Dril-Quip achieved revenue of $94 million in second-quarter 2022, up $10.8 million from the first quarter, and driven by improved subsea equipment and downhole products and services results.
President and CEO Jeff Bird said the figures reflect the improving offshore drilling market and a focus on controlling costs while improving margins
Downhole Tools experienced broad growth across all geographies, while Subsea Services benefited from strong demand on rework and recertification as rigs start to come back online.
However, bookings for Subsea Products slowed as operators continue to evaluate projects in an uncertain demand environment with historically high inflation. Many of these projects are said to be targeting second-half investment decisions.
Dril-Quip anticipates revenue growth of 10% for the full year 2022 compared to 2021.
“We believe the foundation of the strong product-line focused teams that we began forming in early 2022 is bearing fruit by streamlining customer focus, eliminating excess costs and improving efficiency,” Bird concluded. “We also continue to progress on our footprint rationalization plan…”