Dril-Quip Wins Spotlight on New Technology Award for Double Expansion XPak Liner Hanger System

Globe Newswire 7-May-2019 6:30 AM

HOUSTON, May 07, 2019 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE:DRQ) announced that it was presented with a Spotlight on New Technology Award at the 2019 Offshore Technology Conference (OTC) in Houston yesterday for its double expansion XPak™ liner hanger system.  The double expansion XPak™ liner hanger system deploys through wellhead restrictions to provide a metal-to-metal seal within seamed casing and offers high hanging, lockdown and pressure capacities. 

Blake DeBerry, Dril-Quip's President and Chief Executive Officer, remarked, "We are very pleased to receive another Spotlight on New Technology Award from OTC.  The XPak™ Liner System is the industry's first double expansion system and is particularly well suited for large diameter casing strings used when drilling wells in deep water. This system provides operators the flexibility to land large casing strings as a true liner without the use of sub-mudline supplemental casing hanger profiles. The XPak™ Liner System eliminates the need for fixed landing profiles, reduces risk associated with sub-mudline hangers, increases operational flexibility and provides significant cost savings to operators. As we look to the future, we will continue to leverage our technologically innovative products and first-class service to provide the equipment and support that our valued customers need around the world."

About Dril-Quip                

Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep water, harsh environments 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 performance and benefits of the Company's products.  Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and other factors. These statements are subject to risks beyond the Company's control, including, but not limited to, operating risks and other factors detailed in the Company's public filings with the Securities and Exchange Commission.  Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Investor Relations Contact

Raj Kumar, Vice President – Finance, (713) 939-7711