Dresser-Rand Selected to Supply Equipment for the United Arab Shipping Company Energy Recovery Project
HOUSTON, Dec. 3 /PRNewswire-FirstCall/ — The United Arab Shipping Company has selected Dresser-Rand Company Limited, a subsidiary of Dresser-Rand Group Inc. (NYSE: DRC), to supply turbo-compound energy recovery power generation systems on board their new vessels being built by Samsung Heavy Industries of Korea .
As previously reported, Dresser-Rand booked an order in October 2009 comprising nine steam turbine generator sets. The equipment will be manufactured at the Company’s Peterborough facility in the United Kingdom, which was acquired in 2008. Deliveries are expected to begin during the second quarter of 2010. The award was for approximately $28 million.
The recovery of waste heat from the main engine exhaust gases will be used to generate nearly 7.5 MW of electric power in a turbo-generator set to feed the ship’s internal power consumers, such as lighting and power supply for refrigerated cargo, and/or to boost the ship’s propulsion power.
This system and the recovery of waste heat will increase the overall efficiency of the ship’s power plant, hence reducing main engine fuel consumption and reducing operating times on auxiliary diesel power generation units. This will also help to preserve the environment by substantially lowering the ship’s overall exhaust gas emissions.
“We’re very pleased that UASC has selected Dresser-Rand to supply UASC’s A13 project with critical rotating equipment as part of its initiative to save fuel and reduce its exhaust emissions,” said Claude Cordery, Dresser-Rand’s Vice President, Steam Turbine Business Unit. “This order is strategically important for a number of reasons. It represents a new, non-traditional market opportunity that is not tied to Oil and Gas infrastructure investment, but rather reflects the increasing importance of environmental solutions to our overall business strategy by building on Peterborough’s history of innovative solutions for the marine market. We believe that we are well positioned to participate in this growing market going forward.”
About Dresser-Rand
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The Company operates manufacturing facilities in the United States, France, United Kingdom, Germany, Norway, India, and China, and maintains a network of 35 service and support centers covering more than 140 countries.
About United Arab Shipping Company
UASC (United Arab Shipping Company) is the largest Middle East based ocean carriers of containerized cargo and for over thirty two years has served the Middle East and other global markets. UASC has earned its market leadership by being one of the most prominent carriers both in terms of liner cargo as well as port coverage. UASC currently operates a fleet of 48 fully cellular container vessels.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, the Company’s plans, objectives, goals, strategies, future events, future bookings, revenues, or performance, capital expenditures, financing needs, plans, or intentions relating to acquisitions, business trends, executive compensation, and other information that is not historical information. The words “anticipates”, “believes”, “expects”, “intends”, “appears”, “outlook”, and similar expressions identify such forward-looking statements. Although the Company believes that such statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include, among others, the following: potential for material weaknesses in its internal controls; economic or industry downturns; the variability of bookings due to volatile market conditions, subjectivity clients exercise in placing orders, and timing of large orders; volatility and disruption of the credit markets; its inability to generate cash and access capital on reasonable terms and conditions; its inability to implement its business strategy to increase aftermarket parts and services revenue; competition in its markets; failure to complete or achieve the expected benefits from any future acquisitions; economic, political, currency and other risks associated with international sales and operations; fluctuations in currencies and volatility in exchange rates; loss of senior management; environmental compliance costs and liabilities; failure to maintain safety performance acceptable to its clients; failure to negotiate new collective bargaining agreements; unexpected product claims and regulations; infringement on its intellectual property or infringement on others’ intellectual property; difficulty in implementing an information management system; and the Company’s brand name may be confused with others. These and other risks are discussed in detail in the Company’s filings with the Securities and Exchange Commission at www.sec.gov. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. The Company can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them does, what impact they will have on results of operations and financial condition. The Company undertakes no obligation to update or revise forward-looking statements, which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. For information about Dresser-Rand, go to its website at www.dresser-rand.com.
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SOURCE Dresser-Rand Group Inc.