Innovex and Dril-Quip Complete Merger, Creating Unique Energy Industrial Platform
Innovex International has completed its merger with Dril-Quip (NYSE: DRQ), forming a new energy industrial platform. The merged entity, now called Innovex International, will begin trading on the NYSE under the ticker symbol "INVX" on September 9, 2024. As of the close of trading on September 6, 2024, Dril-Quip's stock ceased trading under the symbol DRQ.
This merger combines the strengths of both companies, with Innovex Downhole Solutions' expertise in designing and manufacturing products for the global upstream onshore and offshore activities and Dril-Quip's engineering and service capabilities for the oil and gas industry. The merged entity aims to deliver superior growth, cash flow, and returns, leveraging a talented workforce and a 'No Barriers' culture.
Innovex International ha completato la sua fusione con Dril-Quip (NYSE: DRQ), formando una nuova piattaforma industriale energetica. L'entità fusa, ora chiamata Innovex International, inizierà a essere quotata sul NYSE con il simbolo "INVX" il 9 settembre 2024. Alla chiusura delle contrattazioni il 6 settembre 2024, le azioni di Dril-Quip hanno cessato di essere scambiate con il simbolo DRQ.
Questa fusione combina i punti di forza di entrambe le aziende, con l'esperienza di Innovex Downhole Solutions nella progettazione e produzione di prodotti per le attività offshore e onshore a livello globale e le capacità ingegneristiche e di servizio di Dril-Quip per l'industria del petrolio e del gas. L'entità fusa mira a fornire una crescita, un flusso di cassa e rendimenti superiori, sfruttando una forza lavoro talentuosa e una cultura 'No Barriers'.
Innovex International ha completado su fusión con Dril-Quip (NYSE: DRQ), formando una nueva plataforma industrial energética. La entidad fusionada, ahora llamada Innovex International, comenzará a cotizar en la NYSE bajo el símbolo "INVX" el 9 de septiembre de 2024. Al cierre de las operaciones el 6 de septiembre de 2024, las acciones de Dril-Quip dejaron de cotizar bajo el símbolo DRQ.
Esta fusión combina las fortalezas de ambas compañías, con la experiencia de Innovex Downhole Solutions en el diseño y fabricación de productos para actividades onshore y offshore en todo el mundo y las capacidades de ingeniería y servicio de Dril-Quip para la industria del petróleo y gas. La entidad fusionada tiene como objetivo ofrecer un crecimiento, flujo de efectivo y rendimientos superiores, aprovechando una fuerza laboral talentosa y una cultura de 'No Barriers'.
Innovex International는 Dril-Quip (NYSE: DRQ)와의 합병을 완료하여 새로운 에너지 산업 플랫폼을 형성했습니다. 이제 Innovex International로 불리는 합병체는 2024년 9월 9일 NYSE에서 "INVX"라는 종목으로 거래를 시작할 것입니다. 2024년 9월 6일 거래 종료 시점에 Dril-Quip의 주식은 DRQ 기호로 거래를 중지했습니다.
이번 합병은 두 기업의 강점을 결합하며, Innovex Downhole Solutions의 연안 및 해양 활동을 위한 제품 설계 및 제조 전문성과 Dril-Quip의 석유 및 가스 산업을 위한 엔지니어링 및 서비스 능력을 결합합니다. 합병된 엔티티는 재능 있는 인력 및 'No Barriers' 문화를 활용하여 뛰어난 성장, 현금 흐름 및 수익률을 제공하는 것을 목표로 합니다.
Innovex International a terminé sa fusion avec Dril-Quip (NYSE: DRQ), formant ainsi une nouvelle plateforme industrielle énergétique. L'entité fusionnée, désormais appelée Innovex International, commencera à être cotée à la NYSE sous le symbole "INVX" le 9 septembre 2024. À la clôture des échanges le 6 septembre 2024, les actions de Dril-Quip ont cessé d’être échangées sous le symbole DRQ.
Cette fusion combine les forces des deux entreprises, avec l'expertise d'Innovex Downhole Solutions en conception et fabrication de produits pour les activités offshore et onshore à l'échelle mondiale et les capacités d'ingénierie et de services de Dril-Quip pour l'industrie pétrolière et gazière. L'entité fusionnée vise à offrir une croissance, un flux de trésorerie et des rendements supérieurs, en s'appuyant sur une main-d'œuvre talentueuse et une culture 'No Barriers'.
Innovex International hat seine Fusion mit Dril-Quip (NYSE: DRQ) abgeschlossen und eine neue industrielle Energieplattform gebildet. Das fusionierte Unternehmen, das jetzt Innovex International heißt, wird am 9. September 2024 an der NYSE unter dem Tickersymbol "INVX" gehandelt. Zum Handelsende am 6. September 2024 wurde der Handel der Dril-Quip-Aktien unter dem Symbol DRQ eingestellt.
