Document:

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                                                                     Exhibit 4.1

                          REGISTRATION RIGHTS AGREEMENT
                              Dated March 20, 2002

                                      among

                                  DRESSER, INC.

                           THE GUARANTORS NAMED HEREIN

                                       and

                        MORGAN STANLEY & CO. INCORPORATED
                     CREDIT SUISSE FIRST BOSTON CORPORATION

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                          REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of March 20, 2002, by and among Dresser, Inc., a Delaware
corporation (the "Company"), the companies named on Schedule A hereto, as
guarantors (collectively, the "Guarantors" and, together with the Company, the
"Issuers"), and MORGAN STANLEY & CO. INCORPORATED and CREDIT SUISSE FIRST BOSTON
CORPORATION (collectively, the "Placement Agents").

          This Agreement is made pursuant to the Placement Agreement dated March
20, 2002, by and among the Issuers and the Placement Agents (the "Placement
Agreement"), which provides for the sale by the Company to the Placement Agents
of an aggregate of $250,000,000 principal amount of the Company's 9 3/8% Senior
Subordinated Notes Due 2011 (the "Notes") and the guarantees thereof by the
Guarantors (the "Guarantees" and, together with the Notes, the "Securities").
The Securities are being issued pursuant to an indenture, dated April 10, 2001
(the "Indenture"), among the Issuers and State Street Bank and Trust Company, as
trustee (the "Trustee") as may be amended or supplemented from time to time in
accordance with the terms thereof. In order to induce the Placement Agents to
enter into the Placement Agreement, the Company has agreed to provide to the
Placement Agents and their direct and indirect transferees the registration
rights set forth in this Agreement. The execution of this Agreement is a
condition to the closing under the Placement Agreement.

          In consideration of the foregoing, the parties hereto agree as
follows:

          1.    Definitions.

          As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

          "1933 Act" shall mean the Securities Act of 1933, as amended from time
to time.

          "1934 Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

          "Additional Interest" shall have the meaning set forth in Section
2(d).

          "Closing Date" shall mean the Closing Date as defined in the Placement
Agreement.

          "Company" shall have the meaning set forth in the preamble and shall
also include the Company's successors.

          "Exchange Dates" shall have the meaning set forth in Section
2(a)(ii).

          "Exchange Offer" shall mean the exchange offer by the Issuers of
Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

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          "Exchange Offer Registration" shall mean a registration under the 1933
Act effected pursuant to Section 2(a) hereof.

          "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Exchange Securities" shall mean Securities issued by the Issuers,
containing terms identical to the Securities (except that the Exchange
Securities will not contain restrictions on transfer) and to be offered to
Holders of Securities in exchange for Securities pursuant to the Exchange Offer.

          "Filing Date" means (i) with respect to an Exchange Offer Registration
Statement or the Shelf Registration Statement required to be filed pursuant to
Section 2(b)(i) or (ii), the earlier of the date of the filing thereof with the
SEC and the 90th day after the Issue Date and (ii) with respect to the Shelf
Registration Statement required to be filed pursuant to Section 2(b)(iii), the
60th day after the delivery of a notice pursuant to Section 2(b)(iii).

          "Guarantees" shall have the meaning set forth in the preamble.

          "Guarantors" shall have the meaning set forth in the preamble.

          "Holder" shall mean the Placement Agents, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture; provided that for purposes of Sections 4 and 5 of this
Agreement, the term "Holder" shall include Participating Broker-Dealers.

          "Indenture" shall have the meaning set forth in the preamble.

          "Issuers" shall have the meaning set forth in the preamble and shall
also include the Issuers' successors.

          "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of outstanding Registrable Securities; provided that
whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Issuers or any of their affiliates (as such term is defined in Rule 405 under
the 1933 Act) (other than the Placement Agents or subsequent Holders of
Registrable Securities if such subsequent holders are deemed to be such
affiliates solely by reason of their holding of such Registrable Securities)
shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage or amount.

          "Notes" shall have the meaning set forth in the preamble.

          "Participating Broker-Dealer" shall have the meaning set forth in
Section 4(a).

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          "Person" shall mean an individual, partnership, limited liability
company, corporation, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

          "Placement Agents" shall have the meaning set forth in the preamble.

          "Placement Agreement" shall have the meaning set forth in the
preamble.

          "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
all material incorporated by reference therein.

          "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Issuers with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements
and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating
to the qualification of the Indenture under applicable securities laws, (vi) the
fees and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Issuers and, in the case of a Shelf
Registration Statement, the fees and disbursements of one counsel for the
Holders (which counsel shall be selected by the Majority Holders and which
counsel may also be counsel for the Placement Agents) and (viii) the fees and
disbursements of the independent public accountants of the Issuers, including
the expenses of any special audits or "cold comfort" letters required by or
incident to such performance and compliance, but excluding fees and expenses of
counsel to the underwriters (other than fees and expenses set forth in clause
(ii) above) or the Holders and underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

          "Registrable Securities" shall mean the Securities; provided, however,
that the Securities shall cease to be Registrable Securities (i) when a
Registration Statement with respect to such Securities shall have been declared
effective under the 1933 Act and such Securities shall have been disposed of
pursuant to such Registration Statement, (ii) when such Securities have been
sold to the public pursuant to Rule 144 (or any similar provision then in force,
but not Rule 144A) under the 1933 Act or (iii) when such Securities shall have
ceased to be outstanding.

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          "Registration Statement" shall mean any registration statement of the
Issuers that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Securities" shall have the meaning set forth in the preamble.

          "SEC" shall mean the Securities and Exchange Commission.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 2(b) hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Issuers pursuant to the provisions of Section 2(b) of this
Agreement which covers all of the Registrable Securities (but no other
securities unless approved by the Holders whose Registrable Securities are
covered by such Shelf Registration Statement) on an appropriate form (which may
be an amendment to an Exchange Offer Registration Statement) under Rule 415
under the 1933 Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

          "Trustee" shall mean the trustee with respect to the Securities under
the Indenture.

          "Underwriter" shall have the meaning set forth in Section 3 hereof.

          "Underwritten Registration" or "Underwritten Offering" shall mean a
registration in which Registrable Securities are sold to an Underwriter for
reoffering to the public.

