HOUSTON, March 29 /PRNewswire-FirstCall/ -- Dresser-Rand Group Inc. ("Dresser-Rand" or the "Company") , a global supplier of rotating equipment and aftermarket parts and services, announced today that it will supply advanced turbomachinery for Statoil's semi-submersible production platforms to be located in the Gjoa field, approximately 50 kilometers off southwest Norway. The contract to provide compression equipment and drivers to Norway's state-owned oil and gas company is estimated at more than $50 million USD. The equipment will be used for recompression and export services at the new oil and gas field. Dresser-Rand booked the order in February 2007.
"We are very pleased to have been selected by Statoil," said Odd Guldsten, vice president and general manager of Dresser-Rand in Kongsberg, Norway. "The award of the Gjoa contract confirms our leading role as a total solution provider of gas compression for offshore topside platforms. This is an important new project in the Norwegian sector of the North Sea, and the contract results from a global Dresser-Rand team effort. As a Dresser-Rand client, Statoil has recognized the long-term value and industry-leading life cycle cost of this compression solution."
Dresser-Rand will provide three DATUM(R) centrifugal compressor trains driven by variable speed electric motors, and one DATUM compressor package driven by a high-efficiency D-R VECTRA 40G gas turbine. The motor-driven trains are recompression units, while the VECTRA 40G gas turbine-driven train will be utilized for export compression.
The VECTRA power turbine-driven equipment train includes a DLE (Dry Low Emission) system, and waste heat recovery unit. With an ISO rating of 30MW (42,100 horsepower), this power turbine provides an efficient power package for high-speed operation. The package is a single-lift design, with baseplate, noise enclosure, and all auxiliary systems to be supplied by Dresser-Rand. The equipment will be full-load string tested at the Dresser-Rand facility in Le Havre, France.
The electric motor-driven compressor packages include transformers and frequency converters for the drive system. The packages include complete three-point baseplates, full enclosures for noise protection, and all auxiliary systems supplied by Dresser-Rand. String testing for the equipment will be conducted at the Dresser-Rand facility in Le Havre.
In addition, Dresser-Rand will provide unit control panels for each equipment package based on Kongsberg Maritime hardware and software.
Statoil estimates the Gjoa oil and gas field reserves to be approximately 82 million barrels of oil and condensate and 40 billion cubic meters of gas. Statoil ASA serves as the development operator of the project, which is planned for start-up in 2010. Gaz de France will assume responsibility as production operator when the project becomes operational. Gas from the Gjoa platform will be exported to Scotland via the British pipeline Flags, while the oil will be transported in the Troll II pipeline to Statoil's Mongstad refinery near Bergen, Norway.
About Dresser-Rand
Dresser-Rand is among the largest suppliers of rotating equipment solutions to companies that operate in the worldwide oil, gas, petrochemical, and process industries. Dresser-Rand operates manufacturing facilities in the United States, France, Germany, Norway, and India, and maintains a network of 26 service and support centers worldwide.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements concerning The Company's plans, objectives, goals, strategies, future events, future revenue 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," 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: material weaknesses in its internal controls; economic or industry downturns; 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; loss of senior management; the Company's brand name may be confused with others; environmental compliance costs and liabilities; failure to maintain safety performance acceptable to its clients; failure to negotiate new collective bargaining agreements; ability to operate as a stand-alone company; unexpected product claims and regulations; and infringement on its intellectual property or infringement on others' intellectual property. These and other risks are discussed in greater detail in the Company's filings with the Securities and Exchange Commission at http://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 http://www.dresser-rand.com/.
DATUM(R) is a registered trademark of Dresser-Rand Company.
