HOUSTON, November 12, 2012- Dresser-Rand, a global supplier of rotating equipment solutions to the oil, gas, petrochemical, power, and process industries, has entered into a service agreement with NuScale Power, LLC.
The agreement allows for an integrated delivery model that includes design, engineering, U.S.-based manufacturing, and operational support from Dresser-Rand's worldwide service center network. The goal is to ensure optimum performance of the turbine generators that will be paired with NuScale Power's small modulator reactors (SMR).
"Dresser-Rand's experience in designing and manufacturing main propulsion drive turbines for the U.S. Navy's nuclear aircraft carriers makes it an ideal partner for this assignment," said Scott Bailey, vice president of Supply Chain at NuScale Power.
NuScale Power's standard design for a nuclear power plant includes 12 individual reactor modules, each with its own turbine generator. The combined output for the 12 units will total 540 MWe, which is enough power to meet the needs of more than one-half million homes.
"The agreement puts Dresser-Rand in a favorable position to supply turbine generators for NuScale power plants built in the U.S. and internationally, because our turbine generator will be one of the main pieces of equipment for their SMR plant design," said Marco Rossi, vice president of new equipment for Environmental Solutions at Dresser-Rand.
"NuScale's modular design will allow for the entire turbine generator to be manufactured in the U.S. in a facility like those operated by Dresser-Rand," said Bailey. "The turbine generator can then be transported from the facility to the power plant in modular form. The combination of factory manufacturing and transportability will lower costs and shorten construction times," Bailey added.
The service agreement further positions Dresser-Rand as a supplier of sustainable energy solutions since nuclear plant CO2 emissions per gigawatt-hour are a fraction of coal- and natural gas-fired power plants. Additionally, the Department of Energy is promoting the concept with a goal to expedite the construction and operation of the first SMRs over the next five years.
About NuScale Power LLC
NuScale Power LLC, is developing an inherently safe, modular, scalable commercial nuclear power technology. Fluor Corporation (NYSE: FLR), a global engineering, procurement and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. NuScale's design offers the benefits of carbon-free nuclear power but takes away the issues presented by the cost of installing large capacity. A nuclear power plant using NuScale's technology is comprised of individual nuclear power modules; each produces 45 megawatts of electricity with its own combined containment vessel and reactor system, and its own designated turbine-generator set. A power plant can include as many as 12 NuScale integral PWR modules to produce as much as 540 megawatts. The reactors are cooled by the natural convection of water and can be shut down safely without pumps or other mechanical systems. NuScale power plants are scalable - additional modules are added as customer demand for electricity increases. NuScale's technology also is ideally suited to supply energy for district heating, desalination and other applications. For more information visit: www.nuscalepower.com.
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, Spain, Germany, Norway, and India and maintains a network of 49 service and support centers (including 6 engineering and R&D centers) covering more than 150 countries. Dresser-Rand has principal offices in Paris, France, and Houston, Texas.
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 bookings, revenues, 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", "appears", "outlook", 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: economic or industry downturns; the variability of bookings due to volatile market conditions, subjectivity clients exercise in placing orders, and timing of large orders; 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; its ability to comply with local content requirements; delivery delays by certain third party suppliers of large equipment; its ability to implement potential tax strategies; 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; its pension expenses and funding requirements; 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, except as required by applicable law.www.dresser-rand.com.
Company Contact: Blaise Derrico, VP Investor Relations (713) 973-5497
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