Dril-Quip Bags $650 Mln Subsea Equipment Orders from Petrobras (Brazil)

Dril-Quip, Inc. has been awarded a four-year contract by Brazil’s oil and gas company Petrobras, to supply subsea wellhead systems and associated tools to be used in the drilling of deepwater wells offshore Brazil.

The company’s Brazilian subsidiary, Dril-Quip do Brasil LTDA, will begin delivering products under the contract in the second half of 2013.  The contract is valued at up to $650 million.

The contract is subject to customary terms and conditions for agreements of this type, including termination, extension, product inspection, local content requirements and price adjustment provisions.

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 do Brasil’s facilities are located near Macaé, which is generally considered to be the centre of the Brazilian offshore oil and gas industry.

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Offshore Energy Today Staff, August 23, 2012