Global land drilling rig manufacturer, Honghua Group (HH) won a US$26.0 million (approximately HK$201.5 million) oilfield services contract from an Iraqi client in early July. According to the agreement, HH will provide drilling services using two rigs which are expected to gradually begin operations in August and September 2015. The deal also includes subsequent optional drilling services provided by HH.
“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,” said Zhang Mi, chairman of HH. “Looking ahead, HH will strive to strengthen technological innovation and service quality, further reinforce the main international market layout in the Middle East, Russia and South America, as well as to promote the synergy between strategic business segments, thus to provide significant momentum for HH's long-term steady development."
Image: Bootstrap mast (raise by hydraulic cylinder), bidirectional sliding for substructure/ Honghua