Dril-Quip, Inc. Announces Pricing of Common Stock Offering

HOUSTON, Dec. 15 /PRNewswire-FirstCall/ — Dril-Quip, Inc. announced today that it priced a public offering of 3.0 million shares of its common stock at $52.00 per share. Dril-Quip is selling 1.5 million shares of common stock and the selling stockholders are selling 1.5 million shares of common stock. The Company and the selling stockholders have granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock solely to cover over-allotments, if any. The first 423,075 shares to be sold upon any exercise of the underwriters’ over-allotment option will be sold by the selling stockholders, and any additional shares will be sold by Dril-Quip. Dril-Quip will not receive any proceeds from the sale of the shares by the selling stockholders, all of whom are members of senior management of Dril-Quip and certain entities which they control.

The offering is made pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on November 30, 2005, and Dril-Quip expects to deliver the shares on December 20, 2005, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds of the offering for general corporate purposes.

UBS Investment Bank and Morgan Stanley acted as joint book-running managers for the offering. In addition, Lehman Brothers acted as a senior co-manager, and Simmons & Company International and Howard Weil were co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A prospectus supplement and accompanying base prospectus relating to the offering can be obtained from UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, New York 10171 ((212) 821-3000), or Morgan Stanley, 180 Varick Street, New York, New York 10014 (prospectus@morganstanley.com ).

Statements contained in this press release relating to beliefs and expectations that are forward-looking statements are based upon certain assumptions and analyses made by the management of 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.

Dril-Quip, Inc. manufactures highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

Dril-Quip, Inc.

CONTACT: Jerry M. Brooks, Chief Financial Officer of Dril-Quip, Inc.,+1-713-939-7711