Dril-Quip
Innovex International (formerly Dril-Quip) is a Houston-based energy industrial platform that designs and manufactures engineered subsea, surface, and downhole oilfield equipment for the full well lifecycle. It serves major international oil and gas operators and offshore drilling contractors globally through direct enterprise sales.
- Company typePublic
- Founded1981
- HeadquartersHouston, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Dril-Quip does
Dril-Quip, Inc., founded in 1981 and headquartered in Houston, Texas, was a developer and manufacturer of highly engineered equipment for the global offshore oil and gas industry, with a historical focus on deepwater and ultra-deepwater subsea wellheads, subsea trees, mudline suspension systems, liner hangers, and casing connectors. In July 2023, the company acquired Great North, a Canadian wellhead and completion solutions provider, for approximately $80 million in cash to broaden its North American product portfolio. In 2024, Dril-Quip merged with Innovex Downhole Solutions to form Innovex International, Inc. (NYSE: INVX), which now operates as a unified energy industrial platform with a comprehensive portfolio spanning the entire well lifecycle across subsea, surface wellheads, well construction, well completion, production, and fishing/intervention categories.
The combined company generates revenue primarily through direct B2B enterprise sales of high-specification, project-specific engineered oilfield equipment to major international oil and gas operators and offshore drilling contractors. Equipment is sold under long-term, negotiated contracts with pricing determined on a per-project basis, with orders flowing into a backlog that provides multi-quarter revenue visibility. Post-merger, Innovex International reported Q1 2026 revenue of $110.2 million (up approximately 4% year-over-year), a backlog of $415 million, and FY2026 revenue guidance of $430-460 million, with subsea segment margins exceeding 20%.
Innovex International serves global markets across deepwater, midwater, and shallow water offshore basins, with a direct enterprise field sales motion, no intermediary channels, and a global manufacturing and service footprint. Its customer base consists of large international oil companies, national oil companies, and offshore drilling contractors requiring high-reliability wellhead and completion systems for demanding offshore environments. The company is publicly traded on the NYSE under the ticker INVX and employs between 5,001 and 10,000 people.
Dril-Quip firmographics
Firmographics- Name
- Dril-Quip
- Legal name
- Innovex International, Inc.
- Website
- https://dril-quip.com
- Company type
- Public
- Founded year
- 1981
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Short description
- Innovex International (formerly Dril-Quip) is a Houston-based energy industrial platform that designs and manufactures engineered subsea, surface, and downhole oilfield equipment for the full well lifecycle. It serves major international oil and gas operators and offshore drilling contractors globally through direct enterprise sales.
- Ownership category
- akta.pro rank
Dril-Quip industry classification
Industry- Product category
- Oilfield Equipment
- NAICS
- Oil and Gas Field Machinery and Equipment Manufacturing (333132), Mining and Oil and Gas Field Machinery Manufacturing (33313)
- SIC
- Oil & Gas Field Machinery & Equipment (3533)
- akta.pro primary industry
- Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL)
- akta.pro secondary industry
- Completion Tools & Subsurface Equipment (Packers, Liners, Valves, Sand Control) (EUALABAD)
Keywords
Where Dril-Quip is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Dril-Quip business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure
Revenue model
- Oilfield Equipment Sales: Sale of high-specification engineered drilling and production equipment including subsea wellheads, subsea trees, liner hanger systems, and completion tools. Revenue is generated through direct sales to oil and gas operators and drilling contractors, with equipment orders feeding into a backlog that provides revenue visibility. The company records revenue primarily from product deliveries against customer contracts, with Q1 2026 revenue of $110.2 million.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Project-based equipment pricing |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Dril-Quip product offering
Product offeringCore offering
Dril-Quip (now Innovex International, Inc.) designs and manufactures high-specification engineered oilfield equipment for the global offshore and onshore oil and gas industry. Its product portfolio spans the full well lifecycle, including subsea wellheads, subsea trees, mudline suspension systems, liner hangers, casing connectors, surface wellheads, well construction tools, completion tools, production tools, and fishing and intervention tools. The company serves deepwater, midwater, and shallow water markets worldwide through direct sales to operators and drilling contractors.
