HOUSTON, May 05, 2020 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (DRQ) announced that it was presented with a Spotlight on New Technology Award by the 2020 Offshore Technology Conference (OTC) yesterday for its VXTe™ Vertical Subsea Tree System. The VXTe™ system eliminates the need for a tubing head spool and the requirement for orientations of the tubing hanger, saving time and equipment cost. Key aspects of the VXTe™ are a self-orienting stab sub, automatic space out of the tubing hanger and an isolated annulus flow with the annulus gate valve packaged inside the tubing hanger. This technology allows operators to run tubing hangers similarly to casing hangers, without the need for time-consuming orientation.
Blake DeBerry, Dril-Quip’s President and Chief Executive Officer, remarked, “We are excited to receive another Spotlight on New Technology Award from OTC. The VXTe™ system is a simple, robust and elegant answer to the industry’s subsea tree challenges. The system reduces installation times by eliminating tubing head installation, removing steps for aligning and running traditional tubing hangers, eliminating lead-impression measurement trips, and giving the option of running the tubing hanger and completing the well during the drilling phase. These benefits can eliminate a blowout preventer installation and removal sequence, which is currently a costly step while drilling an offshore well. By streamlining the installation process and avoiding the cost of the tubing head spool and associated parts, the VXTe™ system can significantly reduce overall project development costs. In this uncertain market, we are pleased to leverage our engineering expertise to provide operators with technologically innovative products that can result in structural cost savings.”
Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep water, harsh environments and severe service applications.
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
Blake Holcomb, Director of Investor Relations and Corporate Planning