Dril-Quip, Innovex agree to merger

March 19, 2024
Deal expected to combine Dril-Quip’s subsea services, products with Innovex’s deepwater well construction portfolio.

Offshore staff

HOUSTON – Dril-Quip and Innovex Downhole Solutions, a supplier of well life-cycle technologies and services, have agreed to merge via an all-stock transaction.

On closure, Dril-Quip stockholders would own around 52% of the combined company and Innovex stockholders around 48%.

The new group, with annual revenue of over $1 billion, would offer clients technical solutions for offshore and onshore application, with roughly 56% of its revenue coming from the international and offshore sectors and 44% from the onshore markets in the US and Canada.