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Dril-Quip Awarded Contract For The Supply Of Subsea Completion Systems

Stocks in this article: DRQ

HOUSTON, March 17, 2014 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced that Dril-Quip ( Europe) Limited, its wholly-owned subsidiary serving the North Sea, Europe and Africa regions, has been awarded a contract valued at approximately $110 million, based on current exchange rates, to supply subsea completion systems and related services for an FPSO development project.      

In accordance with the contract, Dril-Quip will provide subsea wellhead systems, subsea production and injection tree systems, and subsea and topside control systems for the project.  Delivery of these systems is expected to begin in the second half of 2015.

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.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company's control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company's international operations, decisions made by the Company's customers and suppliers, operating risks, and other factors detailed in the Company's public filings with the Securities and Exchange Commission.  Certain material factors that could cause the Company's actual results to differ from those contemplated in this press release include, but are not limited to, the amount of products actually ordered pursuant to the contract, the Company's ability to successfully manufacture and deliver, and the customer's acceptance of, the products ordered.  Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

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