Honghua Group receives its first semi-submersible drilling rig order

2014-08-19 09:00

Under Honghua Group Honghua Ocean ( Location Comments News Honghua Oil & Gas Equipment (Jiangsu) Co., Ltd. and Orion Engineering and Management Limited recently signed a Letter of Award. Orion will order 1+3 semi-submersible drilling rigs from Honghua Group. Drilling Platform ( Ship Type Shipyard Sales )，with a total price of approximately US$320 million, equivalent to 24.5% of Honghua Group's annual revenue.

According to the Letter of Award, both parties will sign a sales agreement within 60 days. Meanwhile, Orion has the option to exercise an additional order for 3 more drilling platforms every six months. The semi-submersible drilling platforms and optional drilling platforms under the Letter of Award will be equipped with the group's self-developed drilling package; at the same time, Orion will hire Opus Offshore Ltd. to supervise the construction of the semi-submersible drilling platform in accordance with the latest practices and highest standards in the international marine exploration and manufacturing industry. This will help Honghua Group become a leading equipment supplier in the international marine drilling market.

Mr. Zhang Mi, Chairman of Honghua Group, said: “We have always emphasized that Honghua's entry into the offshore engineering industry must be innovative and must have core equipment. The signing of this Letter of Award marks a new chapter in the group's equipment manufacturing business, successfully entering the field of marine drilling equipment manufacturing. We believe that the signing of this Letter of Award shows that Honghua's independent equipment design and construction capabilities have been affirmed by customers and the market. At the same time, the construction of a series of semi-submersible drilling platforms will fully demonstrate the extraordinary advantages of Honghua Ocean's equipment, fully realizing the innovative construction model of 'onshore construction of marine equipment', and saving construction costs and shortening construction time. The group will continue to develop its offshore engineering business and continuously deepen its global business layout, providing inexhaustible impetus for the group's sustained and stable development.”

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