Dril Quip : and Innovex Merger Announcement

March 2024

DRIL-QUIP AND INNOVEX TO COMBINE CREATING UNIQUE ENERGY INDUSTRIAL PLATFORM

Disclaimer

Im portant Information and Disclaimers

This disclaimer applies to this document and the verbal or w ritten comments of any person presenting it. This document, taken together w ith any such verbal or w ritten comments, is referred to herein as the "Presentation." Historical financial results presented in this Presentation as averages or in last tw elve months or annualized forms are not necessarily indicative of results that may be expected for any future period.

Cautionary Statement Regarding Forward-Looking Statements

This Presentation contains forward-looking statements about Dril-Quip, Inc. ("Dril-Quip" or "DRQ") and Innovex Dow nhole Solutions, Inc. ("Innovex," "INVX," "w e" or "us") and their industry that involve substantial risks and uncertainties. Forward-looking statements are not statements of historical fact but instead are based on Dril-Quip's and Innovex's present beliefs and assumptions and on information currently available to them. You can identify these forward-looking statements by the use of forward-looking w ords such as "outlook," "believes," "expects," "potential," "continues," "may," "w ill," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "target," "projects," "contemplates" or the negative version of those w ords or other comparable w ords. Any forward-looking statements contained in this Presentation are based upon Dril-Quip's and Innovex's historical performance and on Dril- Quip's and Innovex's current plans, estimates and expectations in light of information currently available to them. The inclusion of this forw ard-looking information should not be regarded as a representation by Dril- Quip or Innovex that the future plans, estimates or expectations contemplated by them w ill be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and other factors, many of which are beyond Dril-Quip's and Innovex's control. These factors and risks include, but are not limited to: the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, risks related to the proposed transaction, including, the prompt and effective integration of Dril-Quip's and Innovex's businesses and the ability to achieve the anticipated synergies and value-creation contemplated by the proposed transaction; the risk associated w ith Dril-Quip's and Innovex's ability to obtain the approval of the proposed transaction by their stockholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all and the failure of the transaction to close for any other reason; the risk that a consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; and the diversion of management time on transaction related issues , the impact of general economic conditions, including inflation, on economic activity and on Dril-Quip's and Innovex's operations, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment w ith respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, Dril-Quip's and Innovex's international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil-fuel production to renewable energy resources, and other factors detailed in Dril-Quip's public filings w ith the Securities and Exchange Commission (the "SEC"). Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary mater ially from those indicated. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. The forward-looking statements made in this Presentation relate only to events as of the date of this Presentation. Neither Dr il-Quip nor Innovex undertake any obligation to publicly or otherw ise update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherw ise. If one or more of these or other risks or uncertainties materialize, or if Dril- Quip's and Innovex's underlying assumptions prove to be incorrect, actual results may vary materially from w hat we may have expressed or implied by these forward-looking statements. Dril-Quip and Innovex caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for Dril-Quip and Innovex to predict those events or how they may affect them. Past performance is not a reliable indicator of future results.

Important Information for Stockholders

In connection w ith the proposed merger, Dril-Quip intends to file w ith the SEC, a registration statement on For m S-4 that w ill include a proxy statement/prospectus. Dril-Quip may also file other relevant documents w ith the SEC regarding the proposed merger. This document is not a substitute for the proxy statement/prospectus or registration statement or any other document that Dril- Quip may file w ith the SEC. The definitive proxy statement/prospectus (if any when available) w ill be mailed to the stockholders of Dril-Quip. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS A ND SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED BY DRIL- QUIP WITH THE SEC IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTA NT INFORMATION ABOUT THE PROPOSED MERGER. Such stockholders w ill be able to obtain free copies of the registration statement and proxy statement/prospectus (if and w hen available) and other documents containing important information about Dr il-Quip, Innovex and the proposed merger once such documents are filed w ith the SEC through the w ebsite maintained by the SEC at http://www .sec.gov. Additional information is available on Dril-Quip's

1. ebsite, www.dril-quip.com.
   No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in w hich such offer, solicitation or sale w ould be unlaw ful prior to registration or qualification under the securities law s of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Participants in the Solicitation

Dril-Quip and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection w ith the proposed transaction. Information about Dril-Quip's directors and executive officers including a description of their interests in Dril-Quip is included in Dril-Quip's most recent Annual Report on For m 10-K, including any information incorporated therein by reference, as filed w ith the SEC. Additional information regarding these persons and their interests in the transaction w ill be included in the proxy statement/prospectus relating to the proposed transaction when it is filed w ith the SEC. These documents can be obtained free of charge from the sources indicated above. Innovex and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Dril- Quip stockholders in connection w ith the transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction w ill be included in the proxy statement/prospectus relating to the proposed transaction w hen it is filed w ith the SEC.

