T-3 Energy Services, Inc. announced that it has received a letter of intent for the purchase of two packaged pressure control systems to be included on new jack up rigs destined for West Africa. This is the single largest order T-3 has received since entering the new manufactured pressure control products market. Though the initial commitment is in excess of $12 million, due to the desire of the customer to standardize on T-3 products, we anticipate up to six more similar follow-up orders from the same customer as additional drilling contract awards are announced. West Africa is one of several major international oil and gas markets targeted by T-3 and represents further evidence of T-3's successful execution of its international expansion strategy. This order bundles several key pressure control drilling products; including BOPs, choke & kill manifolds, and hydraulic control systems.
T-3's international quoting activity continues to be strong and widely dispersed throughout the major drilling regions of the world. T-3's success in obtaining these orders further solidifies our growing name brand recognition as a major original equipment manufacturer of oil and gas pressure control products. As rig construction and demand for oil remain healthy, T-3 expects to be awarded more multiple rig package orders destined for targeted international drilling regions throughout the world.
Gus D. Halas, T-3 Energy's Chairman, President and Chief Executive Officer, commented, "As highlighted by our first quarter's earnings, 2008 has already been a very exciting year. Not only is this order another significant milestone for T-3 Energy with respect to our strategic growth initiatives, but it marks another record broken by our team. This order, in conjunction with the Russian multiple rig package order recently received, confirms that T-3 Energy has established a solid foothold in key drilling markets located throughout the world. T-3 Energy's customer-driven product offering and rapid-response delivery capabilities continue to be key success factors. Because of our international sales success, as well as the increased demand from our North American customers, we are now evaluating the potential for additional manufacturing tooling capabilities to ensure that the delivery of these larger multiple packaged products can be provided in the same expedited manner that has made us a recognized key original equipment manufacturer. Regardless of the region, T-3 remains committed to being a name-brand provider of customer-driven products and services."
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