HOUSTON, Feb. 11, 2016 /PRNewswire/ -- Dril-Quip, Inc.
(NYSE: DRQ) today announced that it is establishing a research and
development facility in Singapore
focusing on materials and products suitable for high pressure and
high temperature (HPHT) applications. The new facility, which
is expected to open in 2017, will serve as an additional hub for
research and development activities for the Company. The
capital investment in this facility is expected to be approximately
US$15 million.
"Dril-Quip already has a significant presence in Singapore and this R&D facility will allow
us to leverage that presence and take advantage of Singapore's exceptional workforce," said
Blake DeBerry, President and
CEO. "This facility will further enhance our product
development capabilities and continue Dril-Quip's tradition of
technology leadership."
Mr Lim Kok Kiang, Assistant
Managing Director, Singapore Economic Development Board (EDB) said,
"Despite the challenging macroeconomic environment, we are
delighted to have Dril-Quip establish its new R&D center here,
which will be the Company's first R&D center outside the
Americas. Dril-Quip's investment attests to Singapore's capabilities in R&D. Our
engineering capabilities as well as strong manufacturing core make
us an attractive location in Asia
for leading oil and gas equipment companies."
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, including statements regarding the establishment of the
facility and the expected capital investment in the facility.
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, governmental regulation and other factors detailed in the
Company's public filings with the Securities and Exchange
Commission. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and actual outcomes may vary materially from those indicated.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dril-quip-to-establish-singapore-rd-facility-300218498.html
SOURCE Dril-Quip, Inc.