HOUSTON – Dril-Quip has noted various positive developments in the offshore drilling sector in its latest results statement.
Jeff Bird, president and CEO, drew attention to a collaboration agreement that the company signed with OneSubsea early last year to provide both wellheads and liner hangers “for projects where we have a more fit-for-purpose offering.”
Bird commented that: “This collaboration agreement is giving us significantly more opportunities for our products with customers in underserved markets. While we are already seeing the benefits of this agreement in our downhole tool business, we expect the first subsea wellhead awards will be realized in the coming months.”
Dril-Quip’s announcement this week of another collaboration, with Aker Solutions, “opens the door for us to participate in a best-in-class carbon capture, utilization and storage offering with our customized injection wellheads and subsea trees,” Bird said.
Last year the company increased its downhole tools products revenue by more than 35%, with strong results in Latin America and the Middle East geographies, and installed its first XPak De in deepwater.
“We expect to see these trends continue in 2022 as we look to grow this product line to $100 million in revenue over the next couple of years,” Bird added.
Finally, there was an uptake of the company’s ‘e-Series’ technology offering. “Perhaps our biggest success, "Bird noted, "was the Big Bore IIe wellhead. In addition to multiple installations and the adoption by several key customers as their new standard, we were awarded contracts in Brazil to provide up to 87 of these wellheads for the exploration and development stages of projects expect to be completed over the next several years.”
Dril-Quip also achieved a Spotlight on New Technology Award at OTC for its BADGeR casing connector.