Innovex International, Inc. reports developments for a global energy-products business serving oil and natural gas operators across the well lifecycle. The company was established in 2024 following the merger of Dril-Quip, Inc. and Innovex Downhole Solutions, Inc., and its portfolio includes subsea, surface wellhead, well construction, well completion, production solutions, fishing and intervention products.
News for INVX centers on quarterly results, capital allocation, share repurchase activity, selling-stockholder offerings, product introductions, cross-selling across its platform and completed acquisitions such as Drilling Innovative Solutions. Updates also cover operations across North America, Latin America, Europe, the Middle East and Asia.
Dril-Quip (NYSE:DRQ) announced Q2 2024 results with a revenue of $120.3 million, up 9.1% sequentially and 34.3% YoY. Subsea Products saw orders of $54.1 million, a 25% sequential increase. However, including a $39.6 million cancellation, bookings were $12.8 million.
The net loss reduced to $1.8 million from $20 million in Q1 2024. Adjusted EBITDA improved to $16.5 million, up $6.3 million sequentially. Gross margin rose to 30.8%.
The company highlighted successful strategic partnerships and acquisitions, notably in Subsea Products and Well Construction. Revenue growth was driven by increased subsea wellhead deliveries and the acquisition of Great North.
Dril-Quip is optimistic about the merger with Innovex Downhole Solutions, expected to close in Q3 2024, aiming for immediate accretive benefits and synergies across key markets.
Dril-Quip announced the appointment of Benjamin M. Fink to its Board of Directors. Mr. Fink, 54, brings extensive finance and energy industry expertise. He previously served as Executive VP and CFO at Anadarko Petroleum, and held leadership roles at Western Gas Partners and Western Gas Equity Partners. Fink also served on the board of Zimmer Energy Acquisition Corp and currently serves on Salt Creek Midstream's board. He holds a B.S. in Economics from the Wharton School and is a CFA charterholder. Dril-Quip's Board Chair, John Lovoi, expressed enthusiasm for Fink's appointment, highlighting his financial acumen and industry leadership as valuable assets during the company's growth phase.
Dril-Quip, Inc. announced its first quarter 2024 results, reporting a revenue of $110.3 million, a decrease of 12.7% sequentially but an increase of 21.4% year-over-year. The company had a net loss of $20.0 million, with adjusted EBITDA of $10.2 million. Dril-Quip maintained its MSCI ESG rating of 'A' and announced a strategic combination with Innovex Downhole Solutions Inc. Highlights include delivering first Great North wellheads internationally and installing the SS-15® RLDe Rigid Lockdown Subsea Wellhead System in Australia.
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