          2.    Registration Under the 1933 Act.

          (a)   To the extent not prohibited by any applicable law or applicable
interpretation of the Staff of the SEC, the Issuers shall use their best efforts
to cause to be filed an Exchange Offer Registration Statement covering the offer
by the Issuers to the Holders to exchange all of the Registrable Securities for
Exchange Securities and to have such Registration Statement remain effective
until the closing of the Exchange Offer. The Issuers shall commence the Exchange
Offer promptly after the Exchange Offer Registration Statement has been declared
effective by the SEC and use their best efforts to have the Exchange Offer
consummated not later than 60 days after such effective date.

          The Issuers shall commence the Exchange Offer by mailing the related
exchange offer Prospectus and accompanying documents to each Holder stating, in
addition to such other disclosures as are required by applicable law:

          (i)   that the Exchange Offer is being made pursuant to this
     Registration Rights Agreement and that all Registrable Securities validly
     tendered will be accepted for exchange;

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          (ii)  the dates of acceptance of election of exchange (which shall be
     a period of at least 30 business days from the date such notice is mailed)
     (the "Exchange Dates");

          (iii) that any Registrable Security not tendered will remain
     outstanding and continue to accrue interest, but will not retain any rights
     under this Registration Rights Agreement;

          (iv)  that Holders electing to have a Registrable Security exchanged
     pursuant to the Exchange Offer will be required to surrender such
     Registrable Security, together with the enclosed letters of transmittal, to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice prior to the close of
     business on the last Exchange Date; and

          (v)   that Holders will be entitled to withdraw their election, not
     later than the close of business on the last Exchange Date, by sending to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice a telegram, telex, facsimile
     transmission or letter setting forth the name of such Holder, the principal
     amount of Registrable Securities delivered for exchange and a statement
     that such Holder is withdrawing his election to have such Securities
     exchanged.

          As soon as practicable after the last Exchange Date, the Issuers
shall:

          (i)   accept for exchange Registrable Securities or portions thereof
     tendered and not validly withdrawn pursuant to the Exchange Offer; and

          (ii)  deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted for
     exchange and issue, and cause the Trustee to promptly authenticate and mail
     to each Holder, an Exchange Security equal in principal amount to the
     principal amount of the Registrable Securities surrendered by such Holder.

The Issuers shall use their best efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the 1933
Act, the 1934 Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any material
conditions, other than that the Exchange Offer does not violate applicable law
or any applicable interpretation of the Staff of the SEC. The Issuers shall
inform the Placement Agents of the names and addresses of the Holders to whom
the Exchange Offer is made, and the Placement Agents shall have the right,
subject to applicable law, to contact such Holders and otherwise facilitate the
tender of Registrable Securities in the Exchange Offer.

          (b)   In the event that (i) the Issuers determine that the Exchange
Offer Registration provided for in Section 2(a) above is not available or may
not be consummated as soon as practicable after the last Exchange Date because
it would violate applicable law or the applicable interpretations of the Staff
of the SEC, (ii) the Exchange Offer is not for any other reason consummated by
210th day after the Issue Date or (iii) the Exchange Offer has been completed
and in the opinion of counsel for the Placement Agents a Registration Statement
must be filed and a Prospectus must be delivered by the Placement Agents in
connection with any offering or sale of Registrable Securities, the Issuers
shall use their best efforts to cause to be

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filed as soon as practicable after such determination, date or notice of such
opinion of counsel is given to the Company, as the case may be, a Shelf
Registration Statement providing for the sale by the Holders of all of the
Registrable Securities and to have such Shelf Registration Statement declared
effective by the SEC. In the event the Issuers are required to file a Shelf
Registration Statement solely as a result of the matters referred to in clause
(iii) of the preceding sentence, the Issuers shall use their best efforts to
file and have declared effective by the SEC both an Exchange Offer Registration
Statement pursuant to Section 2(a) with respect to all Registrable Securities
and a Shelf Registration Statement (which may be a combined Registration
Statement with the Exchange Offer Registration Statement) with respect to offers
and sales of Registrable Securities held by the Placement Agents after
completion of the Exchange Offer. The Issuers agree to use their best efforts to
keep the Shelf Registration Statement continuously effective until the
expiration of the period referred to in Rule 144(k) with respect to the
Registrable Securities or such shorter period that will terminate when all of
the Registrable Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement. The Issuers further agree to
supplement or amend the Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used by the
Issuers for such Shelf Registration Statement or by the 1933 Act or by any other
rules and regulations thereunder for shelf registration or if reasonably
requested by a Holder with respect to information relating to such Holder, and
to use their best efforts to cause any such amendment to become effective and
such Shelf Registration Statement to become usable as soon as thereafter
practicable. The Issuers agree to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC.

          (c)   The Issuers shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a) or Section 2(b). Each Holder
shall pay all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Registrable Securities
pursuant to the Shelf Registration Statement.

          (d)   An Exchange Offer Registration Statement pursuant to Section
2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
will not be deemed to have become effective unless it has been declared
effective by the SEC; provided, however, that, if, after it has been declared
effective, the offering of Registrable Securities pursuant to a Shelf
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume. As provided for in
the Indenture, in the event the Exchange Offer is not consummated and the Shelf
Registration Statement is not declared effective as set forth below, then, the
interest rate on the Securities will be increased (the "Additional Interest") as
follows:

          (i)   if (A) neither the Exchange Offer Registration Statement nor a
     Shelf Registration Statement has been filed with the SEC on or prior to the
     90th day after the Issue Date or (B) the Issuers are required to file a
     Shelf Registration Statement pursuant to Section 2(b)(iii) hereof and such
     Shelf Registration Statement is not filed on or prior to the Filing Date
     applicable thereto then, commencing on the day after either such 90th
     day in the case of clause (A) or such Filing Date in the case of clause
     (B), Additional Interest shall accrue on the principal amount of the
     Registrable Securities at a rate of 0.25% per

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     annum for the first 90 days immediately following thereafter, and such
     Additional Interest rate shall increase by an additional 0.25% per annum at
     the beginning of each subsequent 90-day period; or

          (ii)  if (A) neither the Exchange Offer Registration Statement nor a
     Shelf Registration Statement is declared effective by the SEC on or prior
     to the 180th day after the Issue Date or (B) the Issuers are required to
     file a Shelf Registration Statement pursuant to Section 2(b)(iii) hereof
     and such Shelf Registration Statement is not declared effective by the SEC
     on or prior to the 90th day following the Filing Date applicable thereto
     then, commencing on the day after either such 180th day in the case of
     clause (A) or Filing Date in the case of clause (B), Additional Interest
     shall accrue on the principal amount of the Registrable Securities at a
     rate of 0.25% per annum for the first 90 days immediately following
     thereafter, and such Additional Interest rate shall increase by an
     additional 0.25% per annum at the beginning of each subsequent 90-day
     period; or

