Dril-Quip Reports $47 Mln Net Income

Dril-Quip, Inc. has announced net income of $47.1 million, or $1.15 per diluted share, for the three months ended December 31, 2013, versus net income of $31.0 million, or $0.76 per diluted share, for the fourth quarter of 2012.

The fourth quarter 2013 results were unfavorably impacted by an after-tax foreign exchange loss of $2.3 million, or $0.06 per diluted share, as compared to an after-tax foreign exchange loss of $0.7 million, or $0.02 per diluted share, during the fourth quarter of 2012. Total revenues were $232.5 million during the quarter ended December 31, 2013 compared to $188.5 million for the same period in 2012, an increase of $44.0 million or approximately 23%. The increase in revenues resulted from increased product revenues of $40.5 million and increased service revenues of $3.5 million.

For the year ended December 31, 2013, net income was $169.8 million, or $4.16 per diluted share, compared with net income of $119.2 million, or $2.94 per diluted share, for 2012. The results for the twelve months ended December 31, 2013 were negatively impacted by an after-tax foreign exchange loss of $4.6 million, or $0.11 per diluted share, as compared to an after-tax foreign exchange loss of $3.8 million, or $0.09 per diluted share, during the year ended December 31, 2012. Total revenues for the year ended December 31, 2013 were $872.4 million, compared to $733.0 million for the same period in 2012, an increase of approximately 19%.

In addition, the Company announced that its backlog at December 31, 2013 was approximately $1.2 billion, compared to its December 31, 2012 backlog of approximately $881 million. Based upon current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for 2014 to approximate $5.00 to $5.20 and its 2014 first quarter earnings per diluted share to approximate $1.10 to $1.20.

Press Release, February 28, 2014

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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