Dril-Quip Awarded Contract for Repsol’s Ca Rong Do Project

HOUSTON , Feb. 22, 2018 -- Dril-Quip, Inc. (NYSE:DRQ) today announced that Dril-Quip Asia Pacific Pte Ltd, its wholly-owned subsidiary based in Singapore, has been awarded a contract to supply top tensioned riser (TTR) systems and related services for the development of  the Ca Rong Do Project located offshore Vietnam operated by Repsol with the participation of Mubadala, PVEP and PetroVietnam. 

Dril-Quip will provide a drilling TTR system and multiple TTR systems for the production, gas injection and water injection wells.  The systems will include tie back connectors, tapered stress joints, riser joints, riser connectors, keel joints, tensioner joints, spool joints, flexible jumpers, surface wellheads, surface trees, control umbilicals and tensioner systems.

Blake DeBerry, President and Chief Executive Officer of Dril-Quip, stated, “We are pleased to be awarded this significant contract that would not be possible without the hard work and dedication of our employees at multiple locations around the world.  We believe the enhanced product offerings resulting from our January 2017 acquisition of OilPatch Technologies (OPT) also played an important role in our successful proposal, and we look forward to further strengthening our position as a leading provider of TTR systems by successfully executing on this project.”

About Dril-Quip

Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, but which is particularly well suited for use in deepwater, harsh environment and severe service applications.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the provision of equipment and services, the estimated value of the contract and the expected timing of delivery.  Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company’s international operations, decisions made by the Company’s customers and suppliers, operating risks, and other factors detailed in the Company’s public filings with the Securities and Exchange Commission.  Certain material factors that could cause the Company’s actual results to differ from those contemplated in this press release include, but are not limited to, the amount of products actually ordered pursuant to the contract, the Company’s ability to successfully manufacture and deliver, and the customer’s acceptance of, the products ordered.  Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Contact:
Jerry M. Brooks,
Vice President of Investor Relations
(713) 939-7711