          (iii) subject to Sections 2(f) and 2(g) if (A) the Issuers have not
     exchanged Exchange Securities for all Securities validly tendered in
     accordance with the terms of the Exchange Offer on or prior to the 210th
     day after the Issue Date or (B) if applicable, the Shelf Registration
     Statement has been declared effective and such Shelf Registration Statement
     ceases to be effective at any time prior to the second anniversary of the
     Closing Date (or, if earlier, the date when all Securities have been
     disposed of thereunder), then Additional Interest shall accrue on the
     principal amount of the Registrable Securities at a rate of 0.25% per annum
     for the first 90 days commencing on (x) the 211th day after the Closing
     Date, in the case of (A) above, or (y) the day such Shelf Registration
     Statement ceases to be effective in the case of (B) above, and such
     Additional Interest rate shall increase by an additional 0.25% per annum at
     the beginning of each subsequent 90-day period;

provided, however, that the Additional Interest rate on the Securities may not
exceed in the aggregate 1.0% per annum; provided further, that the Issuers shall
in no event be required to pay additional interest for more than one event in
clauses (i), (ii), or (iii) at any one time; provided further, however, that (1)
upon the filing of the Exchange Offer Registration Statement or a Shelf
Registration Statement (in the case of clause (a) above), (2) upon the
effectiveness of the Exchange Offer Registration or a Shelf Registration
Statement (in the case of clause (b) above), or (3) upon the exchange of
Exchange Securities for all Securities tendered (in the case of clause (c)(A)
above), or upon the effectiveness of the Shelf Registration Statement which had
ceased to remain effective (in the case of clause (c)(B) above), Additional
Interest on the Securities as a result of such clause (or the relevant subclause
thereof), as the case may be, shall cease to accrue.

          (e)   Without limiting the remedies available to the Placement Agents
and the Holders, the Issuers acknowledge that any failure by the Issuers to
comply with their obligations under Section 2(a) and Section 2(b) hereof may
result in material irreparable injury to the Placement Agents or the Holders for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Placement Agents or any Holder may obtain such relief as may be
required to specifically enforce any Issuer's obligations under Section 2(a) and
Section 2(b) hereof.

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          3.    Registration Procedures.

          In connection with the obligations of the Issuers with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, each
of the Issuers shall as expeditiously as possible:

          (a)   prepare and file with the SEC a Registration Statement on the
     appropriate form under the 1933 Act, which form (x) shall be selected by
     the Issuers and (y) shall, in the case of a Shelf Registration, be
     available for the sale of the Registrable Securities by the selling Holders
     thereof and (z) shall comply as to form in all material respects with the
     requirements of the applicable form and include all financial statements
     required by the SEC to be filed therewith, and use its best efforts to
     cause such Registration Statement to become effective and remain effective
     in accordance with Section 2 hereof;

          (b)   prepare and file with the SEC such amendments and post-effective
     amendments to each Registration Statement as may be necessary to keep such
     Registration Statement effective for the applicable period and cause each
     Prospectus to be supplemented by any required prospectus supplement and, as
     so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to
     keep each Prospectus current during the period described under Section 4(3)
     and Rule 174 under the 1933 Act that is applicable to transactions by
     brokers or dealers with respect to the Registrable Securities or Exchange
     Securities;

          (c)   in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, to counsel for the Placement Agents, to counsel for
     the Holders and to each Underwriter of an Underwritten Offering of
     Registrable Securities, if any, without charge, as many copies of each
     Prospectus, including each preliminary Prospectus, and any amendment or
     supplement thereto and such other documents as such Holder or Underwriter
     may reasonably request, in order to facilitate the public sale or other
     disposition of the Registrable Securities; and the Issuers consent to the
     use of such Prospectus and any amendment or supplement thereto in
     accordance with applicable law by each of the selling Holders of
     Registrable Securities and any such Underwriters in connection with the
     offering and sale of the Registrable Securities covered by and in the
     manner described in such Prospectus or any amendment or supplement thereto
     in accordance with applicable law;

          (d)   use their best efforts to register or qualify the Registrable
     Securities under all applicable state securities or "blue sky" laws of such
     jurisdictions as any Holder of Registrable Securities covered by a
     Registration Statement shall reasonably request in writing by the time the
     applicable Registration Statement is declared effective by the SEC, to
     cooperate with such Holders in connection with any filings required to be
     made with the National Association of Securities Dealers, Inc. and do any
     and all other acts and things which may be reasonably necessary or
     advisable to enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder; provided,
     however, that the Issuers shall not be required to (i) qualify as a foreign
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general

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     consent to service of process or (iii) subject itself to taxation in any
     such jurisdiction if it is not so subject;

          (e)   in the case of a Shelf Registration, notify each Holder of
     Registrable Securities, counsel for the Holders and counsel for the
     Placement Agents promptly and, if requested by any such Holder or counsel,
     confirm such advice in writing (i) when a Registration Statement has become
     effective and when any post-effective amendment thereto has been filed and
     becomes effective, (ii) of any request by the SEC or any state securities
     authority for amendments and supplements to a Registration Statement and
     Prospectus or for additional information after the Registration Statement
     has become effective, (iii) of the issuance by the SEC or any state
     securities authority of any stop order suspending the effectiveness of a
     Registration Statement or the initiation of any proceedings for that
     purpose, (iv) if, between the effective date of a Registration Statement
     and the closing of any sale of Registrable Securities covered thereby, the
     representations and warranties of the Issuers contained in any underwriting
     agreement, securities sales agreement or other similar agreement, if any,
     relating to the offering cease to be true and correct in all material
     respects or if the Issuers receive any notification with respect to the
     suspension of the qualification of the Registrable Securities for sale in
     any jurisdiction or the initiation of any proceeding for such purpose, (v)
     of the happening of any event during the period a Shelf Registration
     Statement is effective which makes any statement made in such Registration
     Statement or the related Prospectus untrue in any material respect or which
     requires the making of any changes in such Registration Statement or
     Prospectus in order to make the statements therein not misleading and (vi)
     of any determination by the Issuers that a post-effective amendment to a
     Registration Statement would be appropriate;

          (f)   make every reasonable effort to obtain the withdrawal of any
     order suspending the effectiveness of a Registration Statement at the
     earliest possible moment and provide immediate notice to each Holder of the
     withdrawal of any such order;

          (g)   in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, without charge, at least one conformed copy of each
     Registration Statement and any post-effective amendment thereto (without
     documents incorporated therein by reference or exhibits thereto, unless
     requested);

