Dril-Quip, Inc. Awarded $20 Million Contract for the Supply of Subsea Control Systems

Oct 12, 2010, 07:30 ET from Dril-Quip, Inc.

HOUSTON, Oct. 12 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced that Dril-Quip (Europe) Limited, its wholly owned subsidiary located in Aberdeen, Scotland, has been awarded a contract valued at approximately $20 million by Technip UK Limited for the supply of equipment for the Islay Gas Field project in the United Kingdom sector of the North Sea. The Islay Field is located 440 kilometers northeast of Aberdeen in 120 meters of water.

Dril-Quip will provide subsea control system equipment which includes a subsea fiber optic network communication system, two subsea control pods and a HIPPs (High Integrity Pressure Protection) system with its own subsea control pod.  The majority of the work will be managed and executed at Dril-Quip's facility in Aberdeen.  Offshore installation is scheduled to begin mid-2011.

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. Dril-Quip's Subsea Control Systems headquarters is located in Houston, Texas. Dril-Quip's latest investor presentation is available under the investor section of the Company's website at http://www.dril-quip.com.

SOURCE Dril-Quip, Inc.