Industry Information

We obtained the industry, market and competitive position data used throughout this Presentation from our ow n internal estimates and research, as well as from independent industry publications, government publications and other published independent sources. Internal estimates are derived from publicly available information released by industry analysts and third-party sources, our internal research and our industry experience and are based on assumptions made by us based on such data and our know ledge of the industry and market, w hich we believe to be reasonable. In addition, w hile we believe the industry, market and competitive position data included in this Presentation is reliable and based on reasonable assumptions, w e have not independently verified the accuracy or completeness of any third-party information. Some data is also based on our good faith estimates. The industry in w hich we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these publications. Forecasts and other forward-looking statements obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this Presentation. No representation or w arranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. None of Innovex, the underw riters or any of their respective affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherw ise), directly or indirectly, from this Presentation or its contents or otherw ise arising in connection w ith this Presentation. This shall not, how ever, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction that may not law fully be disclaimed.

The information contained in this Presentation is provided as at the date of this Presentation and is subject to change w ithout notice.

Financial Information: Non-GAAP Financial Measures

This Presentation contains unaudited financial information of Innovex for the year ended December 31, 2023. The 2023 unaudited financial information reflects Innovex's preliminary estimates subject to the completion of its financial closing procedures and any adjustments that may result from the completion of the annual review of its 2023 financial statements. As a result, these preliminary estimates may differ from the actual results that w ill be reflected in Innovex's financial statements for the period w hen they are completed. These preliminary estimates may change, and those changes may be material. Innovex's independent auditors have not audited, reviewed or performed any procedures w ith respect to these preliminary estimates. In addition, the financial information for Innovex for the years ended December 31, 2020, 2019 and 2018 has not been audited in accordance w ith the standards of the Public Company Oversight Board ("PCAOB").

This Presentation contains both financial measures prepared and presented in accordance w ith GAAP and non-GAAP financial measures, w hich are measurements of financial performance that are not prepared and presented in accordance w ith GAAP. Accordingly, these measures should not be considered as a substitute for data prepared and presented in accordance w ith GAAP. These non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, and Return on Capital Employed ("ROCE"), are or have been used by Innovex's management w hen evaluating results of operations and as otherwise described below . Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Innovex's management believes these non-GAAP financial measures provide users of our financial statements w ith additional and useful comparisons of current results of operations w ith past and future periods. Although w e use or have used these non-GAAP financial measures to assess the performance of our business and for the other purposes, the use of these non-GAAP financial measures as an analytical tool has limitations, and you should not consider them in isolation, or as a substitute for analysis of our results of operations as reported in accordance w ith GAAP. In addition, because not all companies use identical calculations, the non-GAAP financial measures included in this Presentation may not be comparable to similarly titled measures disclosed by other companies, including our peers or other companies in our industry. Please see "Appendix: Supplemental Materials" w ithin the Presentation for reconciliations of the non-GAAP financial measures included in the Presentation to our most directly comparable financial measures calculated and presented in accordance w ith GAAP.

Trademarks

This Presentation contains trademarks, service marks, trade names and copyrights of Innovex, Dril-Quip and other companies, w hich are the property of their respective ow ners.

2

Key Transaction Details

Transaction

Structure and Pro

Forma Ownership

• All-stockmerger
• Dril-Quipshareholders: ~52%
• Innovex shareholders: ~48%
• Dril-Quipexpects to issue, in aggregate, ~33mm shares¹

Board of Directors and Governance

• 9 member Board (including CEO):
• • 4 Independent Directors from Dril-Quip
  • 4 Directors from Innovex (including 2 independents)
• John V. Lovoi (current Dril-Quip Chairman) to serve as Chairman of the combined company
• Adam Anderson (Innovex) to be CEO and Kendal Reed (Innovex) to be CFO of the combined company
• Amberjack Capital Partners agreed to certain shareholder restrictions and will have specified director nomination rights and customary registration rights

Corporate Name	•	Combined company to be named Innovex International, Inc.
and Trading Venue	•	Combined company expected to trade on NYSE under new symbol INVX
		•	Unanimously approved by the boards of directors of both companies
	Closing and	•	Subject to Dril-Quip shareholder approval, regulatory approvals and satisfaction of other customary
	Approvals		closing conditions
		•	Expected to close in the third quarter of 2024
	¹ Represents illustrative share issuance based on Dril-Quip's common shares, restricted shares and PSUs currentlyoutstanding. Actual number of shares issued shall be determined at
3	transaction close.

