Dril-Quip Says Ca Rong Do Project Contract Terminated
September 16 2019 - 5:23PM
Dow Jones News
By Stephen Nakrosis
Dril-Quip Inc. (DRQ) on Monday said a contract between its
subsidiary, Dril-Quip Asia Pacific Pte Ltd., and Repsol SA (REPYY)
for the Ca Rong Do project, located offshore Vietnam, has been
cancelled.
The contract, which was awarded in February 2018, has been
subject to continued delays of the project, the company said. The
contract called for Dril-Quip Asia Pacific to have supplied
drilling Top Tensioned Riser systems for the project.
Dril-Quip said as a result of the termination, it was removing
about $82 million, the value of the contract, from its backlog.
Blake DeBerry, Dril-Quip's president and chief executive, said,
"While we are disappointed with this outcome, CRD was not included
in our prior 2019 revenue guidance due to the overall uncertainty
surrounding the project. We remain confident in our ability to
achieve our previously announced guidance of $75 to $95 million of
product bookings and $100 to $110 million of revenue per quarter
for the remainder of 2019."
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 16, 2019 17:08 ET (21:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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