Dril-Quip lands Petrobras contract worth $650M

Dril-Quip receives 4-year contract from Brazil's Petrobras worth up to $650M; shares jump

Associated Press

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.

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