Dril-Quip Awarded Contract For The Supply Of Subsea Completion Systems

    Dril-Quip Awarded Contract For The Supply Of Subsea Completion Systems

PR Newswire

HOUSTON, March 17, 2014

HOUSTON, March 17, 2014 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) today
announced that Dril-Quip (Europe) Limited, its wholly-owned subsidiary serving
the North Sea, Europe and Africa regions, has been awarded a contract valued
at approximately $110 million, based on current exchange rates, to supply
subsea completion systems and related services for an FPSO development
project.

In accordance with the contract, Dril-Quip will provide subsea wellhead
systems, subsea production and injection tree systems, and subsea and topside
control systems for the project. Delivery of these systems is expected to
begin in the second half of 2015.

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.
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 amount of products actually
ordered pursuant to the contract, 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.

SOURCE Dril-Quip, Inc.

Contact: Jerry M. Brooks, Chief Financial Officer, (713) 939-7711
 
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