Leading global land drilling rig manufacturer Honghua Group (HH) has entered into a ultra-deep drilling rig sales agreement with Kuwait Drilling Company (KDC) with a total value of $25 million.

 

Under the sales agreeemnt, Honghua will provide and deliver one set of ultra-deep drilling rigs to KDC next year, said a statement.

 

Zhang Mi, chairman of HH, said: "This sales agreement marks the first domestic made ultra-deep drilling rig to enter into the Kuwait market and breaks the long-term monopoly of the Kuwaiti ultra-deep drilling rigs market by western drilling rigs manufacturers. Since HH's entrance into the Kuwait market in 2008, we have maintained a very good relationship with KDC. 

 

"The continued co-operation not only represents the high market reorganization of our products, but has also shown brand loyalty. 

 

"We believe that the agreement will benefit HH in consolidating and increasing its market share in Kuwait, as well as serving our goal of continuously penetrating into the high-end drilling rigs market in the Middle East, further optimizing our global business layout which will provide a solid foundation for HH's wider and deeper cooperation in the future and increase our influence on global markets." - TradeArabia News Service