Hilong : VOLUNTARY ANNOUNCEMENT PROVISION OF 75 KM OFFSHORE PIPELINE CONSTRUCTION SERVICES

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Hilong Holding Limited

海隆控股有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1623)

VOLUNTARY ANNOUNCEMENT

PROVISION OF 75 KM OFFSHORE

PIPELINE CONSTRUCTION SERVICES

References are made to the announcements of the Company dated 20 December 2018 and 12 March 2019 (the "Previous Announcements") in relation to the winning of successful bid for the provision of 75 km offshore pipeline construction services to China Petroleum Pipeline Engineering Co., Ltd ("China Petroleum Pipeline Engineering") and the entering into of a service contract in relation to the work as mentioned above with China Petroleum Pipeline Engineering, respectively. Terms used in this announcement shall have the same meaning given to them in Previous Announcements.

The Board is pleased to announce that Hilong Marine Engineering and China Petroleum Pipeline Engineering has recently entered into a supplemental contract to the construction subcontracts the parties previously entered into in January 2019 with respect to the provision of certain construction services to China Petroleum Pipeline Engineering (the "Supplemental Contract"). The Supplemental Contract has a total contract value of approximately US$37.2 million. Under the Supplemental Contract, the Group will provide, among others, additional construction services to the newly added channels, including design, construction of deep trenching and back filling, pipeline pre- and post-survey to China Petroleum Pipeline Engineering (the "Service"). The Service is expected to be completed by May 2021.

• For identification purposes only

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The Board believes that the entering into of the Supplemental Contract with renowned large professional company in the field of design and construction of petroleum offshore pipelines shows the Group's strength in the offshore engineering services area. It also demonstrates the Company's established relationships with large professional companies in the field of design and construction of petroleum offshore pipelines and has proven their recognition. The Board considers that the Supplemental Contract has further injected new impetus to the offshore engineering services segment of the Group and is also in line with the development prospects of the Group.

For and on behalf of the Board

Hilong Holding Limited

ZHANG Jun

Chairman

Hong Kong, 3 February 2021

As at the date of this announcement, the executive directors of the Company are Mr. ZHANG Jun and Mr. WANG Tao (汪濤); the non-executive directors are Ms. ZHANG Shuman, Dr. YANG Qingli and Mr. CAO Hongbo; and the independent non-executive directors are Mr. WANG Tao (王濤), Mr. WONG Man Chung Francis and Mr. SHI Zheyan.

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