Offshore staff
HOUSTON – Dril-Quip is seeing encouraging signs of customers preparing to allocate resources to increase their offshore activity.
CEO Blake DeBerry, commenting in a review of the company’s second-quarter results, said there were positive signs in the market for the company to increase its orders, with its recent subsea wellhead supply collaboration set to benefit from late 2021 onwards.
Other highlights of 2Q included a contract with a national oil company in Brazil to provide XPak De liner hanger systems over the next three years; and an award for a major offshore gas project in Saudi Arabia involving a specialized solution.
Dril-Quip also undertook installations of its DXe wellhead connector in the North Sea, described by DeBerry as a “high fatigue wellhead connector uniquely suited for drillships operating in the shallow, harsh water environments common to the area.”
And following a favorable judgment in the company’s lawsuit with FMC Technologies, it saw growing interest from and engagement with customers for its VXTe subsea tree technology.
“Many of these customers have been particularly interested in the VXTe subsea trees ability to not only save them time and money on their wells, but also reduce their carbon footprint by an estimated 1,000 metric tons [1,102 tons] per well.”
A VXTe tree looks set to be delivered later this year, followed by the first installation by 1Q 2022.
08/02/2021
