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Kuwait Drilling Company purchases four land rigs from Honghua Group

12th September 2014

Honghua Golden Coast Equipment (GCE), an indirect wholly-owned subsidiary of the Honghua Group, and Kuwait Drilling Company (KDC) have entered into a sale and purchase agreement, pursuant to which GCE shall sell to KDC four land drilling rigs

Kuwait Drilling Company purchases four land rigs from Honghua Group
Honghua is seeking to consolidate and expand its market share in Kuwait, in order to continuously penetrate into the Middle East market

The contract is worth approximately USD 54m, and was determined after arms’ length negotiations between GCE and KDC.

The contract is the second drilling rig sales agreement signed by GCE with KDC subsequent to the land drilling rig agreement worth approximately USD 14.2m in June this year.

Honghua is seeking to consolidate and expand its market share in Kuwait, in order to continuously penetrate into the Middle East market.

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