Hilong : VOLUNTARY ANNOUNCEMENT SIGNING OF CRANE SHIP SERVICE CONTRACT WITH TOTAL CONSIDERATION OF APPROXIMATELY RMB232.7 MILLION BY HILONG PETROLEUM OFFSHORE ENGINEERING

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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

SIGNING OF CRANE SHIP SERVICE CONTRACT WITH TOTAL CONSIDERATION OF APPROXIMATELY RMB232.7 MILLION BY HILONG PETROLEUM OFFSHORE ENGINEERING

This announcement is made by Hilong Holding Limited (the "Company", together with its subsidiaries, the "Group") on a voluntary basis.

The board of directors (the "Board") of the Company is pleased to announce that Hilong Petroleum Offshore Engineering Co., Ltd ("Hilong Petroleum Offshore Engineering"), an indirect wholly-owned subsidiary of the Company, has recently entered into a crane ship service contract (the "Contract") with the Xiamen Branch of CCCC Third Harbor Engineering Co., Ltd. (中交第三航務工程局有限公司廈門分公司) in relation to the leasing of a crane ship and the provision of vessel operation related services by the Group for an offshore wind power construction project. The total consideration under the Contract is approximately RMB232.7 million. The Contract has a term of approximately 17 months ending on 31 December 2021.

1. Third Harbor Engineering Co., Ltd. is a state-owned construction enterprise of China. It is primarily engaged in domestic and foreign large and medium-sized port and wharf projects, highways and bridge tunnel projects and civil engineering.

• For identification purposes only

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The Board believes that the entering into the Contract demonstrates that the offshore engineering services of the Group are accepted and recognized by leading domestic operators, and enables the Group to tap into the offshore wind power construction market, bringing positive impacts on the operation results and the cash flows of the Group in 2020 and 2021 despite the current low oil price environment.

By order of the Board of

Hilong Holding Limited

ZHANG Jun

Chairman

Hong Kong, 30 July 2020

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 and Dr. YANG Qingli; 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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