Honghua Group Wins RMB 600 Million Drilling Rig Sales Deals In Middle East

Honghua Group (00196) said its subsidiary Sichuan Honghua recently signed drilling rig sales agreements with a Middle Eastern customer worth a combined RMB 600 million. According to ETNet, Sichuan Honghua will supply several large drilling rigs equipped with the company's self-developed automation tools and OperaTM intelligent drilling system. The company said the equipment is intended to improve drilling efficiency and raise the rigs' automation and intelligence levels, while meeting customer requirements for safety and low-carbon operations.