Dril-Quip, Inc. Wins Spotlight on New Technology Award For VXTe™ Vertical Subsea Tree System
May 05 2020 - 5:00PM
Dril-Quip, Inc. (NYSE: 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.”
About Dril-Quip
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.
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
Blake Holcomb, Director of Investor Relations
and Corporate
Planning(713) 939-7711Blake_Holcomb@dril-quip.com
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