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Dril-Quip, Inc. Awarded $100 Million Contract For The Supply Of Drilling And Production Equipment

HOUSTON, July 15 /PRNewswire-FirstCall/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced that it has been awarded a contract valued at approximately US $100 million by FloaTEC de Mexico S.A. de C.V. to supply drilling and production equipment for the P-61 Tension Leg Wellhead Platform (TLWP) to be installed in the Papa Terra field located in the Campos Basin offshore Brazil. The value of the contract will be included in Dril-Quip's backlog during the third quarter of 2010.

Dril-Quip will provide surface production tree systems, production riser systems and a drilling riser system to the project. Delivery of these systems will begin in the fourth quarter of 2012.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications. Dril-Quip's latest investor presentation is available under the investor section of the Company's website at http://www.dril-quip.com.

SOURCE Dril-Quip, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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