China's Honghua Group, Kuwait Drilling Company pen new deal worth 435 million yuan

This aerial photo taken on June 2, 2018 shows the Crust 1 land-based drilling rig system during a mission in the Songliao Basin in northeast China. (Xinhua/Xu Chang)

China's Honghua Group Ltd., a leading global land drilling rig manufacturer under the Dongfang Electric Corporation, has recently signed a 435-million-yuan (about 60.03 million U.S. dollars) sales contract with Kuwait Drilling Company (KDC) on high-end land drilling rigs and other core equipment, reported Shanghai Securities News on Thursday.

The new contract represents Honghua's supply of 3000 HP ultra-deep drilling rig for the first time, which will be applied in KDC's nine-kilometer deep well drilling rig project. The equipment adopted a self-developed upgrade from its previous 2000 HP drilling rig, which was well-accepted in the Middle East market.

With a partnership of over a decade, Honghua has won great recognition from KDC thanks to its advanced technology, high-quality products and in-time after sale service.

As one of the leading land drilling equipment manufacturers in the world, Honghua is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components for the drilling rigs or for the maintenance of the drilling rigs in operation.

About 80 percent of its products have been sold to a large number of famous enterprises all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, according to the company's website.