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Dril-Quip Completes Merger with Innovex Downhole Solutions, Forms Innovex International

Author

Slice of Energy Team
September 10, 2024

Key Highlights:

  • Dril-Quip merges with Innovex Downhole Solutions to form Innovex International.

  • Innovex International now trades on the NYSE under the symbol INVX.

  • Merger aims to deliver superior growth, cash flow, and returns for shareholders.

Source (Business Wire)

Notable Quote:

❝

“We’re thrilled to complete the Innovex and Dril-Quip merger, creating a differentiated business with a curated portfolio of technologies that support our customers throughout the well’s lifecycle."

Adam Anderson, CEO at Innovex International

Our Take:

The merger of Dril-Quip and Innovex Downhole Solutions is a significant development in the oil and gas equipment sector. The formation of Innovex International positions the company as a comprehensive service provider, covering the full lifecycle of the well. By consolidating expertise and technologies, Innovex aims to drive efficiency and reduce costs for its clients, which could lead to enhanced shareholder value and a stronger market position globally. The new Innovex trading symbol, INVX, on the NYSE marks a fresh start, signaling a promising future for the newly merged entity.