HOUSTON (AP) -- A subsidiary of Dril-Quip landed a four-year contract worth up to $650 million from Petrobras sending shares of the parent company up 5 percent in early trading.
The Offshore drilling equipment maker will provide Brazil's national oil company with subsea wellhead systems and related tools for drilling off the coast.
Houston-based Dril-Quip said it plans to begin deliveries under the contract in the second half of 2013.
Shares of Dril-Quip Inc., based in Houston, rose $3.44, or 4.8 percent, to $74.78 in morning trading.
