TSC Becomes Largest Shareholder in Jurun

On October 23rd 2014, Petro Equip Leaders Limited, a subsidiary and an investment holding company of TSC Group Holdings Limited ("TSC"), entered into an agreement with Jurun Limited ("Jurun") to acquire an additional 28% equity stake in Jurun. Following the transaction, TSC will, own to approximately 79% of the company's equity, to become the largest shareholder in Jurun.

Jurun is principally engaged in the provision of petroleum engineering services, equipment rental, repair and maintenance services and trading of spare parts in various locations all over the world. NN Petroleum, Dongying Shengli, Tianjin Shengli and Shandong Cruiser are its subsidiaries. Jurun mainly provides repair and maintenance of top drive, rental of top drives and the provision of top drive consumables. Over the past decade, it has accumulated experience and practical knowledge regarding top drive technologies. The services provided by Jurun encompasses most top drive brands, to provide its customers a full range of solutions for the usage and management of the services. Jurun has built up its international service presence in Latin America and North Africa and has established five repair bases worldwide, which are able to provide technical assistance and material support for customers, around the world. Its main brand, Cruiser is one of the largest top drive service brands in China.

TSC will now be able to leverage Jurun's strengths through its new equity investment. Moreover, the transaction serves to enhance the integrated service network of drilling rigs, with regard to top drive services. This further integration will provide advantages to TSC and will strategically position the company's growth in the offshore and onshore drilling industry. TSC looks to provide even more highly efficient, quality solutions to onshore and oil fields in the future.

distributed by