rongsheng north america inc made in china

Rongsheng Machinery Manufacture Ltd of Huabei Oilfield, Hebei, which was founded in 1976, has now been an internationally famous comprehensive petroleum machinery manufacturer, and has grown to be the largest manufacturer and dealer of land-use BOPs.

The company products include BOPs, BOP control system, choke and kill manifolds, snubbing equipment, mud pump, wellhead equipment and Christmas tree, pumping units, tubing and drill pipe joint, etc, which have all passed certification by American Petroleum Institute (API). Four categories out of these products, namely BOPs, BOP control system, choke and kill manifolds and mud pumps, have passed certification of GOST and RTN in Russia.

NOTE: Rongsheng North America, Inc. is the only legal subsidiary of Rongsheng Machinery Manufacture Ltd. in the United States which is authorized to sell "HRSB" brand products including BOP"s, Mud Pumps and Well Heads.

Rongsheng North America, Inc. provides complete package services of well control equipment and is the largest land BOP manufacturer in the world. Their well control products show excellent site performance, ensuring safety of well control.

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

HONG KONG (Reuters) - Jiangsu Rongsheng Heavy Industries Co Ltd has appointed Morgan Stanleyand JP Morganto finalize plans for its long-awaited IPO in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters on Tuesday.

This is Rongsheng’s latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.

Rongsheng"s early main shareholders included an Asia investment arm of Goldman Sachs, U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.

Rongsheng’s revived IPO plan comes at a challenging time. Smaller domestic rival, New Century Shipbuilding, slashed its Singapore IPO in half last week, planning to raise up to $560 million from the originally planned $1.24 billion due to weak market conditions.

Given uncertainty in the global shipbuilding business environment as well as growing concerns over a huge flow of fund-raising events in Hong Kong, investment bankers suggest the potential size for Rongsheng could be $1 billion to $1.5 billion, according to the sources.

Rongsheng is seeking to tap capital markets to fund fast growth and aims to catch up with bigger state-owned rivals such as Guangzhou Shipyard International Co Ltd.

Rongsheng won a $484 million deal to build four ships for Oman Shipping Co last year. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010.

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This announcement is made by China Rongsheng Heavy Industries Group Holdings Limited pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Company would like to inform shareholders that, after friendly negotiations with relevant financial institutions, the relevant parties have reached an intent to continuously support the development of Jiangsu Rongsheng Heavy Industries, a subsidiary of the Company. On 26 September 2014, after negotiations and confirmation from the relevant parties, Jiangsu Rongsheng Heavy Industries has appointed an independent asset appraisal company as the independent and professional valuer of the Potential Restructuring responsible for the valuation of relevant assets of Jiangsu Rongsheng Heavy Industries, which shall form the basis for the Potential Restructuring. With the assistance of the local government, the Company and the relevant financial institutions will use great effort to cooperate, conduct exchanges and communications with local and overseas parties, and proactively explore various possibilities in relation to the Potential Restructuring. The objectives of the Potential Restructuring are to improve the overall financial position of the Group, enhance its operating performance and protect the interests of the shareholders of the Company. The Company expects that, once the parties confirm the implementation of the Potential Restructuring, the parties will strive to complete the Potential Restructuring by the end of June in 2015. The Company has asked a government authority to assist in procuring the negotiations with independent third parties on the investment and restructuring of Jiangsu Rongsheng Heavy Industries, and the negotiations on the relevant proposals are being conducted with various parties.

2014, 15 September 2014, 22 September 2014, 29 September 2014 and 29 October 2014 and the circular of the Company dated 17 February 2015 (the "Circular") relating to, amongst other things, the Potential Restructuring involving Jiangsu Rongsheng Heavy Industries (a subsidiary of the Company). Capitalised terms used in this announcement shall have the same meanings as defined in the Circular unless the context requires otherwise.

Upon the fulfillment of the conditions precedent set out below, both parties will enter into a formal sale and purchase agreement which will be subject to certain conditions being fulfilled, including the approval of the Potential Transaction by the shareholders of both parties at their respective shareholders" meetings and the approvals by securities regulatory authorities and other governmental authorities regarding the Potential Transaction (if necessary).