Diese Fusion verbindet die Stärken beider Unternehmen, mit der Expertise von Innovex Downhole Solutions in der Gestaltung und Herstellung von Produkten für globale Onshore- und Offshore-Aktivitäten sowie den Ingenieur- und Servicefähigkeiten von Dril-Quip für die Öl- und Gasindustrie. Das fusionierte Unternehmen hat zum Ziel, überlegenes Wachstum, Cashflow und Renditen zu liefern, indem es eine talentierte Belegschaft und eine 'No Barriers'-Kultur nutzt.
- Innovex International and Dril-Quip merger creates a unique energy industrial platform.
- New entity to trade under ticker symbol 'INVX' starting September 9, 2024.
- Combined capabilities aim for superior growth, cash flow, and returns.
- Dril-Quip's stock ceases trading under ticker symbol 'DRQ' on September 6, 2024.
Insights
The merger between Innovex and Dril-Quip marks a significant shift in the energy equipment sector, creating a more diversified and potentially more resilient entity. This consolidation could lead to enhanced market positioning and improved operational efficiencies. The combined company's broader product portfolio spanning both onshore and offshore segments may reduce cyclical risks and increase revenue stability. However, investors should closely monitor the integration process and any potential synergies or cost savings that may materialize. The change in ticker symbol to "INVX" on the NYSE signals a fresh start, but it's important to watch for any short-term volatility as the market adjusts to this new entity.
This merger creates a unique energy industrial platform that combines Dril-Quip's offshore expertise with Innovex's onshore capabilities. The resulting company is well-positioned to address the entire well lifecycle, potentially capturing more value across the energy production chain. The "No Barriers" culture mentioned by CEO Adam Anderson suggests a focus on innovation and agility, which could be important in adapting to the rapidly evolving energy landscape. However, the success of this merger will depend on how effectively the two companies integrate their technologies and operations. Investors should pay attention to any new product developments or expansion into emerging energy markets that may result from this combination.
The merger's timing is intriguing, given the current global energy transition. By combining forces, Innovex and Dril-Quip may be better equipped to navigate the shift towards cleaner energy sources while still serving traditional oil and gas markets. The emphasis on a "curated portfolio of technologies" suggests a strategic approach to product offerings, which could help the company maintain relevance in a changing industry. Investors should watch for potential market share gains and any shifts in customer base post-merger. Additionally, the promise of "superior growth, cash flow and returns" sets high expectations; monitoring quarterly results will be important to assess if these promises materialize. The merger's success could also spark further consolidation in the energy equipment sector.
Innovex International to Begin Trading on NYSE Under Symbol "INVX" on September 9, 2024
HOUSTON, TX / ACCESSWIRE / September 6, 2024 / Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company"), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, today announced it has completed its previously announced merger with Innovex Downhole Solutions, Inc., a designer and manufacturer of products to support global upstream onshore and offshore activities.
This combined company has assumed the Innovex International, Inc. ("Innovex") name and will begin trading on the New York Stock Exchange on September 9, 2024, under the ticker symbol "INVX." In connection with the close of the transaction, Dril-Quip's common stock ceased trading on the New York Stock Exchange under the ticker symbol "DRQ" as of the close of trading on September 6, 2024.
"We're thrilled to complete the Innovex and Dril-Quip merger, creating a differentiated business with a curated portfolio of technologies that support our customers throughout the well's lifecycle. I'd like to thank the employees of our combined company for all they have done to bring us to this milestone. Leveraging our talent and ‘No Barriers' culture, we will deliver superior growth, cash flow and returns creating value for our employees and our shareholders," said Adam Anderson, CEO of Innovex International.
About Innovex International
Innovex International, Inc. (NYSE:INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc. and Innovex Downhole Solutions.
Our comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer.
With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.
Contact Information
Investor Relations:
Erin Fazio, Director of Corporate Finance
erin_fazio@dril-quip.com
Media Relations:
Nichola Alexander, Director of Marketing
nichola.alexander@innovex-inc.com
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein relating to future operations and financial results or that are otherwise not limited to historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended, including, but not limited to, those related to projections as to the anticipated benefits of the merger, the impact of the merger on Dril-Quip's and Innovex's businesses and future financial and operating results, the amount and timing of synergies from the merger, and the combined company's projected revenues, adjusted EBITDA and free cash flow, accretion, business and expansion opportunities, plans and amounts of any future dividends or return of capital to shareholders, are based on management's estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond Dril-Quip's and Innovex's control. These factors and risks include, but are not limited to: the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, risks related to the proposed transaction, including, the prompt and effective integration of Dril-Quip's and Innovex's businesses and the ability to achieve the anticipated synergies and value-creation contemplated by the merger; unanticipated difficulties or expenditures relating to the merger, the response of business partners and retention as a result of the merger; and the diversion of management time on merger related issues, the impact of general economic conditions, including inflation, on economic activity and on Dril-Quip's and Innovex's operations, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment with respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, Dril-Quip's and Innovex's international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil fuel production to renewable energy resources, and other factors detailed in Dril-Quip's public filings with the Securities and Exchange Commission (the "SEC"). Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.
SOURCE: Dril-Quip, Inc.
View the original press release on accesswire.com
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