HOUSTON, Jan. 6, 2017 /PRNewswire/ -- Dril-Quip, Inc.
(NYSE: DRQ) announced today that it has acquired The Technologies
Alliance, Inc. d/b/a OilPatch Technologies (OPT) for approximately
$20 million funded with cash on hand,
subject to closing adjustments. Founded in 1990 and based in
Houston, Texas, OPT is a provider
of offshore riser systems and components, proprietary threaded
connections and other products, with a focus on deepwater Spar and
TLP Systems.
Blake DeBerry, President and
Chief Executive Officer of Dril-Quip, stated, "We welcome OilPatch
Technologies and its employees to Dril-Quip and are confident their
product offerings will complement and further strengthen our
position as a leading provider of Dry Tree Systems and associated
riser products."
About Dril-Quip
Dril-Quip is a leading manufacturer of highly engineered
offshore drilling and production equipment, which is well suited
for use in deepwater, harsh environment and severe service
applications.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding the acquisition of OPT, including statements
regarding the anticipated benefits of the acquisition.
Forward-looking statements are based upon certain assumptions and
analyses made by the Company in light of its experience and
perception of historical trends, current conditions, expected
future developments and other factors. These statements are subject
to risks, some of which are beyond the Company's control, including
but not limited to the potential benefits of the acquisition 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.
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SOURCE Dril-Quip, Inc.