Dril-Quip Wins Spotlight on New Technology Award for Hands-Free Drilling Riser System

Dril-Quip, Inc. (NYSE:DRQ) was presented with a Spotlight on New Technology Award at the 2018 Offshore Technology Conference (OTC) in Houston on April 30, 2018 for its HFRe™ hands-free drilling riser system.  The Spotlight on New Technology Awards showcase new and advanced technologies that are leading the industry into the future.

The HFRe™ drilling riser is an automated system designed for high pressure, high temperature (HPHT) environments.  HFRe™ utilizes a boltless, fatigue-resistant 4-million-lbf coupling that has been tested per API 16F/TR7 requirements.  The technology can decrease risk and operational costs by reducing rig floor personnel and by providing feedback on position states, orientation and preload verification during connection make-up through its hydraulic SmartSpider™ technology. 

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 HFRe™ drilling riser can provide another structural change in well operations that allows our customers to increase rig automation, reduce personnel from the rig floor and utilize intelligent feedback through its SmartSpider™ technology.” 

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 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.

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