Dresser-Rand Group has signed a blanket purchase order with Petroleos Mexicanos (PEMEX) valued at approximately $50 million. The order covers all aftermarket parts and services and came through Dresser-Rand's long-established strategic alliance frame agreements with this national oil company.
As previously disclosed, the aftermarket bookings trends for two of the Company's national oil company clients had slowed during the early part of the year due to order process changes. Consistent with comments made by the Company at the time of its third quarter 2007 earnings conference call, this order will help streamline transacting business with PEMEX.
"The blanket purchase order is a very positive step forward," said Vincent R. Volpe, Jr., president and CEO of Dresser-Rand. "We expect that cycle times from inquiry to order will now be reduced and expect our aftermarket bookings run rates to return to traditional levels this quarter and stay strong going forward."
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