[TodayIR] TSC GROUP: NanNan and LanpecSign Strategic Cooperation Agreement
On June 20, 2014, NanNanInternational Petroleum Engineering (Hong Kong) Co.,
LTD. (hereinafter referred to as "NanNan"), a subsidiary company of TSC Group
Holdings, LTD.(hereinafter referred to as "TSC"), and Lanpec Technologies
Limited (hereinafter referred to as "Lanpec") signed a strategic cooperation
agreement, for a period lasting ten years. Through this agreement, NanNan and
Lanpec will mutuallycarry out integrated strategic cooperationfor top drive
drilling devices (hereinafter referred to as "top drive"), not limited to R&D,
design, manufacturing, rental, and services.
Top drive technology is one of the several major industry transformations to
take placesince rotary rig was first introduced. Since 1981, top drives have
gradually become prevalently used inthe petroleum drilling industry,
world-wide. Currently, 60% of the land rigs and 95% of the offshore drilling
rigs in use are equipped with top drives, world-wide.Shandong Cruiser Top
Drive Equipment Co., Ltd.(hereinafter referred to as "Cruiser"), a subsidiary
company of NanNan, is the largest top drive service organizationin China.
Cruiser has established long-term partnership with national oil companies such
as CNPC, Sinopec and CNOOC. Moreover, Cruiser has cooperated on projects with
international oil companies in more than 20 countries across 3 continents,
with clients including ConocoPhillips and Shell.
Lanpec is a high-tech company engaged in R&D, design and manufacturing ofoil
drilling machinery as well as oil refining equipment.Notably, Lanpec is a
pioneer of theoffshore and desert oil equipment industry in China, with its
products sold to 31 provinces in China and more than 10 countries, across the
world.Lanpec's R&D and manufacturing capabilities are at a high industry
level. Lanzhou Petroleum Machinery Research Institute, the predecessor of
Lanpec, was previously responsible for the oil drilling machinery and oil
refining equipment R&Din China.
The strategic cooperation between the two parties will serve tocombineLanpec's
strong R&D,design and manufacturingcapabilitieswithNanNan's experience and
technical advantages in top drive industry.Lanpec will be responsible for the
design and manufacturing of new top drive products. Moreover, NanNan will
provide technical guidanceregardingthe design and manufacturingstages as well
as offer its global after-sales and technical services.
China's high-end equipment manufacturing industry has undergone rapid
development in the past few years, receiving increased recognition,
world-wide. Through increased global market demand fortop drives coupled with
China's development within the oil industry, TSC andLanpec's cooperation will
help to align the two companies to further solidify its place as one of the
major players in the domestic top drive industry!
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