HOUSTON, April 5 /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 to three different Clients for four floating, production, storage and offloading (FPSO) vessels, three of which are destined for Petrobras' pre-salt oil fields in the Santos Basin offshore Brazil and one for the UK sector of the North Sea.
Dresser-Rand will supply 14 centrifugal compressor trains comprising eighteen (18) casings, two DR-61G (LM2500) mechanical drive gas turbines and four DR-61GP (LM2500+) gas turbine generator sets for these projects. The total price for the scope being supplied exceeds $120 million.
The compressor trains will be manufactured in Le Havre, France and Olean, NY; the gas turbine generator sets will be engineered by Dresser-Rand's Kongsberg gas turbine packaging center of excellence. Dresser-Rand booked these orders in March 2010.
"We are very pleased that we have been selected to supply the critical rotating equipment for these important projects. Leveraging our global presence and world-class singular processes, our teams in Houston, Le Havre, Kongsberg and Kuala Lumpur worked closely with our Clients' teams on selecting the best technology to meet application requirements and offer single-source solutions for compression and power generation," said Jesus Pacheco, Dresser-Rand's executive vice president, New Equipment Worldwide. Among the equipment being supplied will be some of the highest density re-injection compressors ever built, such as the 550 bar (7975 psi) units to compress a 35+ mole weight natural gas/CO2 blended stream, as well as CO2 compressors to re-inject carbon dioxide to over 300 bar (4350 psi) pressure.
"Two of the four FPSO projects involve relocation of existing vessels and required very short cycle times, which we were able to meet. This award is representative of the value our technology, cycle times and advanced business processes bring to our clients," added Pacheco. These vessels will be capable of handling oil production and treatment of approximately 100,000 -120,000 barrels per day and have gas compression capabilities of up to 150 million standard cubic feet per day.
"We believe activity in the floating production market will continue to be significant and, as our success in every FPSO project that has closed since the fourth quarter of 2009 shows, that our value proposition remains compelling," said Pacheco.
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 37 service and support centers covering more than 140 countries.
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 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/.
DRC-FIN
Dresser-Rand Group Inc.
CONTACT: Blaise Derrico, Director Investor Relations of Dresser-Rand,
+1-713-973-5497
Web Site: http://www.dresser-rand.com/
