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.
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Dril-Quip, Inc. (NYSE:DRQ) announced the successful installation of two 15,000 psi HorizontalBoreTM Subsea Trees at the Woodside Shenzi North oil and gas field in the U.S. Gulf of Mexico. This project, completed in collaboration with Proserv, showcases Dril-Quip's advanced modular subsea production systems, which allow for flexible completion configurations. Bruce Witwer, Vice President of Subsea Services, highlighted the project as a testament to the company's superior service quality and solutions, contributing to increased production capacity for their client. The press release also contains forward-looking statements regarding the performance and benefits of Dril-Quip's products, noting the inherent risks associated with such projections.
Dril-Quip, Inc. (NYSE: DRQ) reported impressive fourth quarter and full-year 2022 results. Q4 revenue reached $96.8 million, a 24% year-over-year increase, while full-year revenue rose 12% to $362.1 million. The company achieved a net loss of $0.3 million for Q4, a significant improvement from a $63.2 million loss last year. Adjusted EBITDA surged 97% year-over-year to $30 million. Notably, Dril-Quip signed $122 million in master service agreements in 2022 and aims for 10%-20% booking growth in 2023. The company also set a goal for a 50% reduction in GHG emissions by 2030.