A dryer operable to separate a portion of an entrained liquid from a flow of gas, the dryer comprising: a pressure vessel operable to contain the flow of gas and entrained liquid within the pressure vessel at a full operating pressure, the pressure vessel including a gas inlet, a gas outlet, and a drain positioned at a bottom of the pressure vessel; a precooler/reheater positioned within the pressure vessel to receive and cool the flow of gas and the entrained liquid from the inlet; an evaporator positioned within the pressure vessel to receive and cool the flow of gas and the entrained liquid from the precooler/reheater; a separator positioned to receive the flow of gas and the entrained liquid from the evaporator, the separator operable to separate the flow of gas and the entrained liquid into a flow of substantially dry gas and a liquid, the liquid collecting in the bottom of the pressure vessel, the flow of substantially dry gas flowing upward through the precooler/reheater to heat the flow of substantially dry gas and out the gas outlet; and a drain valve movable between an open position and a closed position in response to the quantity of liquid within the bottom of the pressure vessel, wherein the liquid in the bottom of the pressure vessel exits via the drain when the drain valve is in the open position; characterised in that the precooler/reheater includes a top surface and a bottom surface that is substantially parallel to the top surface, the precooler/reheater further including a plurality of corrugated plates (220, 265) having corrugations extending between the top surface and the bottom surface at an oblique angle with respect to the top surface and the bottom surface. a pressure vessel operable to contain the flow of gas and entrained liquid within the pressure vessel at a full operating pressure, the pressure vessel including a gas inlet, a gas outlet, and a drain positioned at a bottom of the pressure vessel; a precooler/reheater positioned within the pressure vessel to receive and cool the flow of gas and the entrained liquid from the inlet; an evaporator positioned within the pressure vessel to receive and cool the flow of gas and the entrained liquid from the precooler/reheater; a separator positioned to receive the flow of gas and the entrained liquid from the evaporator, the separator operable to separate the flow of gas and the entrained liquid into a flow of substantially dry gas and a liquid, the liquid collecting in the bottom of the pressure vessel, the flow of substantially dry gas flowing upward through the precooler/reheater to heat the flow of substantially dry gas and out the gas outlet; and a drain valve movable between an open position and a closed position in response to the quantity of liquid within the bottom of the pressure vessel, wherein the liquid in the bottom of the pressure vessel exits via the drain when the drain valve is in the open position; characterised in that the precooler/reheater includes a top surface and a bottom surface that is substantially parallel to the top surface, the precooler/reheater further including a plurality of corrugated plates (220, 265) having corrugations extending between the top surface and the bottom surface at an oblique angle with respect to the top surface and the bottom surface.