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Hilong Signed Drill Pipe Supply Contract Valued at Approximately US$20.8 Million in Russia
Hilong for the First Time Launched HLSD33 High-strength Drill Pipe in the Russian Drilling Market

Date:2021-12-20 | Read(180)

(December 20th, 2021,Shanghai)Hilong Group has recently signed three drill pipe supply contracts (the “Supply Contracts”) with major international drilling companies including JSC Siberian Service Company, Surgutneftegas Public Joint Stock Company and NSH Asia Drilling LLC in relation to the provision of drill pipes for operations in Russia. The aggregate consideration for the Supply Contracts is approximately US$20.8 million.

 

In particular, under the supply contract with NSH Asia Drilling LLC, the Group for the first time launched and provided HLSD33 high-strength drill pipe, the Group’s new drill pipe model, in the Russian drilling market.

 

Cao Yuhong,Senior Vice President and General Manager of Oilfield Equipment of Hilong Group,said: "the Supply Contracts further demonstrate that the manufacturing of petroleum drilling pipes by the Group is widely recognized in Russia. The Board also believes that the Supply Contracts have further improved the Group’s capability of high-performance drill pipe production and paved the road for the Group to enter into broader international markets.”


JSC Siberian Service Company is a company incorporated in the Russia and is principally engaged in provision of drilling services. Surgutneftegas Public Joint Stock Company is one of the largest private vertically integrated oil companies in Russia and is principally engaged in the exploration, production, processing and sale of oil and gas, as well as sale of oil and gas products. NSH Asia Drilling LLC is a company incorporated in Uzbekistan and is principally engaged in the provision of drilling services in the construction of oil and gas wells.