          (h)   in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Securities to facilitate the timely preparation and
     delivery of certificates representing Registrable Securities to be sold and
     not bearing any restrictive legends and enable such Registrable Securities
     to be in such denominations (consistent with the provisions of the
     Indenture) and registered in such names as the selling Holders may
     reasonably request at least one business day prior to the closing of any
     sale of Registrable Securities;

          (i)   in the case of a Shelf Registration, upon the occurrence of any
     event contemplated by Section 3(e)(v) hereof, use their best efforts to
     prepare and file with the SEC a supplement or post-effective amendment to a
     Registration Statement or the related Prospectus or any document
     incorporated therein by reference or file any other required

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     document so that, as thereafter delivered to the purchasers of the
     Registrable Securities, such Prospectus will not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements therein, in light of the circumstances under which they
     were made, not misleading. The Issuers agree to notify the Holders to
     suspend use of the Prospectus as promptly as practicable after the
     occurrence of such an event, and the Holders hereby agree to suspend use of
     the Prospectus until the Issuers have amended or supplemented the
     Prospectus to correct such misstatement or omission;

          (j)   a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus or any document which is to be
     incorporated by reference into a Registration Statement or a Prospectus
     after initial filing of a Registration Statement, provide copies of such
     document to the Placement Agents and their counsel (and, in the case of a
     Shelf Registration Statement, the Holders and their counsel) and make such
     of the representatives of the Issuers as shall be reasonably requested by
     the Placement Agents or their counsel (and, in the case of a Shelf
     Registration Statement, the Holders or their counsel) available for
     discussion of such document, and shall not at any time file or make any
     amendment to the Registration Statement, any Prospectus or any amendment of
     or supplement to a Registration Statement or a Prospectus or any document
     which is to be incorporated by reference into a Registration Statement or a
     Prospectus, of which the Placement Agents and their counsel (and, in the
     case of a Shelf Registration Statement, the Holders and their counsel)
     shall not have previously been advised and furnished a copy or to which the
     Placement Agents or their counsel (and, in the case of a Shelf Registration
     Statement, the Holders or their counsel) shall reasonably object within 5
     days after receipt thereof;

          (k)   obtain a CUSIP number for all Exchange Securities or Registrable
     Securities, as the case may be, not later than the effective date of a
     Registration Statement;

          (l)   cause the Indenture to be qualified under the Trust Indenture
     Act of 1939, as amended (the "TIA"), in connection with the registration of
     the Exchange Securities or Registrable Securities, as the case may be,
     cooperate with the Trustee and the Holders to effect such changes to the
     Indenture as may be required for the Indenture to be so qualified in
     accordance with the terms of the TIA and execute, and use its best efforts
     to cause the Trustee to execute, all documents as may be required to effect
     such changes and all other forms and documents required to be filed with
     the SEC to enable the Indenture to be so qualified in a timely manner;

          (m)   in the case of a Shelf Registration, make available for
     inspection by a representative of the Holders of the Registrable
     Securities, any Underwriter participating in any disposition pursuant to
     such Shelf Registration Statement, and attorneys and accountants designated
     by the Holders, at reasonable times and in a reasonable manner, all
     financial and other records, pertinent documents and properties of the
     Issuers and subsidiaries of the Issuers, and cause the respective officers,
     directors and employees of the Issuers and any of their subsidiaries to
     supply all information reasonably requested by any such representative,
     Underwriter, attorney or accountant in connection with a Shelf

                                       10

<PAGE>

     Registration Statement; provided that any such representative, Underwriter
     or other recipient shall agree in writing that any information designated
     as confidential by the Company shall be kept confidential by such recipient
     except to the extent reasonably necessary in connection with an offering.

          (n)   in the case of a Shelf Registration, use their commercially
     reasonable efforts to cause all Registrable Securities to be listed on any
     securities exchange or any automated quotation system on which similar
     securities issued by the Issuer are then listed if requested by the
     Majority Holders, to the extent such Registrable Securities satisfy
     applicable listing requirements;

          (o)   if reasonably requested by any Holder of Registrable Securities
     covered by a Registration Statement, (i) promptly incorporate in a
     Prospectus supplement or post-effective amendment such information with
     respect to such Holder as such Holder reasonably requests to be included
     therein and (ii) make all required filings of such Prospectus supplement or
     such post-effective amendment as soon as the Issuers have received
     notification of the matters to be incorporated in such filing; and

          (p)   in the case of a Shelf Registration, enter into such customary
     agreements and take all such other actions in connection therewith
     (including those requested by the Holders of a majority of the Registrable
     Securities being sold) in order to expedite or facilitate the disposition
     of such Registrable Securities including, but not limited to, an
     Underwritten Offering and in such connection, (i) to the extent possible,
     make such representations and warranties to the Holders and any
     Underwriters of such Registrable Securities with respect to the business of
     the Issuers and their subsidiaries, the Registration Statement, Prospectus
     and documents incorporated by reference or deemed incorporated by
     reference, if any, in each case, in form, substance and scope as are
     customarily made by Issuers to underwriters in underwritten offerings and
     confirm the same if and when requested, (ii) obtain opinions of counsel to
     the Issuers (which counsel and opinions, in form, scope and substance,
     shall be reasonably satisfactory to the Holders and such Underwriters and
     their respective counsel) addressed to each selling Holder and Underwriter
     of Registrable Securities, covering the matters customarily covered in
     opinions requested in underwritten offerings, (iii) obtain "cold comfort"
     letters from the independent certified public accountants of the Issuers
     (and, if necessary, any other certified public accountant of any subsidiary
     of the Issuers, or of any business acquired by the Issuers for which
     financial statements and financial data are or are required to be included
     in the Registration Statement) addressed to each selling Holder and
     Underwriter of Registrable Securities, such letters to be in customary form
     and covering matters of the type customarily covered in "cold comfort"
     letters in connection with underwritten offerings, and (iv) deliver such
     documents and certificates as may be reasonably requested by the Holders of
     a majority in principal amount of the Registrable Securities being sold or
     the Underwriters, and which are customarily delivered in underwritten
     offerings, to evidence the continued validity of the representations and
     warranties of the Issuers made pursuant to clause (i) above and to evidence
     compliance with any customary conditions contained in an underwriting
     agreement.

                                       11

<PAGE>

          In the case of a Shelf Registration Statement, the Issuers may require
each Holder of Registrable Securities to furnish to the Issuers such information
regarding the Holder and the proposed distribution by such Holder of such
Registrable Securities as the Issuers may from time to time reasonably request
in writing.

