Dril-Quip

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.

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

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

• Subsea wellhead equipment
• Offshore drilling equipment
• Oilfield completion tools
• Downhole intervention tools
• Deepwater production systems

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core 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)

Segments2 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• Innovex Downhole SolutionscoreStrategic or Co-development Partner · 1 January 2024Dril-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 NorthcoreStrategic or Co-development Partner · 31 July 2023Dril-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

Broad 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

• YouTubeyoutube.com/@invx_inc
• Facebookfacebook.com/126575124062091
• LinkedInlinkedin.com/company/dril-quip
• Instagraminstagram.com/invx.inc

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dril-Quip