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.
SOURCE Dril-Quip, Inc.