The JV contract on SPM pump project was duly signed by Highland and Weir at Blue Horizon Hotel in Dongying on Nov.24, 2010.

After signing names on the contracts, Yang, Xianping, Chairman of the Board and CEO of Highland, and Keith Cochrane, Chief Executive of Weir Group PLC shook hands warmly, witnessed by Cyril Leung, Managing Director of Weir China, Peter Bacciarelli, Vice President Pump Operation of Weir SPM and Senior Operation Consultant of the JV, Graham Stewart, Corporate Development Manger of Weir China, Zhang, Jianhua, Deputy Secretary Municipal Committee of CPC and Mayor of Dongying City, Gao, Yi, Deputy Mayor of Dongying City, Xu, Weihua, Deputy Director-General of Shengli Oilfield Administrative Bureau, Yang, Mengbin, Secretary-General of Dongying Municipal Government, Chen,Yanxing, Deputy Secretary-General of Municipal Government, Chen, Guangfeng, Director of Foreign and Oversea Affairs Office, Han, Jingshan, Vice President of Highland, Lin, Chuanhong, Deputy Chief Engineer of Highland and other distinguished guests. The signing ceremony was presided by Li, Jinkun, Deputy Mayor of Dongying City and Director of Administrative Committee of Dongying Economic and Technical Development Zoon.

The ceremony began with Mr. Yang, Xianping’s brief introduction on the project and then followed by warm speeches made by Deputy Mayor Gao,Yi on behalf of Dongying City, Deputy Director-General Xu, Weihua on behalf of Shengli Oilfield, and Mr.Cochrane, Chief Executive of Weir Group PLC respectively to extend their congratulations on the contract signing. Finally as legal representatives, Mr.Yang and Mr. Cochrane duly signed their names on the contracts.

Mayor Zhang, Jianhua met the Cochrane team before the signing ceremony. Zhang stressed in the meeting that the cooperation on high pressure pumps embodied win-win collaboration between Weir and Highland and had a very bright development prospect in the future. Weir Group is one of the top 100 enterprises in the UK and an industry leader globally. It possesses advanced engineering technology and strong company strength. Highland is a domestic petroleum equipment supplier of the largest scale. It has strong competitiveness and high growth potential. This joint project will not only improve development level of petroleum equipment fabrication in Dongying City, but also exert active impact on the promotion of strategic cooperation with foreign companies. Dongying Municipal Government highly valued this project and would whole-heartedly support this cooperation. Finally, Mr. Zhang hoped that both parties could keep a closer relationship and promote friendship through extended future cooperation and finally wished that prosperity and development could be achieved for both companies.

Weir Group is a globally famous engineering company and one of the top 100 enterprises in UK. The JV is based in Dongying and will mainly produce Weir SPM core product, oilfield high pressure service pumps and flow control equipments. SPM pumps can be offered in comprehensive product lines with wide applications, featuring large capacity, high pressure and large displacement. The total investment for the JV is 36million US dollars and 500 sets of pumps can be produced yearly with output value of 1 billion US dollars.

Mr. Yang, Xianping and Mr. Cochrane at the Signing Ceremony.