Dril-Quip Settles Riser Warranty Claims
Dril-Quip, Inc. has settled a previously disclosed warranty claim related to the Company's drilling riser product. As a result of the settlement, all outstanding warranty issues related to the Company's drilling riser product have been resolved. The financial terms of the settlement are confidential.
Riser warranty claims were the subject of a reserve established by the Company in the fourth quarter of 2002, and as a result of this settlement, the Company's second quarter 2003 results will include an additional special charge. The Company expects that, even after taking into account this special charge, earnings per share for the second quarter of 2003 will approximate earnings per share for the first quarter of 2003 of $0.12.
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