Product overview
Innovex International is an energy industrial platform formed from the 2024 merger of Dril-Quip, Inc. and Innovex Downhole Solutions. The company offers a comprehensive portfolio of oilfield equipment and solutions spanning the entire lifecycle of the well. The product portfolio includes six major categories: (1) Subsea Solutions covering subsea wellheads, connectors, mudline suspension systems, casing connectors, liner hanger systems, downhole deepwater solutions, diverter systems, and subsea trees; (2) Surface Wellheads including drilling wellheads, production wellheads, thermal wellheads, and frac solutions; (3) Well Construction tools such as reamers, stabilizers, drilling enhancement tools, centralizers, stage cementing, specialty deployment, deepwater solutions, downhole swivel tools, and float equipment; (4) Well Completion products including frac plugs, power charges, toe initiation sleeves, casing flotation subs, liner hangers, production tools, service tools, inflatable service packers, and wet shoe systems; (5) Production Solutions featuring penetrators, connectors, gas lift systems, and spooling services; and (6) Fishing & Intervention tools for workover operations including casing pulling tools, external/internal catch tools, junk catchers, milling and cutting tools, stroking tools, safety joints, wireline equipment, remedial repair tools, and power swivels. The portfolio serves shallow water, midwater, and deepwater applications worldwide.
Differentiator
Problem solved
Functional benefit
Products and services
- Subsea Wellheads Subsea wellhead systems designed for deepwater and ultra-deepwater applications, providing structural support and sealing for subsea casings. Used by oil and gas operators and drilling contractors.
- Subsea Connectors Subsea wellhead connectors for establishing reliable mechanical and hydraulic connections between subsea equipment components.
- Surface/Platform Unitized Systems Unitized wellhead systems designed for surface and platform applications, integrating multiple functions into a single assembly.
- Mudline Suspension Systems Mudline suspension systems for supporting and suspending casing strings at the seabed level in subsea wells.
- Casing Connectors Casing connectors for creating secure connections between casing strings in subsea and surface well applications.
- Subsea Liner Hanger Systems Liner hanger systems for suspending liner strings within the wellbore, available for both subsea and surface well completion applications.
- Downhole Deepwater Solutions Comprehensive downhole solutions specifically engineered for deepwater and ultra-deepwater drilling and completion operations.
- Diverter Systems Diverter systems designed to redirect drilling fluids away from the wellbore during emergency situations.
Quantifiable outcome
- Subsea margins exceeding 20% following the Dril-Quip-Innovex merger (per Innovex Q1 2026 earnings)
Companies that use Dril-Quip
Customer profileSegments2 records
Ideal customer profiles2 records
Dril-Quip technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Dril-Quip partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Innovex Downhole SolutionscoreDril-Quip, Inc. merged with Innovex Downhole Solutions in 2024 to form Innovex International, Inc., creating a combined energy industrial platform with a comprehensive well lifecycle portfolio spanning subsea, surface, well construction, completion, production, and fishing/intervention solutions. The merger combined Dril-Quip's subsea and wellhead capabilities with Innovex's downhole tools portfolio.
- Great NorthcoreDril-Quip acquired Great North, a Canadian wellhead and completion solutions provider, for approximately $80 million in an all-cash deal. The transaction aimed to expand Dril-Quip's market presence, product portfolio, and service offerings in the Canadian and broader North American market, with immediate financial benefits and potential earn-outs over 2024 and 2025.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Dril-Quip competitors and assessment
Company assessmentBroad incumbents
- Baker Hughes: Baker Hughes provides subsea trees, wellheads, and a broad portfolio of upstream oilfield equipment and services. It is a diversified incumbent that overlaps with Innovex across multiple product lines including completion tools.
