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January 11, 2008 |
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DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor Dresser-Rand Group Inc. will supply advanced turbomachinery for a floating, production, storage and offloading vessel for the Pazflor Field offshore Angola. The award is approximately US$44 million. Dresser-Rand will supply gas compression packages. The company will provide four Datum(R) centrifugal compression trains. Two trains will be driven by gas turbines and two trains will be driven by electric motors. The company booked the order in December 2007. "We are very excited about the floating production market which is a strategically important market for Dresser-Rand", said Dresser-Rand's executive vice president, New Equipment Worldwide, Jesus Pacheco. "This award is representative of the value our technology brings to our clients. Our DATUM(R) technology adds value to Total by reducing the weight and footprint of the compression system, as fewer casings are required. It also maximizes gas throughput compared to competitor offerings as a result of the high efficiency of the compressors. We believe activity in the floating production market will continue to be significant and that our market share will remain strong." Pazflor's floating production unit will operate in Block 17 and will be designed to handle 200,000 barrels of oil per day and will be able to store about 1.9 million barrels of crude. First oil production will be in 2011. Total Group is one of the world's major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry -- exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. About Dresser-Rand Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As of Jan. 10, 2008, Dresser-Rand Group Inc. carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries Ba1 Bank Loan Debt and B1 Senior Subordinated Debt ratings. The company also carries BB- Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. |
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