Dril-Quip, Inc. (NYSE: DRQ), a leading provider of highly engineered equipment and services for the international oil and gas industry, has completed its merger with Innovex Downhole Solutions, Inc., a company specializing in products for onshore and offshore exploration and production.
The newly formed entity will be known as Innovex International, Inc. (“Innovex”) and will start trading on the New York Stock Exchange under the symbol “INVX” on September 9, 2024. Following the merger, Dril-Quip’s common stock will cease trading under the symbol “DRQ” effective at the close of trading on September 6, 2024.
Adam Anderson, CEO of Innovex International, expressed enthusiasm about the merger, stating, “We are thrilled to finalize the merger between Innovex and Dril-Quip. This merger creates a unique company with a robust portfolio of technologies that will support our customers throughout the entire well lifecycle. I want to thank our employees for their dedication in reaching this milestone. By harnessing our talent and ‘No Barriers’ culture, we aim to drive superior growth, cash flow, and returns, delivering significant value to our employees and shareholders.”
About Innovex International
Innovex International, Inc. (NYSE: INVX) is a Houston-based company formed in 2024 from the merger of Dril-Quip, Inc. and Innovex Downhole Solutions. The company offers a comprehensive portfolio that covers the entire well lifecycle, integrating innovative products to ensure efficient transitions between well phases, which reduces costs and minimizes maintenance expenditures.
With a global presence across North America, Latin America, Europe, the Middle East, and Asia, Innovex provides technical expertise, cutting-edge technologies, and 24/7 customer support wherever needed.
Cautionary Statement Regarding Forward-Looking Statements
This announcement contains forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include projections regarding the merger’s benefits, the impact on Dril-Quip and Innovex’s businesses, future financial results, and anticipated synergies. They are based on management’s estimates and are subject to significant uncertainties, many of which are beyond the control of Dril-Quip and Innovex.
Key risks include potential challenges in integrating the businesses, achieving anticipated synergies, and responding to changes in the oil and gas industry, such as fluctuations in oil prices, regulatory changes, and shifts towards renewable energy. For further details on risks, refer to Dril-Quip’s filings with the U.S. Securities and Exchange Commission (SEC). Actual results may differ materially from those projected.
The original language text of this announcement is the official version. Translations are provided for convenience only and must refer to the original text, which holds legal authority.
