June 2, 2009 (FinancialWire) — Dril-Quip, Inc. (NYSE: DRQ) said that its Brazil subsidiary has been awarded a three-year contract valued at around $180 million for the supply of subsea wellhead systems to Petrobras (NYSE: PZE) for use in the drilling of deepwater wells offshore Brazil.

Initial orders under the contract are valued at around $80 million, according to Dril-Quip. They will be included in Dril-Quip’s backlog at the end of the second quarter of 2009.

Houston-based Dril-Quip is a manufacturer of offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.