The combined company, headquartered in Houston, will be called Innovex International and its common stock is expected to trade on the New York Stock Exchange under a new ticker symbol, INVX. (Source: Shutterstock)
Proxy advisory firm Institutional Shareholder Services (ISS) recommends Dril-Quip stockholders vote for its proposed merger with Innovex Downhole Solutions, according to an Aug. 19 press release.
Under the terms of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.
ISS confirmed that the merger, announced March 18, will help expand Dril-Quip’s onshore operations and increase its scale, the release said.
The transaction will boost the combined companies’ wellbore product suite, providing “an entire onshore and/or offshore wellbore offering without the need to source specific components from third parties,” ISS said.
The combined company, headquartered in Houston, will be called Innovex International and its common stock is expected to trade on the New York Stock Exchange under a new ticker symbol, INVX.
ISS also notes that the transaction is expected to deliver financial benefits, including nearly $30 million in annual cost savings and additional revenue synergies.
Dril-Quip stockholders will meet to vote on the merger at 9:30 a.m. CT Sept. 5.
Recommended Reading
IOCs See Opportunity in Offshore Mexico, Despite Potential for Policy Changes
2024-08-14 - Five IOCs with offshore experience and capital—Eni, Harbour, Talos, Wintershall Dea and Woodside—continue to pursue promising opportunities offshore Mexico despite the country’s energy sovereignty push in favor of state-owned entities Pemex and CFE.
OPEC Gets Updated Plans From Iraq, Kazakhstan on Overproduction Compensation
2024-08-22 - OPEC and other producers including Russia, known as OPEC+, have implemented a series of output cuts since late 2022 to support the market.
Chevron Gets Approval for Farm-in Offshore Uruguay
2024-09-26 - Chevron Corp. received approval for farm-in at the AREA OFF-1 block offshore Uruguay and along with partner CEG Uruguay SA eyes the acquisition of 3D seismic over the remainder of 2024.
E&P Highlights: Sep. 2, 2024
2024-09-03 - Here's a roundup of the latest E&P headlines, with Valeura increasing production at their Nong Yao C development and Oceaneering securing several contracts in the U.K. North Sea.
Breakthroughs in the Energy Industry’s Contact Sport, Geophysics
2024-09-05 - At the 2024 IMAGE Conference, Shell’s Bill Langin showcased how industry advances in seismic technology has unlocked key areas in the Gulf of Mexico.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.