday that its indirect wholly-owned subsidiary Honghua Golden Coast Equipment FZE signed a sale and purchase agreement to sell three land drilling rigs to a Middle East customer for approximately $41.5 million (CNY 265 million).

"Entering into the Sale and Purchase Agreement not only reflect that the Company’s products designed for local specific climate and environment have gained great recognition from clients in the Middle East market, but also show the Company’s strong competitiveness and brand effect under severe market conditions," Honghua said in a filing on Hong Kong Exchanges and Clearing Ltd.

This is the second major contract clinched by Honghua recently. In October, the firm's indirectly owned unit Sichuan Honghua International Co., Ltd. (Honghua International) and Petroleo de Venezuela, S.A. (PDVSA) inked three oilfield service agreements for Honghua International to provide turnkey services in Lake Maracaibo region of Venezuela for around $340 million.



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