Houston-based manufacturer Dril-Quip is expanding its presence in Asia with the construction of a new research and development facility in Singapore.
The company revealed the new facility, which is expected to open in 2017, would serve as an additional hub for research and development activities, focusing on materials and products suitable for high pressure and high temperature applications.
"Dril-Quip already has a significant presence in Singapore and this R&D facility will allow us to leverage that presence and take advantage of Singapore's exceptional workforce," Dril-Quip chief executive Blake DeBerry said.
"This facility will further enhance our product development capabilities and continue Dril-Quip's tradition of technology leadership."
The decision to establish a new Singaporean facility was welcomed by the Singapore Economic Development Board (EDB).
"Despite the challenging macroeconomic environment, we are delighted to have Dril-Quip establish its new R&D centre here, which will be the company's first R&D centre outside the Americas,” EDB assistant managing director Lim Kok Kiang said.
“Dril-Quip's investment attests to Singapore's capabilities in R&D. Our engineering capabilities as well as strong manufacturing core make us an attractive location in Asia for leading oil and gas equipment companies."
Dril-Quip estimates the capital investment required for the facility to be in the region of US$15 million.