18 January 2019

Zhenhua Heavy wins US$400 mln drilling rig orders, paper says

Shanghai Zhenhua Heavy Industries Co. Ltd. (600320.CN), the world’s largest maker of cranes and large steel structures, said in a regulatory filing on Sunday that it has won two contracts worth a combined US$400 million. Under the deals, the company will supply Lovanda Offshore Ltd. and Lovansing Offshore Ltd. with drilling rigs that can be used for oil exploration in the North Sea. Delivery is expected to be made between 2016 and 2017 and the buyers have the option to increase their orders within six months, the filing said.

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