Dril-Quip Achieves Milestone with Installation of its First XPAK-De 18" X 22" Expandable Liner Hanger for Petrobras

Rhea-AI Summary

Dril-Quip, Inc. (NYSE:DRQ) announced the successful installation of its first 18' x 22' XPAK-De Expandable Liner Hanger in a Santos Basin deepwater pre-salt exploratory well for the Sagitario Location, operated by Petrobras (60%) in partnership with Repsol Sinopec Brasil (20%) and Shell (20%). This achievement is a result of years of dedicated research, development, and testing by Dril-Quip's team, aimed at creating a product capable of withstanding the harsh conditions of deepwater environments. The technology can accelerate the well construction process, lower operating costs, and reduce risks associated with deepwater drilling operations.

Pre-salt Exploratory Well in the Santos Basin

HOUSTON, TX / ACCESSWIRE / November 7, 2023 / Dril-Quip, Inc. (NYSE:DRQ), (the "Company" or "Dril-Quip"), announced today the successful installation of its first 18" x 22" XPAK-De Expandable Liner Hanger in a Santos Basin deepwater pre-salt exploratory well for the Sagitario Location, operated by Petrobras (60%) in partnership with Repsol Sinopec Brasil (20%) and Shell (20%).

The large diameters and extended durations required at such depths presented significant challenges, requiring years of dedicated research, development, and testing by Dril-Quip's team, all aimed at creating a product capable of withstanding the harsh conditions of deepwater environments. By eliminating the need for contingency sub-mudline adapters, this technology can accelerate the Well construction process, lower operating costs and reduce risks associated with deepwater drilling operations.

"This achievement is a testament to the collaborative effort between Dril-Quip and Petrobras, demonstrating what can be accomplished through shared expertise and dedication to innovation" said Steve Chauffe, Dril Quip's Vice President - Well Construction. "Recognition is due to our dedicated engineering and Brazil operations team, whose expertise and commitment ensured the successful execution of this operation."

About Dril-Quip

Dril-Quip is a developer, manufacturer, and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry.

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

Erin Fazio, Director of Corporate Finance
Erin_Fazio@dril-quip.com

Media Relations Contact

Summer Brown, Director of Marketing
Summer_Brown@dril-quip.com

SOURCE: Dril-Quip, Inc.

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https://www.accesswire.com/800614/dril-quip-achieves-milestone-with-installation-of-its-first-xpak-de-18-x-22-expandable-liner-hanger-for-petrobras

FAQ

What is the ticker symbol of Dril-Quip, Inc.?

The ticker symbol of Dril-Quip, Inc. is DRQ.

Who is the operator of the Sagitario Location pre-salt exploratory well?

The Sagitario Location pre-salt exploratory well is operated by Petrobras.

What are the partners in the Sagitario Location pre-salt exploratory well?

The partners in the Sagitario Location pre-salt exploratory well are Repsol Sinopec Brasil and Shell.

What is the significance of the XPAK-De Expandable Liner Hanger installation?

The XPAK-De Expandable Liner Hanger installation can accelerate the well construction process, lower operating costs, and reduce risks associated with deepwater drilling operations.