HOUSTON, Jan. 6, 2017 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) announced today that it has acquired The Technologies Alliance, Inc. d/b/a OilPatch Technologies (OPT) for approximately $20 million funded with cash on hand, subject to closing adjustments. Founded in 1990 and based in Houston, Texas, OPT is a provider of offshore riser systems and components, proprietary threaded connections and other products, with a focus on deepwater Spar and TLP Systems.
Blake DeBerry, President and Chief Executive Officer of Dril-Quip, stated, "We welcome OilPatch Technologies and its employees to Dril-Quip and are confident their product offerings will complement and further strengthen our position as a leading provider of Dry Tree Systems and associated riser products."
Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the acquisition of OPT, including statements regarding the anticipated benefits of the acquisition. Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks, some of which are beyond the Company's control, including but not limited to the potential benefits of the acquisition and other factors detailed in the Company's public filings with the Securities and Exchange Commission. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.
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SOURCE Dril-Quip, Inc.