Honghua drilling equipment for Tiger drillships
Honghua Group Ltd. has entered into a sales agreement with Shanghai Shipyard Co., Ltd. on 31 July 2014 for the sale of drilling packages for TIGER series drilling ships, TIGER III and TIGER IV, worth approximately US$56 million, after the successful cooperation for TIGER I and TIGER II.
Pursuant to the Agreement, Honghua will deliver the drilling packages to Shanghai Shipyard in the end of 2015, equipped with a large amount of self-developed technologies and new products by Honghua which will significantly increase the efficiency of rigs and the stability of drilling ships. Zhang Mi, Chairman of Honghua said, “The TIGER series drilling ships are jointly developed by Opus Offshore Pte Ltd. and Shanghai Shipyard, which are suitable for operation in deep-water areas. The successful construction of TIGER drilling ships fills the vacancy of domestic core equipment in high-end deep-water offshore drilling packages significantly, breaks the offshore drilling packages monopoly which was previously controlled by international giants, and lays a solid foundation for drilling ships equipped with domestic high-end drilling equipment in the future. Entering into the Agreement further strengthens the close cooperation between Honghua and Shanghai Shipyard and proves Honghua’s powerful self-research and development capabilities and production techniques in offshore sector once again received recognition from the market. Along with the satisfied progress of the construction of Offshore Oil and Gas Drilling Equipment Manufacturing Base in Jiangsu Qidong, Honghua is more confident in the development of offshore business with ample growth potential. The Group will actively promote the expansion of offshore business market, continue to optimize the strategic allocation to produce a sustained momentum for the long-term development of the Group.”