Dresser-Rand Awarded BP Angola Block 31 FPSO Program

abarrelfull wrote on 27 Apr 2013 20:23
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Oct 20, 2008

Dresser-Rand Group Inc. ("Dresser-Rand" or the "Company") (NYSE: DRC) announced today that its Norwegian subsidiary will supply four power generation packages for a floating, production, storage and offloading (FPSO) vessel. This will be the first of up to four identical contracts, as part of BP's Angola development program. The first contract's sales are estimated at approximately $75 million.

"We are very pleased to have been awarded this contract," said Jesus Pacheco, Dresser-Rand's executive vice president, New Equipment Worldwide. "The award is further evidence of our leading role in the growing FPSO market by also providing power generation solutions for offshore installations. This program further enhances our presence and commitment to supporting our equipment in Angola. The special significance of this order is that it will directly lead to add on business for the following identical projects over the next few years."

The power generation packages, which feature Dresser-Rand's three-point mounted, torque tube design, will be full-load string tested at Dresser-Rand's facility in Drammen, Norway.

Industry sources estimate that there are over 100 FPSO projects planned over the next 5 years. Many of those projects are earmarked for Asia, West Africa and Latin America, and Dresser-Rand continues to believe that this will remain a strong segment of the upstream market over the short and mid term future.

• Dresser-Rand Awarded BP Angola Block 31 FPSO Program

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