HILONG (01623) signed a drill string supply contract worth approximately 44 million US dollars.

HILONG (01623) announced that its indirect wholly-owned subsidiary, Hilong Petroleum Pipe Company LLC, has recently signed a drilling supply contract with ADNOC Drilling Company PJSC (ADNOC Drilling) to provide drilling pipes for 19 onshore and offshore drilling rigs. The contract is valued at approximately $44 million. The Board of Directors believes that this contract reflects the strategic customer's confidence in the Group's drilling pipe design and manufacturing capabilities, and supports the Group's goal of expanding its market share in the region. The contract covers drilling operations on the most complex deep displacement wells on the artificial island of Upper Zakum, and includes the deployment of the world's largest IoT-enabled drilling pipes. By integrating IoT, the contract aims to enhance real-time asset management and operational efficiency, as well as provide possibilities for the implementation of artificial intelligence. ADNOC Drilling is a subsidiary of Abu Dhabi National Oil Company and provides integrated upstream services for conventional and unconventional oil and gas fields.