Dril-Quip Prices Common Stock Offering

Dril-Quip has 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.

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