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honghua group (196) Details

Honghua Group Limited, an investment holding company, engages in the research, design, manufacture, setting, and sale of land drilling rigs, offshore drilling modules, and related parts and components. The company also provides technical support and drilling engineering services. It operates through four segments: Land Drilling Rigs; Offshore Drilling Rigs; Parts and Components and Others; and Oil and Gas Engineering Services. The company designs and manufactures land drilling equipment, including land drilling rigs, offshore drilling packages, top drives, mud pumps, and other oil drilling equipment and ancillaries; and offshore equipment comprising jack-up, semi-submersible, fixed platform, and SPAR offshore drilling platforms, as well as functioning equipment, navigation and anchor systems, electric and dynamic modules, and platform bodies. It also offers various oil and gas engineering services, including drilling services, such as oil and gas wells, air and foam, underbalanced, horizontal/vertical, horizontal/directional, and high H2S wells drilling services; and other drilling services comprising cementing, high density mud engineering, casing running, surface testing, workover, and completion services. In addition, the company provides value-added services, including drilling camp construction and operation, and rig moving services; and manufactures petroleum equipment, as well as panels of drilling rigs. The company operates in the People’s Republic of China, the Americas, the Middle East, Europe, and Africa, as well as Central, South, and South East Asia. Honghua Group Limited was founded in 1997 and is headquartered in Chengdu, the People’s Republic of China.

3,684 Employees
Last Reported Date: 09/22/17
Founded in 1997

honghua group (196) Top Compensated Officers

Vice Chairman of the Board & President
Total Annual Compensation: CNY1.7M
Senior VP & Executive Director
Total Annual Compensation: CNY1.3M
Compensation as of Fiscal Year 2016.
honghua group
Honghua Group Limited Announces Partial Redemption of Senior Notes Due 2019

Honghua Group Limited dated 19 September 2014 in relation to issuance of the 7.45% senior notes due 2019. Pursuant to the terms of the indenture dated as of 25 September 2014 and entered into between the company and Citicorp International Limited as Trustee (the Trustee) in connection with the issuance of the 2019 Notes, the company announced that it has informed the Trustee and holders of the 2019 Notes that $77,000,000 in principal amount of the outstanding 2019 Notes will be redeemed on 12 February 2018 at a redemption price equal to 103.725% of the principal amount thereof, plus accrued and unpaid interest, if any, to the Redemption Date. As of the date of this announcement, the outstanding principal amount of the 2019 Notes is $200.0 million. Upon completion of the redemption on the Redemption Date, the outstanding principal amount of the 2019 Notes will be $123,000,000 and all redeemed 2019 Notes will be cancelled.

Honghua Group Limited Announces Board Changes

Honghua Group Limited announced that with effect from 1 January 2018, Mr. Qi Daqing resigned as independent non-executive Director, chairman of Audit Committee and member of the Remuneration Committee of the company. Mr. Qi resigned the directorship as he needs to devote more time to other matters. Mr. Wu Yuwu has been appointed as an independent non-executive Director, chairman of Audit Committee and member of the Remuneration Committee of the company. Mr. Wu Yuwu, is currently a professor of accounting at the School of Accountancy of the Chinese University of Hong Kong.

Honghua Group Limited Provides Earnings Guidance for the Year Ended December 31, 2017

Honghua Group Limited provided earnings guidance for the year ended December 31, 2017. The board of directors of the company that based on the unaudited consolidated management accounts of the Company and its subsidiaries for the eleven months ended 30 November 2017 and the information currently available to the Company, the Group's loss for the year ended 31 December 2017 is expected to increase by approximately 100% as compared to the Group's loss for the year ended 31 December 2016. The expected loss is primarily due to the continuous loss in the offshore segment, and a substantial amount of impairment provision made for the assets with a significant risk of impairment in the offshore segment. Meanwhile, as the oil and gas industry was still in the early stage of recovery, the sales revenue of the Group for the year was yet to be improved significantly, and the Group made impairment provisions for certain assets and corresponding litigation provisions for relevant legal proceedings, resulting in a significant loss to the Group.


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