Dresser-Rand Receives $63 Million Order for Marathon's Garyville Refinery Expansion Project
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Dresser-Rand Receives $63 Million Order for Marathon's Garyville Refinery Expansion Project
HOUSTON, Nov. 6/ -- Marathon Petroleum Company LLC, a wholly- owned unit of Marathon Oil Corporation, has selected Dresser-Rand Company, a subsidiary of Dresser-Rand Group Inc. (NYSE:DRC), for the supply of compression equipment for the planned expansion of its Garyville, La., refinery.
According to Dresser-Rand, the company booked a $63.2 million order in October 2006 to supply critical compression equipment, including six DATUM turbo-compressor trains and eight reciprocating compressor units along with their drivers. Additionally, it is expected that installation, commissioning and start-up services will be added.
The equipment will be used to increase production of ultra-clean fuels, including gasoline and distillate. It is anticipated that Marathon's expansion project will increase the Garyville facility's crude throughput from approximately 245,000 barrels to about 425,000 barrels a day. Work is scheduled to begin in 2007.
"We're pleased that Marathon selected Dresser-Rand to supply these services as part of its continuing capital investment program to help the growing energy needs of consumers," said Brad Dickson, Dresser-Rand's executive vice president, New Equipment Worldwide and executive sponsor for the project. "The estimated total order value including the additional services is expected to approach $68 million."
Marathon Oil Corporation is the fourth-largest U.S.-based fully integrated international energy company. It owns and operates refineries capable of refining approximately 974,000 barrels a day in its seven-refinery system and a retail marketing network that supports approximately 5,500 locations in 17 states; nearly three-quarters are Marathon brand locations.
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, Germany, Norway, Brazil and India, and maintains a network of 26 service and support centers covering more than 140 countries. Dresser-Rand Company is a subsidiary of Dresser-Rand Group, Inc. ("the Company"). The Company's common stock is listed on the New York Stock Exchange under the symbol "DRC".
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/.
Source: Dresser-Rand Company
CONTACT: Blaise Derrico, Director Investor Relations,
+1-713-973-5497
Web site: http://www.dresser-rand.com/
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