          In the case of a Shelf Registration Statement, each Holder agrees
that, upon receipt of any notice from the Issuers of the happening of any event
of the kind described in Section 3(c)(iii) or 3(e)(v) hereof, such Holder will
forthwith discontinue disposition of Registrable Securities pursuant to a
Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if
so directed by the Issuers, such Holder will deliver to the Issuers (at its
expense) all copies in its possession, other than permanent file copies then in
such Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. If the Issuers shall give any
such notice to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Issuers shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Issuers may give any such notice only twice during any
365 day period and any such suspensions may not exceed 45 days for each
suspension and there may not be more than two suspensions in effect during any
365 day period.

          The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "Underwriters") that will
administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

          4.    Participation of Broker-Dealers in Exchange Offer.

          (a)   The Staff of the SEC has taken the position that any broker-
dealer that receives Exchange Securities for its own account in the Exchange
Offer in exchange for Securities that were acquired by such broker-dealer as a
result of market-making or other trading activities (a "Participating
Broker-Dealer"), may be deemed to be an "underwriter" within the meaning of the
1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act
in connection with any resale of such Exchange Securities.

          The Issuers understand that it is the Staff's position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by
which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the 1933
Act in connection with resales of Exchange Securities for their own accounts, so
long as the Prospectus otherwise meets the requirements of the 1933 Act.

                                       12

<PAGE>

          (b)   In light of the above, notwithstanding the other provisions of
this Agreement, the Issuers agree that the provisions of this Agreement as they
relate to a Shelf Registration shall also apply to an Exchange Offer
Registration to the extent, and with such reasonable modifications thereto as
may be, reasonably requested by the Placement Agents or by one or more
Participating Broker-Dealers, in each case as provided in clause (ii) below, in
order to expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above; provided that:

          (i)   the Issuers shall not be required to amend or supplement the
     Prospectus contained in the Exchange Offer Registration Statement, as would
     otherwise be contemplated by Section 3(i), for a period exceeding 180 days
     after the last Exchange Date (as such period may be extended pursuant to
     the penultimate paragraph of Section 3 of this Agreement) and Participating
     Broker-Dealers shall not be authorized by the Issuers to deliver and shall
     not deliver such Prospectus after such period in connection with the
     resales contemplated by this Section 4; and

          (ii)  the application of the Shelf Registration procedures set forth
     in Section 3 of this Agreement to an Exchange Offer Registration, to the
     extent not required by the positions of the Staff of the SEC or the 1933
     Act and the rules and regulations thereunder, will be in conformity with
     the reasonable request to the Issuers by the Placement Agents or with the
     reasonable request in writing to the Issuers by one or more broker-dealers
     who certify to the Placement Agents and the Issuers in writing that they
     anticipate that they will be Participating Broker-Dealers; and provided
     further that, in connection with such application of the Shelf Registration
     procedures set forth in Section 3 to an Exchange Offer Registration, the
     Company shall be obligated (x) to deal only with one entity representing
     the Participating Broker-Dealers, which shall be Morgan Stanley & Co.
     Incorporated unless it elects not to act as such representative, (y) to pay
     the fees and expenses of only one counsel representing the Participating
     Broker-Dealers, which shall be counsel to the Placement Agents unless such
     counsel elects not to so act and (z) to cause to be delivered only one, if
     any, "cold comfort" letter with respect to the Prospectus in the form
     existing on the last Exchange Date and with respect to each subsequent
     amendment or supplement, if any, effected during the period specified in
     clause (i) above.

          (c)   The Placement Agents shall have no liability to the Issuers or
any Holder with respect to any request that it may make pursuant to Section 4(b)
above.

          5.    Indemnification and Contribution.

          (a)   Each of the Issuers, jointly and severally, agrees to indemnify
and hold harmless the Placement Agents, each Holder and each Person, if any, who
controls any Placement Agent or any Holder within the meaning of either Section
15 of the 1933 Act or Section 20 of the 1934 Act, or is under common control
with, or is controlled by, any Placement Agent or any Holder, from and against
all losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred by the Placement Agent, any Holder
or any such controlling or affiliated Person in connection with defending or
investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a

                                       13

<PAGE>

material fact contained in any Registration Statement (or any amendment thereto)
pursuant to which Exchange Securities or Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or caused by any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus (as amended or supplemented if the
Issuers shall have furnished any amendments or supplements thereto), or caused
by any omission or alleged omission to state therein a material fact necessary
to make the statements therein in light of the circumstances under which they
were made not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information relating to the Placement
Agents or any Holder furnished to the Issuers in writing through Morgan Stanley
& Co. Incorporated or any selling Holder expressly for use therein. In
connection with any Underwritten Offering permitted by Section 3, the Issuers
will also indemnify the Underwriters, if any, selling brokers, dealers and
similar securities industry professionals participating in the distribution,
their officers and directors and each Person who controls such Persons (within
the meaning of the 1933 Act and the 1934 Act) to the same extent as provided
above with respect to the indemnification of the Holders, if requested in
connection with any Registration Statement.

          (b)   Each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Issuers, the Placement Agents and the other selling Holders,
and each of their respective directors, officers who sign the Registration
Statement and each Person, if any, who controls the Issuers, any Placement Agent
and any other selling Holder within the meaning of either Section 15 of the 1933
Act or Section 20 of the 1934 Act to the same extent as the foregoing indemnity
from the Issuers to the Placement Agents and the Holders, but only with
reference to information relating to such Holder furnished to the Issuers in
writing by such Holder expressly for use in any Registration Statement (or any
amendment thereto) or any Prospectus (or any amendment or supplement thereto).

          (c)   In case any proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which
indemnity may be sought pursuant to either paragraph (a) or paragraph (b) above,
such Person (the "indemnified party") shall promptly notify the Person against
whom such indemnity may be sought (the "indemnifying party") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Placement Agents and all
Persons, if any, who control any Placement Agent within the meaning of either
Section 15 of the 1933 Act or

                                       14

<PAGE>

Section 20 of the 1934 Act, (b) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Company, their directors, their
officers who sign the Registration Statement and each Person, if any, who
controls the Company within the meaning of either such Section and (c) the fees
and expenses of more than one separate firm (in addition to any local counsel)
for all Holders and all Persons, if any, who control any Holders within the
meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred. In such case involving the Placement Agents and
Persons who control the Placement Agents, such firm shall be designated in
writing by Morgan Stanley & Co. Incorporated. In such case involving the Holders
and such Persons who control Holders, such firm shall be designated in writing
by the Majority Holders. In all other cases, such firm shall be designated by
the Company. The indemnifying party shall not be liable for any settlement of
any proceeding effected without its written consent but, if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party for such fees and expenses of counsel in accordance with such
request prior to the date of such settlement. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which such
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

          (d)   If the indemnification provided for in paragraph (a) or
paragraph (b) of this Section 5 is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities, then each
indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative fault of the
Issuers and the Holders shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Issuers or by the Holders and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Holders' respective obligations to contribute
pursuant to this Section 5(d) are several in proportion to the respective
principal amount of Registrable Securities of such Holder that were registered
pursuant to a Registration Statement.

