HOUSTON, June 7, 2023 — Dril-Quip, Inc. (NYSE: DRQ), (the "Company" or "Dril-Quip"), announced today the successful installation of its 18 3/4" BigBore™ IIe wellhead system for the Petrobras Exploratory project in the Aram Block of the Santos Basin, in 2002-meter water depth. The BigBore™ IIe wellhead system is the newest and most advanced standard system for Dril-Quip, with sealing technology qualified to the latest Petrobras standards. The 18 3/4" BigBore™ IIe system provides significant cost savings by eliminating the need for drilling or production lockdown devices, reducing the number of trips associated with drilling the well.
Don Underwood, Dril-Quip's Vice President of Subsea Products, stated, "We are pleased to have worked closely with Petrobras to qualify our 18 3/4" BigBore™ IIe wellhead system to their latest standards. This installation demonstrates Dril-Quip's ability to deliver reliable and efficient solutions worldwide to our customers. We are confident that our wellhead system will perform to the highest standards in this challenging application."
Jeff Bird, Dril-Quip's President and Chief Executive Officer, added, "The Petrobras Exploratory project in Brazil is crucial for the region. Dril-Quip's wellhead system will play a critical role in ensuring its success. Dril-Quip has a long-standing relationship with Petrobras, and this successful installation further strengthens our partnership and commitment to excellence."
Dril-Quip is a developer, manufacturer, and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry.
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
Erin Fazio, Director of Corporate Finance
Media Relations Contact
Summer Brown, Director of Marketing