Dril-Quip Awarded Contract For The Supply Of Drilling And Production Equipment
HOUSTON, March 13, 2013 /PRNewswire/ — Dril-Quip, Inc. (NYSE: DRQ) today announced that Dril-Quip Asia Pacific Pte Ltd, its wholly owned subsidiary, in conjunction with its local representative UMW Petrodril (Malaysia) Sdn. Bhd., has been awarded a contract to supply drilling and production equipment and related services to Sabah Shell Petroleum Company Limited for the Shell Malikai TLP project located offshore Malaysia in approximately 1,800 feet of water.
Dril-Quip will provide subsea wellheads, tensioner systems, risers, production trees, injection trees and tieback connectors for the project. Delivery of these systems is expected to begin in 2014.
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.
SOURCE Dril-Quip, Inc.