          (e)   The Issuers and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in

                                       15

<PAGE>

paragraph (d) above. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages and liabilities referred to in paragraph
(d) above shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5, no Holder shall be required to
indemnify or contribute any amount in excess of the amount by which the total
price at which Registrable Securities were sold by such Holder exceeds the
amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 5 are not exclusive and shall not limit any rights
or remedies which may otherwise be available to any indemnified party at law or
in equity.

          The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Placement Agents, any Holder or any Person controlling any Placement Agent
or any Holder, or by or on behalf of the Company, their officers or directors or
any Person controlling the Issuers, (iii) acceptance of any of the Exchange
Securities and (iv) any sale of Registrable Securities pursuant to a Shelf
Registration Statement.

          6.    Miscellaneous.

          (a)   No Inconsistent Agreements. None of the Issuers has entered
into, and on or after the date of this Agreement will not enter into, any
agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
the Issuers' other issued and outstanding securities under any such agreements.

          (b)   Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Issuers have obtained the written consent of Holders
of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; provided, however, that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder.

          (c)   Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Issuers by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Placement Agents,
the address set forth in the Placement Agreement; and (ii) if to the Issuers,
initially at the Company's addresses set forth in the Placement Agreement and
thereafter at such other address, notice of which is given in accordance with
the provisions of this Section 6(c).

                                       16

<PAGE>

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

          Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

          (d)   Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an
express assignment, subsequent Holders; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Placement Agreement. If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof. The
Placement Agents (in their capacity as Placement Agents) shall have no liability
or obligation to the Issuers with respect to any failure by a Holder to comply
with, or any breach by any Holder of, any of the obligations of such Holder
under this Agreement.

          (e)   Purchases and Sales of Securities. Until the earlier of (1) two
years after the Closing Date and (2) the consummation of the Exchange Offer, the
Issuers shall not, and shall use their best efforts to cause its affiliates (as
defined in Rule 405 under the 1933 Act) not to, purchase and then resell or
otherwise transfer any Securities, unless such Securities are held in the form
of a non-global note.

          (f)   Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Issuers, on the one
hand, and the Placement Agents, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

          (g)   Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h)   Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          (i)   Governing Law. This Agreement shall be governed by the laws of
the State of New York.

                                       17

<PAGE>

          (j)   Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

                                       18

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                        DRESSER, INC.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        DRESSER INTERNATIONAL INC.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        DRESSER RUSSIA, INC.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        DRESSER RE, INC.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        DRESSER ENTECH, INC.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        RING-O VALVE, INCORPORATED

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                       19

<PAGE>

                                        LVF HOLDING CORPORATION

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

Confirmed and accepted as of
 the date first above written:

MORGAN STANLEY & CO. INCORPORATED
CREDIT SUISSE FIRST BOSTON CORPORATION

By: MORGAN STANLEY & CO. INCORPORATED

By
  --------------------------------------
  Name:
  Title:

                                       20

<PAGE>

                                   Schedule A

Dresser International Inc.

Dresser Russia, Inc.

Dresser RE, Inc.

Dresser Entech, Inc.

Ring-O Valve, Incorporated

LVF Holding Corporation

                                       21<PAGE>

                                                                     EXHIBIT 4.2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS
SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) OR (B) IT IS AN INSTITUTIONAL "ACCREDITED
INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR AN ACCREDITED
INVESTOR THAT IS A DIRECTOR OR OFFICER OF DRESSER, INC. OR ONE OF ITS AFFILIATES
OR (C) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) UNDER THE
SECURITIES ACT AS IN EFFECT ON THE DATE OF TRANSFER OF THIS NOTE, RESELL OR
OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY
THEREOF, (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A
UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN INSTITUTIONAL
ACCREDITED INVESTOR OR AN ACCREDITED INVESTOR THAT IS A DIRECTOR OR OFFICER OF
DRESSER, INC. OR ONE OF ITS AFFILIATES THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER
CAN BE OBTAINED FROM THE TRUSTEE), AND, IF SUCH TRANSFER IS IN RESPECT OF AN
AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000, AN OPINION OF COUNSEL
ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING
TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. IF
THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR OR AN ACCREDITED
INVESTOR THAT IS A DIRECTOR OR OFFICER OF DRESSER, INC. OR ONE OF ITS AFFILIATES
OR NON U.S. PERSON THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE
TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION
AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS
"OFFSHORE TRANSACTION", "UNITED STATES" AND

                                        1

<PAGE>

"U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO
REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING
RESTRICTIONS.

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

                                        2

<PAGE>

                                  DRESSER, INC.

                    9 3/8% SENIOR SUBORDINATED NOTES DUE 2011

No. R-1                                 CUSIP: 26157VAA5
$299,345,000
                                        ISIN: US26157VAA52

     DRESSER, INC., a corporation incorporated under the laws of the State of
Delaware, promises to pay to CEDE & CO. or their registered assigns, the
principal sum of Two Hundred and Ninety Nine Million, Three Hundred and Forty
Five Thousand Dollars on April 15, 2011.

     Interest Payment Dates: April 15 and October 15, commencing first payment
     October 15, 2011.

     Record Dates: April 1 and October 1.

     Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.

          Dated: April 10, 2001

                                        3

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     IN WITNESS WHEREOF, the Company has caused this Note to be signed by its
duly authorized officer.

                                        DRESSER, INC.

                                        BY:
                                            ------------------------------------
                                            Name:
                                            Title:

This is one of the Global
Notes referred to in the
within-mentioned Indenture:

STATE STREET BANK AND TRUST COMPANY,
as Trustee

By:                                     Dated: April 10, 2001
    ---------------------------------
    Name:
    Title: Authorized Signatory

                                        4

<PAGE>

                                  DRESSER, INC.