- Halliburton: Halliburton provides a comprehensive suite of upstream oilfield services and equipment, including completion tools, well construction products, and intervention tools. It competes with Innovex in completion and production tool categories.
- NOV (National Oilwell Varco): NOV is a major supplier of drilling rigs, wellheads, and integrated oilfield equipment. Its wellhead and surface equipment offerings compete with Innovex across multiple categories, though NOV is broader in scope.
- SLB (Schlumberger): SLB, through its Cameron product line, is a major provider of subsea wellheads, trees, and surface equipment. As a broader OFS incumbent, it competes with Innovex across well construction, completion, and intervention tool categories.
Direct peers
- Aker Solutions: Aker Solutions designs and supplies subsea production systems, wellheads, and trees for offshore oil and gas developments. It directly competes in the deepwater subsea equipment niche alongside Innovex International.
- Forum Energy Technologies: Forum Energy Technologies supplies subsea wellhead, drilling, and intervention equipment to offshore operators. It is a focused peer in subsea wellheads and related tooling comparable to Dril-Quip/Innovex's subsea portfolio.
- TechnipFMC: TechnipFMC is a leading integrated subsea equipment and services provider offering subsea trees, wellheads, controls, and manifolds to deepwater operators. It is the most directly comparable peer to Innovex's subsea wellhead and tree portfolio.
- Weatherford International: Weatherford offers well construction, completion, and intervention tools comparable to Innovex's downhole product portfolio. It is a relevant direct peer in the completion and intervention equipment categories.
- Oceaneering International: Oceaneering provides subsea intervention tooling, wellhead intervention, and offshore installation services. Its subsea tooling and intervention product lines overlap meaningfully with Innovex's fishing and intervention portfolio.
Emerging players
- Subsea 7: Subsea 7 is primarily a subsea installation, SURF, and engineering contractor, but it is increasingly adjacent to equipment specification and integration for offshore projects. It overlaps thematically with Innovex's deepwater project exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Dril-Quip social profiles
Digital presenceDril-Quip financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dril-Quip leadership team
Management profileNumber of profiles
Dril-Quip subsidiaries and ownership
Company hierarchySubsidiaries1 record
Dril-Quip funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dril-Quip M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dril-Quip
What does Dril-Quip do?
Dril-Quip (now Innovex International, Inc.) designs and manufactures high-specification engineered oilfield equipment for the global offshore and onshore oil and gas industry. Its product portfolio spans the full well lifecycle, including subsea wellheads, subsea trees, mudline suspension systems, liner hangers, casing connectors, surface wellheads, well construction tools, completion tools, production tools, and fishing and intervention tools. The company serves deepwater, midwater, and shallow water markets worldwide through direct sales to operators and drilling contractors.
Is Dril-Quip a public or private company?
Dril-Quip is a public company. It is classified as public and is currently acquired.
When was Dril-Quip founded?
Dril-Quip was founded in 1981. It employs 5,001 to 10,000 people.
Where is Dril-Quip based?
Dril-Quip is headquartered in Houston, United States, in the North America region.
How does Dril-Quip make money?
One revenue line is on record: oilfield Equipment Sales.
Who are Dril-Quip's main competitors?
Broad incumbents on record are Baker Hughes, Halliburton, NOV (National Oilwell Varco) and SLB (Schlumberger). Direct peers are Aker Solutions, Forum Energy Technologies, TechnipFMC, Weatherford International and Oceaneering International. Subsea 7 is listed as an emerging player.
Does Dril-Quip have an API?
No public API is recorded for Dril-Quip.
What industry is Dril-Quip in?
Dril-Quip's product category is Oilfield Equipment. Its primary akta.pro industry code is EUALABAL, Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment), with a secondary code of EUALABAD, Completion Tools & Subsurface Equipment (Packers, Liners, Valves, Sand Control). Its NAICS code is 333132 and its SIC code is 3533.