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Honghua prepares to enter offshore equipment market

2014-09-13 23:03:40| Oil & Gas - Topix.net

Maker of land oil and gas drilling equipment branching into new market amid questions over whether it can deliver on time and within budget Honghua Group, one of the world's largest land-based oil and gas drilling rig makers and the mainland's largest exporter of such rigs, has seen the market bust and boom since listing in Hong Kong in 2008. From a net profit of 512 million yuan in 2008, Honghua, which is based in Sichuan province, plunged into losses in 2009 and 2010 before recovering in the past two years.

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