                    9 3/8% SENIOR SUBORDINATED NOTES DUE 2011

     Capitalized terms used herein shall have the meanings assigned to them in
the Indenture referred to below unless otherwise indicated.

     1.   INTEREST. Dresser, Inc., a Delaware corporation (the "Company"),
promises to pay interest on the principal amount of this Note at 9 3/8% per
annum from April 10, 2001 until maturity and shall pay the Additional Interest
payable pursuant to Section 4 of the Registration Rights Agreement referred to
below. The Company shall pay interest and Additional Interest semi-annually on
April 15 and October 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each an "Interest Payment Date"). Interest
on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from the date of issuance; provided that
if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be October 15, 2001. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest and Additional Interest (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

     2.   METHOD OF PAYMENT. The Company will pay interest on the Notes (except
defaulted interest) and Additional Interest to the Persons who are registered
Holders of Notes at the close of business on April 1 or October 1 immediately
preceding the applicable Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted interest.
The Notes will be payable as to principal, premium and Additional Interest, if
any, and interest at the office or agency of the Company maintained for such
purpose within or without the City and State of New York, or, at the option of
the Company, payments of interest and Additional Interest may be made by check
mailed to the Holders at their addresses set forth in the register of Holders,
and provided that payment by wire transfer of immediately available funds will
be required with respect to principal of and interest, premium and Additional
Interest on, all Global Notes and all other Notes the Holders of which shall
have provided wire transfer instructions to the Company or the Paying Agent.
Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts.

     3.   PAYING AGENT AND REGISTRAR. Initially, State Street Bank and Trust
Company, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

                                        5

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     4.   INDENTURE. The Company issued the Notes under an Indenture dated as of
April 10, 2001 (the "Indenture") among the Company, the Guarantors named therein
and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are obligations of the Company.

     5. SUBORDINATION. The Notes are subordinated in right of payment, in the
manner and to the extent set forth in the Indenture, to the prior payment in
full in cash or Cash Equivalents of all Senior Debt of the Company, whether
outstanding on the date of the Indenture or thereafter created, incurred,
assumed or guaranteed. Each Holder by its acceptance hereof agrees to be bound
by such provisions and authorizes and expressly directs the Trustee, on its
behalf, to take such action as may be necessary or appropriate to effectuate the
subordination provided for in the Indenture.

     6.   OPTIONAL REDEMPTION.

     (a)  Except as set forth in subparagraph (b) of this Paragraph 6, the Notes
will not be redeemable before April 15, 2006. Thereafter, the Company may redeem
the Notes at its option, in whole or in part, upon not less than 30 nor more
than 60 days' notice, at the following redemption prices (expressed as
percentages of the principal amount thereof), if redeemed during the
twelve-month period commencing on April 15 of the years indicated below:

                                                                    PERCENTAGE
                                                                   OF PRINCIPAL
                                                                      AMOUNT
                                                                   ------------
YEAR
2006.......................................................             104.688%
2007.......................................................             103.125%
2008.......................................................             101.563%
2009 and thereafter........................................             100.000%

     In addition, the Company must pay all accrued and unpaid interest and
Additional Interest on the Notes redeemed.

     (b)  Notwithstanding the foregoing, prior to April 15, 2004, the Company
may on any one or more occasions redeem up to 35% of the principal amount of
Notes issued under the Indenture at a redemption price of 109.375% of the
principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, thereon to the redemption date, with the net cash proceeds of
one or more Equity Offerings; provided that at least 65% of the aggregate
principal amount of Notes issued under the Indenture remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by the
Company and its Subsidiaries); and provided further that the Company makes such
redemption not more than 90 days after the consummation of such Equity Offering.

                                        6

<PAGE>

     7.   MANDATORY REDEMPTION. The Company shall not be required to make
mandatory redemption payments with respect to the Notes.

     8.   REPURCHASE AT OPTION OF HOLDER.

     (a)  If a Change of Control occurs, each Holder will have the right to
require that the Company purchase all or a portion of such Holder's Notes
pursuant to the offer described in the Indenture (the "Change of Control
Offer"), at a purchase price equal to 101% of the principal amount thereof plus
accrued interest to the date of purchase. Within 90 days following the date upon
which the Change of Control occurred (or at the Company's option, prior to the
occurrence of such Change of Control), the Company must send, by first-class
mail, a notice to each Holder, which notice shall govern the terms of the Change
of Control Offer. Such notice shall state, among other things, the purchase
date, which must be no earlier than 30 days nor later than 60 days from the date
such notice is mailed, other than as may be required by law (the "Change of
Control Payment Date") provided that any Change of Control Offer made prior to
any date of such Change of Control shall be made only in the reasonable
anticipation of such Change of Control; and provided further, that the Company
shall not be required to purchase any Notes tendered pursuant to such Change of
Control Offer if such Change of Control does not occur.

     (b)  If the Company or a Restricted Subsidiary consummates any Asset Sale,
under certain circumstances the Company is required to commence an offer to all
Holders of Notes (as "Net Proceeds Offer") pursuant to Section 3.09 of the
Indenture. The offer price for the Notes (the "Net Proceeds Offer Amount") will
be at a price equal to 100% of the principal amount thereof plus accrued and
unpaid interest thereon, if any, to the date fixed for the closing of such
offer, in accordance with the procedures set forth in the Indenture. To the
extent that the aggregate amount of Notes tendered pursuant to a Net Proceeds
Offer is less than the Net Proceeds Offer Amount, the Company (or such
Subsidiary) may use such remaining Net Proceeds Offer Amount for general
corporate purposes or for any other purpose not prohibited by the Indenture. If
the aggregate principal amount of Notes surrendered by Holders thereof exceeds
the amount of Net Proceeds Offer Amount, the Trustee shall select the Notes to
be purchased on a pro rata basis. Holders of Notes that are the subject of an
offer to purchase will receive a Net Proceeds Offer from the Company prior to
any related purchase date and may elect to have such Notes purchased by
completing the form entitled "Option of Holder to Elect Purchase" on the reverse
of the Notes.

     9.   NOTICE OF REDEMPTION. Notice of redemption will be mailed, by
first-class mail, at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered
address. Notes in denominations larger than $1,000 may be redeemed in part but
only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed. On and after the redemption date interest ceases to accrue on
Notes or portions thereof called for redemption, unless the Company fails to
make such payment.

     10.  DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The

                                        7

<PAGE>

Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a
Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of
a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding
Interest Payment Date.

