Dresser-Rand Selected to Provide Equipment for Gjoa Offshore Project

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March 29, 2007

Dresser-Rand Group Inc. ("Dresser-Rand" or the "Company") (NYSE: DRC), a global supplier of rotating equipment and aftermarket parts and services, announced today that it will supply advanced turbomachinery for Statoil's semi-submersible production platforms to be located in the Gjoa field, approximately 50 kilometers off southwest Norway. The contract to provide compression equipment and drivers to Norway's state-owned oil and gas company is estimated at more than $50 million USD. The equipment will be used for recompression and export services at the new oil and gas field. Dresser-Rand booked the order in February 2007.

"We are very pleased to have been selected by Statoil," said Odd Guldsten, vice president and general manager of Dresser-Rand in Kongsberg, Norway. "The award of the Gjoa contract confirms our leading role as a total solution provider of gas compression for offshore topside platforms. This is an important new project in the Norwegian sector of the North Sea, and the contract results from a global Dresser-Rand team effort. As a Dresser-Rand client, Statoil has recognized the long-term value and industry-leading life cycle cost of this compression solution."

Dresser-Rand will provide three DATUM centrifugal compressor trains driven by variable speed electric motors, and one DATUM compressor package driven by a high-efficiency D-R VECTRA 40G gas turbine. The motor-driven trains are recompression units, while the VECTRA 40G gas turbine-driven train will be utilized for export compression.

The VECTRA power turbine-driven equipment train includes a DLE (Dry Low Emission) system, and waste heat recovery unit. With an ISO rating of 30MW (42,100 horsepower), this power turbine provides an efficient power package for high-speed operation. The package is a single-lift design, with baseplate, noise enclosure, and all auxiliary systems to be supplied by Dresser-Rand. The equipment will be full-load string tested at the Dresser-Rand facility in Le Havre, France.

The electric motor-driven compressor packages include transformers and frequency converters for the drive system. The packages include complete three-point baseplates, full enclosures for noise protection, and all auxiliary systems supplied by Dresser-Rand. String testing for the equipment will be conducted at the Dresser-Rand facility in Le Havre.

In addition, Dresser-Rand will provide unit control panels for each equipment package based on Kongsberg Maritime hardware and software.

Statoil estimates the Gjoa oil and gas field reserves to be approximately 82 million barrels of oil and condensate and 40 billion cubic meters of gas. Statoil ASA serves as the development operator of the project, which is planned for start-up in 2010. Gaz de France will assume responsibility as production operator when the project becomes operational. Gas from the Gjoa platform will be exported to Scotland via the British pipeline Flags, while the oil will be transported in the Troll II pipeline to Statoil's Mongstad refinery near Bergen, Norway.

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