Dril-Quip Inc. (NYSE: DRQ) said July 13 that Dril-Quip (Europe) Ltd., its wholly-owned subsidiary, has entered into a letter of intent with Premier Oil Exploration and Production Ltd. to provide subsea production systems for the Sea Lion Phase 1 Development located offshore the Falkland Islands.
The scope of work includes plans for 23 subsea production systems, including wellheads, trees, control systems, associated production and injection manifolds, subsea umbilicals and related services. It is intended that Dril-Quip will commence pre-sanction engineering work in August 2018. Formal contract award will be subject to agreement of a definitive contract and Premier taking a final investment decision. Dril-Quip would also provide vendor financing for a portion of the contract.
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