HOUSTON, July 12, 2016 /PRNewswire/ -- Dril-Quip, Inc.
(NYSE: DRQ) today announced that its wholly owned subsidiary
Dril-Quip Asia Pacific Pte Ltd, in conjunction with its local
representative, was awarded a contract in late June valued at
approximately $40 million to supply
subsea drilling and production equipment and related services to
Kangean Energy Indonesia Ltd., a contractor for SKK Migas, for the
development of its Terang/Sirasun/Batur gas fields project located
offshore Indonesia.
Dril-Quip will provide subsea wellhead systems, subsea tree
systems, subsea control systems and other equipment for the
project.
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 provision of equipment
and services and the estimated value of the contract.
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 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.
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SOURCE Dril-Quip, Inc.