HOUSTON, June 20, 2011 /PRNewswire/ -- Dresser-Rand Group
Inc. ("Dresser-Rand") (NYSE: DRC) and Statoil (NYSE: STO) announced
today that they have launched a joint research and development
project based on Dresser-Rand's Integrated Compression System
(ICS).
The ICS is an advanced technology platform that uses
high-efficiency DATUM centrifugal compressor technology driven by a
high speed, close-coupled motor. The compressor rotor incorporates
a proprietary, integrated gas-liquid separation unit avoiding the
use of a large static inlet scrubber to protect the compressor. The
compression system is complete with process gas coolers, process
piping, valves and instrumentation, all packaged into a single lift
module. The ICS provides a complete compression system for
applications in upstream, midstream and downstream markets,
featuring the industry's smallest footprint - with reduced weight -
at the lowest total installed cost. A first unit has been built and
shipped in September 2010, and is
expected to start operation later this year.
Initially, the companies will focus on configuring the ICS
package for high power applications in a nominal 8-12 MW range.
Once the equipment operating conditions and package requirements
have been clearly defined, Dresser-Rand will build a high power ICS
and test it in its unique liquid-gas hydrocarbon facility in
Olean, N.Y., USA.
In addition, Dresser-Rand plans to conduct testing on a sub-sea
test stand to be constructed along side the existing facility, also
in Olean. This phase is expected
to be completed during 2012.
"We believe this joint industry development program will lead to
an improved value proposition for the 'only-in-class' Integrated
Compression System, and will help accelerate the broad market
acceptance of the technology for both topside and subsea
applications," said Vincent R. Volpe
Jr., Dresser-Rand's President and CEO. "We are excited
to be working jointly with Statoil, one of the premier producers in
the industry, a long time client, and a recognized technology
leader."
About Dresser-Rand
Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical, and
process industries. The Company operates manufacturing
facilities in the United States,
France, United Kingdom, Spain, Germany, Norway, India, and China, and maintains a network of 41 service
and support centers covering more than 140 countries.
Dresser-Rand has principal offices in Paris, France, and Houston, Texas.
About Statoil
Statoil is an international energy company with operations in 34
countries. Building on more than 35 years of experience from oil
and gas production on the Norwegian continental shelf, Statoil is
committed to accommodating the world's energy needs in a
responsible manner, applying technology and creating innovative
business solutions. Statoil is headquartered in Norway with 20,000 employees worldwide, and is
listed on the New York and Oslo
Stock Exchanges. For more information, please visit
www.statoil.com.
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements with respect to
planned or proposed repurchase of shares of common stock.
Forward-looking statements include, without limitation, the
Company's plans, objectives, goals, strategies, future events,
future revenue, or performance, capital expenditures, financing
needs, plans, or intentions relating to acquisitions, business
trends, executive compensation, and other information that is not
historical information. The words "anticipates", "believes",
"expects," "intends", and similar expressions identify such
forward-looking statements. Although the Company believes
that such statements are based on reasonable assumptions, these
forward-looking statements are subject to numerous factors, risks,
and uncertainties that could cause actual outcomes and results to
be materially different from those projected. These factors,
risks and uncertainties include, among others, the following:
potential for material weaknesses in its internal controls;
economic or industry downturns; the variability of bookings due to
volatile market conditions, subjectivity clients exercise in
placing orders, and timing of large orders; volatility and
disruption of the credit markets; its inability to generate cash
and access capital on reasonable terms and conditions; its
inability to implement its business strategy to increase
aftermarket parts and services revenue; competition in its markets;
failure to complete or achieve the expected benefits from any
future acquisitions; economic, political, currency and other risks
associated with international sales and operations; fluctuations in
currencies and volatility in exchange rates; loss of senior
management; environmental compliance costs and liabilities; failure
to maintain safety performance acceptable to its clients; failure
to negotiate new collective bargaining agreements; unexpected
product claims and regulations; infringement on its intellectual
property or infringement on others' intellectual property; its
pension expense and funding requirements; difficulty in
implementing an information management system; and the Company's
brand name may be confused with others. These and other risks
are discussed in detail in the Company's filings with the
Securities and Exchange Commission at www.sec.gov. Actual
results, performance, or achievements could differ materially from
those expressed in, or implied by, the forward-looking statements.
The Company can give no assurances that any of the events
anticipated by the forward-looking statements will occur or, if any
of them does, what impact they will have on results of operations
and financial condition. The Company undertakes no obligation
to update or revise forward-looking statements, which may be made
to reflect events or circumstances that arise after the date made
or to reflect the occurrence of unanticipated events. For
information about Dresser-Rand, go to its website at
www.dresser-rand.com.
DRC-FIN
SOURCE Dresser-Rand Group Inc.