Hydril Receives Order From Maersk
November 22 2005 - 1:35PM
PR Newswire (US)
HOUSTON, Nov. 22 /PRNewswire-FirstCall/ -- Hydril (NASDAQ:HYDL)
announced it has received a purchase order for two deepwater
drilling blowout prevention and control systems from A.P. Moller -
Maersk A/S. Hydril will supply blowout preventer stacks, multiplex
control systems and additional equipment for two ultra-deepwater
development semi-submersible drilling rigs. Additionally, the
company has received orders for five blowout prevention and control
systems for jackup drilling rigs from a different customer.
Deliveries for these combined orders will begin in the third
quarter of 2006 and continue into mid-year 2008. These combined
orders have increased the company's pressure control capital
equipment backlog by approximately $60 million. Chris Seaver,
President and CEO of Hydril Company, stated, "Maersk is a
highly-valued new customer and we appreciate their confidence in
Hydril's ability to provide this technologically sophisticated
equipment for their state-of-the-art ultra-deepwater development
semi-submersible rigs which have been designed to improve drilling
efficiencies and offer lower-cost development solutions. Their
order reaffirms Hydril's leading position in the technically
challenging deepwater arena and represents the largest single order
Hydril has ever received." Hydril Company, headquartered in
Houston, Texas is engaged worldwide in engineering, manufacturing
and marketing premium connections and pressure control products
used for oil and gas drilling and production. Forward-Looking
Statements This press release contains forward-looking statements
concerning expected future results. These statements relate to
future events and the company's future financial performance,
including the company's business strategy and product development
plans, and involve known and unknown risks, uncertainties and
assumptions. These risks, uncertainties and assumptions, many of
which are more fully described in Hydril Company's Quarterly Report
on Form 10-Q for the quarter-ended September 2005 filed with the
Securities and Exchange Commission, include but are not limited to
the impact of changes in oil and natural gas prices and worldwide
and domestic economic conditions on drilling activity and demand
for and pricing of Hydril's products, the impact of geo- political
and other events affecting international markets and trade,
Hydril's ability to successfully develop new technologies and
products and maintain and increase its market share, the impact of
international and domestic trade laws, the loss of or change to
distribution methods of premium connections in the U.S. and Canada,
overcapacity in the pressure control industry, and high fixed costs
that could affect the pricing of Hydril's products. These factors
may cause Hydril's or the industry's actual results, levels of
activity, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements.
DATASOURCE: Hydril Company CONTACT: Sue Nutt, Manager, Investor
Relations & Corporate Communications of Hydril Company,
+1-281-985-3532, or Web site: http://www.hydril.com/
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