Dril-Quip Bags $80MM Contract in GOM to Suppy Subsea Wellhead Systems

Dril-Quip has been awarded a two year contract valued at up to approximately $80 million to supply Dril-Quip's 15,000 p.s.i. and 20,000 p.s.i. proprietary Big Bore Subsea Wellhead Systems for BP America's Gulf of Mexico operations.

At the option of BP America, this contract may be extended for three additional years. The initial orders under the contract are valued at approximately $26 million and will be included in Dril-Quip's backlog at the end of the first quarter of 2009.