Stewart & Stevenson Receives Several Oilfield Equipment Orders
Stewart & Stevenson Services, Inc. has received approximately $32 million in orders for oilfield related equipment. Recent orders include $21 million of high pressure pumping equipment, $7 million of Subsea Marine Riser Systems, $2 million for Coiled Tubing equipment, and $2 million for high pressure Blow Out Prevention (BOP) equipment. These new orders received during the Company's fiscal second quarter, will be shipped to various customers within the USA, China and Russia over the next twelve months.
"We are encouraged by the strong level of activity that we are seeing within our customer base as demand for petroleum equipment continues to be robust," stated Michael L. Grimes, Stewart & Stevenson's President and Chief Executive Officer. "Our Petroleum Equipment Division has successfully built solid relationships with our customers which should provide additional opportunities such as refurbishing and enhancing equipment to operate in deeper water or more challenging environments where larger reservoirs are being discovered."