Hailong Holdings (01623) announced that Hilong Petroleum Pipe Company LLC, the company's indirect wholly-owned subsidiary, has recently signed a drill string supply contract with ADNOC Drilling Company PJSC to provide drill strings for 17 land and offshore drilling rigs. The total contract value of the contract is about $53.6 million. This is the second ADNOC Drilling order the group has received since June 2023. The Board of Directors is of the view that the signing of the contract further demonstrates the trust of the strategic customers in the advantages and capabilities of the Group's drill string design and manufacturing, as well as the Group's commitment to gain a greater market share in the region through close cooperation with strategic customers.
ADNOC Drilling, a subsidiary of Abu Dhabi National Oil Company, provides integrated upstream services for both conventional and unconventional oil and gas fields.