Hilong's coatings business has revenue of 220 million yuan in the first half of the year

On August 29, Hilong Petroleum Industry Group (hereinafter referred to as "Hilong Holdings" or "Company"), the largest domestic oil and gas pipeline coating coating supplier, announced its interim results

The company said that the increase in operating income was mainly due to the increase in revenue from the offshore engineering service segment and the pipeline technology and service segment, which was partially offset by the decrease in revenue from the oilfield equipment manufacturing and service segment

The financial report shows that in the oilfield equipment manufacturing and service sector, the industry’s demand for oilfield equipment has not recovered, and the drill pipe and OCTG coating orders have both declined.

In the pipeline technology and service sector, OCTG coatings achieved revenue of 5 million yuan, a year-on-year decrease of 28%; large pipeline coatings achieved revenue of 1 million yuan, a year-on-year decrease of 50%; large pipeline coating services achieved revenue of 77 million yuan, a year-on-year increase 234%

According to the Sino-Foreign Coatings website, Hilong Holdings is a leading integrated oilfield equipment and service provider in China, and has established a leading market position in the fields of drill pipe and related products, transmission pipelines and OCTG coatings, and oilfield services

Hilong has a diversified business structure, and has now expanded its business scope to the field of offshore engineering services, and has successfully signed a number of domestic and foreign projects

Looking forward to the future, Hilong will make every effort to grasp the market opportunities brought by the global oil and gas industry recovery and the continuous increase in oil and gas exploration and development in China