Dresser-Rand Initiates Service Agreements for US Navy OEM Suppliers
HOUSTON, October 22 , 2009 - Dresser-Rand Group, Inc. ("Dresser-Rand or the "Company") (NYSE:DRC), a global supplier of rotating equipment and aftermarket parts and services, announced an extension to it's current overhaul and service representation capabilities for the US Navy whereby Dresser-Rand can also provide these services for other OEM manufactured equipment supplied to the US Navy. Dresser-Rand has entered agreements with six other OEMs, including Blackmer/A Dover Company; Carver Pumps; Curtiss-Wright Engineered Pump Division; Gardner Denver Nash, LLC; Hellan Fluid Strainer; and Marotta Controls, which allows Dresser-Rand to offer a single overhaul and service representation source as an exclusive agent of these OEMs.
As the overhaul and service agent, fully supported by the OEM, Dresser-Rand meets all requirements of NAVSEA Standard Item 009-90. Dresser-Rand also has access to and will use the OEM proprietary plans, specifications, procedures, materials and parts to effect assessment, overhaul and repair of the military and marine equipment and machinery provided by the six Dresser-Rand service agreement partners listed above.
Dresser-Rand is a long-standing supplier of equipment to the U.S. Navy, with more than 65 years experience providing products and services for all types of ships, including steam turbines and compression equipment for aircraft carriers, frigates, cruisers, destroyers, amphibious ships and 688 Class,Trident Class, Seawolf Class, and Virginia Class submarines. Dresser-Rand equipment is used to provide propulsion power, generator drives, steam turbine pump drives, ship air service, feed air compression for O2N2, and de-ballasting.
Dresser-Rand's support organization offers the reliable response expected by the company's military clients. With service centers strategically located in Chesapeake, VA; Chula Vista, CA; and Mayport, FL, the company can respond worldwide, typically within 24 hours of a request. Field support includes service technicians, service engineers, parts and equipment repair.
"We're very pleased to be able to expand our role as a single-source supplier of services to the U.S. Navy," said John Lee, project development manager at Dresser-Rand. "The addition of Blackmer/A Dover Company; Carver Pumps; Curtiss-Wright Engineered Pump Division; Gardner Denver Nash, LLC; Hellan Fluid Strainer; and Marotta Controls enhances our role with these important clients, as well as make it possible for them to achieve repairs in a timely manner."
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, United Kingdom, China and India, and maintains a network of 35 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 include, without limitation, the Company's plans, objectives, goals, strategies, future events, future bookings, 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; 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.