     11.  PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated
as its owner for all purposes.

     12.  AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions set
forth in the Indenture, the Indenture, the Guarantees or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, if any, voting as a single
class, and any existing default or compliance with any provision of the
Indenture, the Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes, if any,
voting as a single class. Without the consent of any Holder of a Note, the
Indenture, the Guarantees or the Notes may be amended or supplemented, to cure
any ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of
the Company's or Guarantor's obligations to Holders of the Notes in case of a
merger or consolidation, to make any change that would provide any additional
rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to provide for the issuance of Notes
issued after the Issue Date in accordance with the limitations set forth in the
Indenture, to allow any Guarantor to execute a supplemental indenture to the
Indenture and/or a Guarantee with respect to the Notes or to evidence and
provide for the acceptance of appointment under the Indenture of a successor
Trustee.

     13.  DEFAULTS AND REMEDIES. Events of Default include (in summary form):
(i) the failure to pay interest on any Notes when the same becomes due and
payable if the default continues for a period of 30 days, whether or not such
payment shall be prohibited by Article 10 of the Indenture; (ii) the failure to
pay the principal on any Notes when such principal becomes due and payable, at
maturity, upon redemption or otherwise (including the failure to make a payment
to purchase Notes tendered pursuant to a Change of Control Offer or a Net
Proceeds Offer on the date specified for such payment in the applicable offer to
purchase), whether or not such payment shall be prohibited by Article 10 of the
Indenture; (iii) a default in the observance or performance of any other
covenant or agreement contained in the Indenture if the default continues for a
period of 30 days after the Company receives written notice specifying the
default (and demanding that such default be remedied) from the Trustee or the
Holders of at least 25% of the outstanding principal amount of the Notes; (iv)
the failure to pay at final stated maturity (giving effect to any applicable
grace periods and any extensions thereof) the principal amount of any
Indebtedness of the Company or any Restricted Subsidiary of the Company (other
than a Securitization Entity), which failure continues for at least 20 days, or
the acceleration of the final stated maturity of any such Indebtedness, which
acceleration remains uncured and

                                        8

<PAGE>

unrescinded for at least 20 days, if the aggregate principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness
in default for failure to pay principal at final maturity or which has been
accelerated, (in each case with respect to which the 20-day period described
above has passed) aggregates $25.0 million or more at any time; (v) one or more
judgments in an aggregate amount in excess of $25.0 million shall have been
rendered against the Company or any of its Significant Subsidiaries and such
judgments remain undischarged, unpaid or unstayed for a period of 60 days after
such judgment or judgments become final and non-appealable; (vi) certain events
of bankruptcy affecting the Company or any of its Significant Subsidiaries and
(vii) any Guarantee of a Significant Subsidiary ceases to be in full force and
effect or any Guarantee of a Significant Subsidiary is declared to be null and
void and unenforceable or any Guarantee of a Significant Subsidiary is found to
be invalid or any Guarantor that is a Significant Subsidiary denies its
liability under its Guarantee (other than by reason of release of a Guarantor in
accordance with the terms of the Indenture).

     If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare the principal of and accrued interest on all the Notes to be due and
payable. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy with respect to the Company, all
outstanding Notes will become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the
Indenture and under the TIA. Subject to certain limitations, Holders of a
majority in principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their interest. The
Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences under
the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium or additional interest, if any, or interest on the Notes.
The Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming aware
of any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default.

     14.  TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

     15.  NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator or stockholder of the Company or any of the
Guarantors, as such, shall have any liability for any obligations of the Company
or such Guarantor under the Notes, the Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

     16.  AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

                                        9

<PAGE>

     17.  ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

     18.  ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED
DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under
the Indenture, Holders of Restricted Global Notes and Restricted Definitive
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of April 10, 2001, among the Company and the parties named on the
signature pages thereof.

     19.  CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon. The Company will furnish to any
Holder upon written request and without charge a copy of the Indenture and/or
the Registration Rights Agreement. Requests may be made to:

     Dresser, Inc.
     2601 Beltine Road,
     Carrollton, TX 75006
     Facsimile No.: (972) 478-5098
     Attention: Chief Administrative Officer

                                       10

<PAGE>

ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

--------------------------------------------------------------------------------
(Insert assignee's soc. sec. or tax I.D. no.)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

----------------------- --------------------------------------------------------
(Print or type assignee's name, address and zip code)

and irrevocably appoint
                        --------------------------------------------------------
to transfer this Note on the books of the Company.  The agent may substitute
another to act for him.

Date:
      -------------------

                                        Your Signature:
                                                       -------------------------
                                        (Sign exactly as your name appears
                                        on the face of this Note)

                                        Tax Identification No:
                                                              ------------------
                                        SIGNATURE GUARANTEE:

                                        ----------------------------------------

                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Registrar, which
                                        requirements include membership or
                                        participation in the Security Transfer
                                        Agent Medallion Program ("STAMP") or
                                        such other "signature guarantee program"
                                        as may be determined by the Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

                                       11

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the box below:

                    [ ]  Section 4.10            [ ]  Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased: $
                          --------

Date:
      ---------------

                                        Your Signature:
                                                         -----------------------
                                        (Sign exactly as your name appears on
                                        the face of this Note)

                                        Tax Identification No:
                                                               -----------------

                                        SIGNATURE GUARANTEE:

                                        ----------------------------------------

                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Registrar, which
                                        requirements include membership or
                                        participation in the Security Transfer
                                        Agent Medallion Program ("STAMP") or
                                        such other "signature guarantee program"
                                        as may be determined by the Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

                                       12

<PAGE>

     For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of April 10, 2001 (the "Indenture") among
Dresser, Inc., the Guarantors named therein and State Street Bank and Trust
Company, as trustee (the "Trustee"), (a) the due and punctual payment of the
principal of, premium, if any, and interest on the Notes (as defined in the
Indenture), whether at maturity, by acceleration, redemption or otherwise, the
due and punctual payment of interest on overdue principal and premium, and, to
the extent permitted by law, interest, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee all in
accordance with the terms of the Indenture and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to the Guarantee and the Indenture are
expressly set forth in Article 11 of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Guarantee. Each Holder of a Note,
by accepting the same, (a) agrees to and shall be bound by such provisions, (b)
authorizes and directs the Trustee, on behalf of such Holder, to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such
Holder for such purpose; provided, however, that the Indebtedness evidenced by
this Guarantee shall cease to be so subordinated and subject in right of payment
upon any defeasance of this Guarantee in accordance with the provisions of the
Indenture.

                                        DRESSER INTERNATIONAL INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        DRESSER RUSSIA, INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        DRESSER RE, INC.

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                       13

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