Dril-Quip, Inc. (DRQ)

Dril-Quip, Inc. designed and manufactured offshore drilling and production equipment used mainly in deepwater oil and gas fields. Its products included subsea wellheads, specialty connectors, riser systems, surface wellheads and production trees, along with related installation and repair services. Customers were large oil companies and drilling contractors working in places such as the Gulf of Mexico, the North Sea, Brazil and West Africa.

The company was founded in Houston in 1981 and listed its shares on the New York Stock Exchange in 1997 under the symbol DRQ. It grew with the expansion of deepwater drilling in the 2000s and was known for a conservative balance sheet. The oil price collapse of 2014 and 2015 cut offshore spending sharply, and the company spent years restructuring and reducing costs.

In March 2024 Dril-Quip agreed to combine with Innovex Downhole Solutions, a privately held Houston company backed by Amberjack Capital that makes downhole tools for onshore and offshore wells. Dril-Quip was the legal acquirer in the all-stock deal, but Innovex shareholders received the majority of the combined company and Innovex management took the lead roles. The combined company was expected to have a broader product range and a larger presence in onshore drilling markets.

The merger closed on September 6, 2024, and Dril-Quip shares last traded under DRQ that day. The company was renamed Innovex International, Inc., with Adam Anderson as chief executive, and its stock began trading on the NYSE as INVX on September 9, 2024. The combined business sells well construction, completion and production equipment worldwide. Former DRQ shareholders received shares of the renamed company.