Dresser-Rand And Samsung Techwin Enter Strategic Alliance

Houston, TX /PRNewswire-FirstCall/ -- Dresser-Rand Company, an affiliate of Dresser-Rand Group Inc. ("Dresser-Rand,") (NYSE: DRC) and Samsung Techwin Co., Ltd. ("Samsung Techwin"), an affiliate of Samsung Group in Korea, have entered a strategic alliance to cooperate in packaging and selling engineered centrifugal compressors and gas turbines.

The alliance agreement calls for exclusive packaging of Dresser-Rand DATUM centrifugal compressors and VECTRA power turbines for mechanical and generator-drive applications to supply Korean-based shipyards and engineering companies for oil and gas market applications, as well as to supply the local Korean market.

The agreement is intended to better serve clients in the marketplace that includes floating production, storage, and offloading (FPSO) vessels and floating LNG (FLNG) vessels, and land-based gas compressor and generator sets in power, refining, petrochemical and other industries.

Both companies recognize that Korea is the leading country for shipbuilding and offshore industry, especially FPSOs and FLNG vessels, and that local production and technical support is important to better serve clients in the energy equipment market in Korea. In support of the alliance, Samsung Techwin plans to build a new facility in its Plant #3, located in Changwon, Korea.

"We're very excited to have Samsung Techwin as our partner to serve these important and growing markets," said Vincent R. Volpe Jr., president and CEO of Dresser-Rand. "They possess unique combinations of market presence and technical expertise in packaging similar equipment that will position us to succeed quickly."

"Our DATUM and VECTRA products are recognized for their technical superiority and the value they bring to clients in the demanding markets we serve. We believe that together with Samsung Techwin as our partner in Korea, this value proposition will be further heightened."

"We believe that Korean shipyards and engineering companies will welcome this alliance wholeheartedly because they will benefit from Samsung Techwin's local project execution and technical expertise, supported by Dresser-Rand, a recognized rotating equipment technology leader," said C. S. Oh, president and CEO of Samsung Techwin.

"This is really a win-win alliance. Dresser-Rand will have opportunities to grow its core business by using Samsung's assets, and through the alliance Samsung can develop product lines to enter the energy equipment market," he concluded.

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, United Kingdom, Germany, Norway, India, and China, and maintains a network of 33 service and support centers covering more than 140 countries.

About Samsung Techwin

Samsung Techwin supplies centrifugal air compressors that incorporate proprietary technologies. The company has developed LNG cargo management systems and has more than 30 years of experience in developing, manufacturing and packaging gas turbine engines.

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 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; 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.

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SOURCE Dresser-Rand Group Inc.

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