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The engineering services specialist in the oil & gas sectors plans to raise funds for its expansion plans. The company offers a full suite of design, procurement, construction, installation and consultancy services to oil & gas pipeline firms, as well as storage operators and oil companies.
It counts PetroChina Group, Sinopec Group and CNOOC Group among its major customers. RH Energy has been operating in China since 1998 and is currently building a compressed natural gas (CNG) pipeline infrastructure, including CNG stations, to serve a new tourist development zone in Hainan. This is expected to take up about $5m of its IPO proceeds. RH Energy will use the proceeds from the listing to expand its sales and marketing activities and for general working capital purposes.
For the year ended Dec last year, it posted a net profit of $6.39m, up from $4.01m in FY2005. Revenue for the period fell to $26.98m, from $40.8m previously.