HOUSTON (August 11, 2006) -- Dresser-Rand Company (NYSE:DRC) announced it has signed an agreement with Ingersoll Rand Energy Systems, a business of Ingersoll-Rand Company Limited, under which D-R will be a global distributor and provide a service support network in the oil and gas market for the microturbine product line.
"These products offer solid economic and environmental advantages which, when combined with D-R's strong client relationships, sales channels, and marketing and service infrastructures, will provide a strong value proposition for our clients in the oil and gas industries," said James Heid, vice president, Global Business Solutions at D-R. "The Ingersoll Rand microturbine line is a good fit to complement our existing product offerings, and aligns with D-R's overall strategic growth objectives."
Ingersoll Rand microturbines are designed to operate on associated onsite gas to meet the economic and environmental requirements of oil and gas-producing operations. The line of industrial-quality turbines provides a reliable source of power in 70 kW or 250 kW packages. Multiple microturbines can be configured to match requirements up to several megawatts. In addition to the power savings, which can be achieved by operating the microturbines with associated gases, the system eliminates potentially environmentally harmful flaring and helps reduce greenhouse emissions. The 250 kW microturbine is the first and only microturbine to be certified by the California Air Resources Board 2007 emissions standards for distributed generation technologies. To meet these standards, the 250 kW microturbine had to pass a stringent set of emission limits comparable to the Best Available Control Technology standards used in larger central power plants.
In a related announcement, D-R announced that Duncan Swan has been appointed general manager of the Microturbine Strategic Business Unit to support the initiative. Swan was closely involved in developing the agreement with Ingersoll Rand Energy Systems. He has more than 15 years sales and marketing experience at D-R, as well as major responsibility serving major alliance clients.
"The addition of the microturbine product line further expands our total solutions offering," Swan said. "As one of the largest global suppliers of equipment and service to the worldwide oil and gas industries, we will be in an even better position to provide our clients with solutions to increase their efficiency while lowering their total life cycle costs."
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, Germany, Norway, Brazil and India, and maintains a network of 26 service and support centers covering more than 140 countries.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements concerning 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 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: material weaknesses in its internal controls; economic or industry downturns; 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; loss of senior management; the Company's brand name may be confused with others; environmental compliance costs and liabilities; failure to maintain safety performance acceptable to its clients; failure to negotiate new collective bargaining agreements; ability to operate as a stand-alone company; unexpected product claims and regulations; and infringement on its intellectual property or infringement on others' intellectual property. These and other risks are discussed in greater 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.
About Ingersoll Rand Energy Systems
Ingersoll Rand Energy Systems is a developer of distributed-generation power technologies and Advanced Thermal Technologies that lower fuel costs and emissions with long-life, low maintenance solutions. The company specializes in developing microturbines (70- and 250-kilowatt) that supplement utility grids with cost-effective electrical energy that is reliable and safe for the environment. Ingersoll Rand Energy Systems also provides microturbine-based solutions for transforming harmful waste gases produced by wastewater treatment facilities, landfills, agricultural livestock waste and oil and gas production facilities into cost-efficient energy produced on site with comparatively few emissions. With an emphasis on developing solutions that will enable its customers to fulfill specific business goals, Ingersoll Rand Energy Systems offers the most comprehensive maintenance, service, lease and financing programs available in the microturbine and recuperator markets. For more information, visit www.irenergysystems.com
Ingersoll Rand Energy Systems is part of the Industrial Technologies Sector of leading diversified industrial company Ingersoll Rand Company Limited, a global provider of products, services and integrated solutions to industries as diverse as transportation, manufacturing, food retailing, construction, and agriculture. For more information, please visit www.ingersollrand.com.
Dresser-Rand Company Contact: Blaise Derrico, Director Investor Relations (716) 375-3152
Ingersoll Rand Energy Systems, Davidson, NC