HOUSTON, June 12, 2014 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced that its Board of Directors has authorized a stock repurchase program under which the Company can repurchase up to $100 million of its common stock. The repurchase program has no set expiration date. Repurchases under the program will be made through open market purchases, privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Securities Exchange Act of 1934. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and may be modified or suspended at any time at the Company's discretion. Any repurchased shares are expected to be cancelled.
The Company recently completed a previously authorized stock repurchase program of $100 million, under which the Company repurchased 85,840 shares of its common stock for $10 million in the 4th quarter of 2013 and 869,699 shares of its common stock for $90 million in the 2nd quarter of 2014.
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. 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 beyond the Company's control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company's international operations, operating risks, and other factors detailed in the Company's public filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.