DRIL-QUIP will be a Supplier for Petrobras Pre-Salt Development Wells Project

Rhea-AI Summary

Dril-Quip, Inc. (NYSE:DRQ) announces selection as supplier of drill-through systems for Petrobras' pre-salt development wells. The groundbreaking Big Bore™ II 'e' wellhead contract will revolutionize offshore drilling practices, enabling substantial rig time savings of up to 6 days per well in ultra-deep waters, lowering carbon emissions, and providing significant cost savings. This pioneering technology achieves impressive gains by eliminating the requirement for additional lockdown devices, employing state-of-the-art seal assemblies, and streamlining drilling procedures while maintaining the highest standards of safety and dependability.

Positive

• Revolutionizing offshore drilling practices
• Substantial rig time savings of up to 6 days per well in ultra-deep waters
• Lowering carbon emissions
• Significant cost savings
• State-of-the-art seal assemblies
• Maintaining the highest standards of safety and dependability
• Shared commitment to reducing carbon emissions, prioritizing safety, and promoting sustainable practices in the industry

Negative

• None.

Revolutionary Drill Through Systems to Enhance Offshore Operations

HOUSTON, TX / ACCESSWIRE / November 16, 2023 / Dril-Quip, Inc. (NYSE:DRQ), (the "Company" or "Dril-Quip"), a global leader in offshore drilling solutions, is delighted to announce its selection, after a competitive process, as supplier of drill-through systems for Petrobras' pre-salt development wells.

Dril-Quip is prepared for this groundbreaking project for its commitment to technological advancement and industry leadership. These advancements have been made possible by the Company's Big Bore™ II "e" wellhead and notable successes in seal qualification.

Under the terms of the Big Bore™ II "e" wellhead contract, Dril-Quip will play a pivotal role in revolutionizing offshore drilling practices. The innovative Drill Through Systems included in this agreement reshape the landscape of rig operations, by enabling substantial rig time savings of up to 6 days per well in ultra-deep waters, thus lowering carbon emissions, and providing significant cost savings. This pioneering technology achieves impressive gains by eliminating the requirement for additional lockdown devices, employing state of the art seal assemblies, and streamlining drilling procedures while maintaining the highest standards of safety and dependability.

"We are incredibly honored to have been one of the winners of Petrobras' competitive process for this pivotal role in their pre-salt development wells project," stated Don Underwood, Vice President - Subsea Products at Dril-Quip. "This partnership is a testament to our enduring commitment to pushing the boundaries of offshore drilling innovation both in Brazil and abroad."

Dril-Quip continues to spearhead innovation, is equipped to meet new challenges and deliver unparalleled value to its partners. This partnership with Petrobras is driven by forward-thinking approaches and a shared commitment to reducing carbon emissions, prioritizing safety, and promoting sustainable practices in the industry.

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.

About Petrobras

Petrobras, officially known as Petróleo Brasileiro S.A., is a leading Brazilian multinational energy corporation. With a rich history and extensive expertise in the energy sector, Petrobras operates in various areas of the oil, gas, and energy industry, contributing significantly to Brazil's energy security and economic development.

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.

View source version on accesswire.com:
https://www.accesswire.com/804509/dril-quip-will-be-a-supplier-for-petrobras-pre-salt-development-wells-project

FAQ

What is Dril-Quip, Inc.'s role in the Petrobras' pre-salt development wells project?

Dril-Quip, Inc. has been selected as the supplier of drill-through systems for Petrobras' pre-salt development wells, playing a pivotal role in revolutionizing offshore drilling practices.

How much rig time savings can be achieved with the Big Bore™ II 'e' wellhead contract?

The innovative technology enables substantial rig time savings of up to 6 days per well in ultra-deep waters, resulting in significant cost savings and lower carbon emissions.

What are the key benefits of Dril-Quip's pioneering technology?

The technology achieves impressive gains by eliminating the requirement for additional lockdown devices, employing state-of-the-art seal assemblies, and streamlining drilling procedures while maintaining the highest standards of safety and dependability.

What is Dril-Quip, Inc.'s commitment to reducing carbon emissions and promoting sustainable practices in the industry?

Dril-Quip, Inc. is committed to reducing carbon emissions, prioritizing safety, and promoting sustainable practices in the industry, as evidenced by its partnership with Petrobras.

What is the significance of Dril-Quip, Inc.'s partnership with Petrobras?

The partnership with Petrobras is driven by forward-thinking approaches and a shared commitment to reducing carbon emissions, prioritizing safety, and promoting sustainable practices in the industry.