(i) the consideration and approval of the Potential Transaction by the respective boards of directors of the Company and the Potential Purchaser, including the target of the Potential Transaction, audit and valuation reports of the target of the Potential Transaction, the consideration and the consideration payment method, etc; and

Both parties agree that the representatives and advisors (including legal advisors, financial advisors and other representatives) of the Potential Purchaser shall be entitled to conduct due diligence relating to the target assets and liabilities commencing from the date of the signing of the MOU. The Company agrees to provide all possible reasonable assistance to the relevant due diligence.

In light of the depressed shipbuilding market, the shipbuilding business of the Group has encountered operational difficulties. The management of the Company is committed to improving the operational status by industry value-chain upgrade and business transformation, and also steadily developing its energy service business including oil and gas exploitation. However, the high gearing of Jiangsu Rongsheng Heavy Industries has adversely affected the Group in developing its energy service business. The Potential Transaction shall adjust and optimize the assets and business of the Group, and divest the relevant assets and liabilities of the shipbuilding business and offshore engineering business, which shall help to ease the debt burden of the Group, enhance the flexibility of fund utilization, better implement the strategy of business transformation and transformation into an energy service provider focusing in the oil and natural gas market.

The Group is a leading diversified large heavy industries group in the PRC and is principally engaged in shipbuilding, offshore engineering, marine engine building, engineering machinery and energy exploration and development.

The Potential Purchaser is a company incorporated in the PRC. To the best of the Directors" knowledge, information and belief having made all reasonable enquiries, the Potential Purchaser and its ultimate beneficial owners are third parties independent of and not connected with the Company and its connected persons (as defined under the Listing Rules).

As Ottawa scrutinizes two oil patch takeover proposals by foreign state-owned entities, privately owned Chinese companies are increasingly on the prowl in Alberta.

Chinese national energy companies such as PetroChina Co. Ltd. and China Petroleum and Chemical Corp. (Sinopec) own a variety of oil operations and properties in the Alberta oil patch. Now, private Chinese companies with no ownership by Beijing are scouting the province in an effort to position themselves for possible investments in oil properties and infrastructure.

Rongsheng Petro Chemical Co. Ltd., a major Chinese petrochemical company, visited Alberta at the end of September, meeting with bankers and industry executives, according to industry sources. Rongsheng inquired about everything from producing oil and gas to upgrading and refining crude. Such investments would help secure ingredients needed to fuel China"s manufacturing industry. Rongsheng chairman Li Shui Rong was part of the tour, according to a source.

Ottawa is considering whether to approve the $15.1-billion (U.S.) bid by China"s CNOOC Ltd. for Nexen Inc., which owns a majority stake in a producing oil sands project it shares with its suitor. Meanwhile, a bid by Malaysia"s Petronas for Progress Energy Resources Corp. is also under consideration by the Canadian government.

Mr. Stringham met with Rongsheng officials and said the company was interested in both upstream and downstream investments. Upstream assets include oil and gas fields, while downstream translates into processing facilities such as upgraders. Some refineries and upgraders have been shuttered in North America because of their financial volatility, but companies like Rongsheng have a different rationale for investing in processing complexes.

Further complicating the debate is Malaysia"s bid for Progress Energy. Petronas and Progress, which already have a joint venture partnership, plan to build a liquefied natural gas export facility in Prince Rupert, B.C.

Industry Minister Christian Paradis blocked the Petronas bid for Progress in October, saying the deal would not benefit Canada. The Malaysian company has since sweetened its promises and Mr. Paradis must issue his ruling within an undisclosed amount of time. Prime Minister Stephen Harper has promised to clarify the net benefit test soon, although he has not set a deadline.

Ian MacGregor, chairman of North West Upgrading Inc., which is building a refinery with Canadian Natural Resources Ltd., has not been contacted by Rongsheng, but believes the country would benefit if foreigners invested in more oil processing in Canada. There is enough raw bitumen and oil available that competitors would not create a shortage of feedstock necessary to make refined products.

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