Dril-Quip Wins Magnolia Field Contract

Dril-Quip, Inc. has been awarded a $24 million contract by Conoco Inc. to provide eight Production Riser Systems for the Conoco-operated Magnolia Field Tension Leg Platform (TLP) which will be installed in approximately 4,700 feet of water in the Gulf of Mexico, a record depth for this type of floating structure.

The riser systems, each including a tieback connector, tapered stress joint, numerous production riser joints, a tensioner system, and surface wellhead and christmas tree systems, will be installed in 2004. The newly awarded contract supports Dril-Quip's industry position as a leading supplier of Production Riser Systems. In recent years, the Company has supplied a total of 20 production risers for the two deepest-water, SPAR-type floating structures in the Gulf of Mexico.