Dril-Quip Inc is a Delaware corporation founded in 1981. The Company designs, manufactures, sells and services engineered offshore drilling and production equipment which are used in deepwater, harsh environment and severe service applications. Its products include subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. The Company products are used by integrated, foreign national oil and gas companies in offshore areas. The Company also provides technical advisory assistance on an as-requested basis during installation of its products. In addition, the Company's customers might rent or purchase running tools from the Company for use in the installation and retrieval of its products. The Company has developed its line of subsea equipment, surface equipment and offshore rig equipment through its internal product research and development. The Company's operations are organized into three geographic segments: Western Hemisphere, including North and South America; Eastern Hemisphere, including Europe and Africa; and Asia-Pacific including the Pacific Rim, Southeast Asia, Australia, India and the Middle East. The Company has manufacturing facilities in Houston, Texas; Aberdeen, Scotland; Macae, Brazil; and Singapore. It maintains facilities for fabrication and/or reconditioning in Australia, Norway, Denmark, Nigeria, China, Egypt, Ghana and Qatar. The Company markets its products through its offices and sales representatives located in international energy markets. The Company's customers are integrated, independent and foreign national oil and gas companies. Offshore drilling contractors and engineering and construction companies also represent its customer base. The Company faces competition from other manufacturers and suppliers of exploration and production equipment. The Company competes with GE Oil and Gas, and the petroleum production equipment segments of OneSubsea, a joint venture of Cameron International Corporation, FMC Technologies, Inc., and Aker Solutions. The Company's operations are subject to federal, state, local and foreign laws and regulations.
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