Combination Creates Unique Energy Industrial Platform

Our VISION is to create the global leader in well-centric products and technologies through organic, customer-linked innovations and disciplined acquisitions to drive absolute returns for our investors

1 Curated Portfolio of Complementary, Mission Critical Products

2 Diversified Presence Across the Most Attractive Global Markets

3 No Barriers Culture Will Unleash Teams and Drive Innovation

4 Capital Light, High Return (ROCE) Model

5 Net Cash Position and Strong Free Cash Flow Generation Support Growth

	Note: Return on Capital Employed is a non-GAAP measure defined as operating profit after tax divided by average capital employed (the combined values of debt, shareholders' equityand
4	noncontrolling interests).

Combination Delivers A Resilient Portfolio of Products With Diverse Geographic End Markets

2023 Combined Revenue1 ($mm)

2023 Combined Adjusted EBITDA1 ($mm)

$478			◼
$1,034
	$556	◼

$59

$30

$221

$132

◼

◼

• Synergies

2023 Combined Revenue by End Market

2023 Combined Revenue by Offering

56%

Global and

Diverse

44%

• International / Offshore
• North American Onshore3

	16%
10%	Primarily

Single Use

74%

• Single Use Product Sales
• Proprietary Rental Tools
• Product Connected Services

Maintains Strong Balance Sheet: Pro Forma Net Cash as of December 31, 2023 of $99 million2

Note: Innovex 2023 metrics reflect unaudited financials. | ¹ Pro forma 2023 Adj. EBITDA includes $30 million of run rate pre-tax synergies. Adj. EBITDA is a non-GAAPmeasure that Innovex defines as net income before interest expense, income tax expense, depreciation and amortization, and other expense, net, further adjusted to exclude certain items w hich Innovex believe are not reflective of ongoing performance or w hich are non-

5 cash in nature. Dril-Quip 2023 Revenue and Adj. EBITDA are pro forma for full year impact of Great North. Adj. EBITDA is a non-GAAPmeasure that Dril-Quip defines as net income excluding income taxes, interest income and expense, depreciation and amortization expense, stock-based compensation, non-cash gains or losses fromforeign currency exchange rate changes as well as other significant non-cash items and items that can be considered non-recurring. See appendix for reconciliation to nearest GAAPmeasures. ² Includes anticipated distributions and excludes transaction expenses. ³ Includes U.S. and Canada.

Dramatic Increase In Profitability and Free Cash Flow

Synergies drive immediate accretion; complementary portfolios provide further upside

2023 Adjusted EBITDA ($mm)1

2023 Adjusted EBITDA Margin1

$221 $191

$59

Combined	Combined	Target
Company	Company +	Upside
	Run Rate Cost
	Synergies

2023 Free Cash Flow Per Share ($/share)

$0.87 $0.52

$(0.70)

Combined	Combined	Target
Company	Company +	Upside
	Run Rate Cost
	Synergies

21% 18%

12%

Combined	Combined	Target
Company	Company +	Upside
	Run Rate Cost
	Synergies

2023 Earnings Per Share ($/share)

$1.44

$1.10

$0.02

Combined	Combined	Target
Company	Company +	Upside
	Run Rate Cost
	Synergies

	Note: Metrics include $30 million of run rate pre-tax synergies and assume a 21% tax rate. Financial metrics exclude potential impact of purchase price adjustments. Adj. EBITDA, Adj. EBITDA
6	Margin, and Free Cash Flow are non-GAAP measures. We define Dril-Quip and Combined CompanyAdj. EBITDA margin as Adj. EBITDA divided by Revenue. We define Dril-Quip and
Combined CompanyFree Cash Flow as Cash Flow from Operations less Purchase of PP&E. See appendix for reconciliation to nearest GAAP measures. | ¹ Dril-Quip 2023 Adj. EBITDA is pro

forma for full year impact of Great North. Innovex 2023 financials reflects unaudited financials.

Overview of Innovex Today

Leading provider of engineered mission critical and single use products

Summary			2023 Innovex Revenue by End Market
• Global leader in well-centric engineered products and
technologies - sold products in 70 countries in 2023			14%
• Provides mission critical products that are single use in			42%
nature	66%	34%
			20%

• Proven high margin, capital-light business model

24%

• Diversified exposure across the well lifecycle

◼	North American Onshore1	◼	Middle East	◼	U.S. GOM
◼	International / Offshore	◼	Latin America	◼	Rest of World

2023 Innovex Revenue by Well Lifecycle		2018 - 2023 Innovex Adjusted EBITDA2 ($mm)
		Adjusted EBITDA Margin2:

21%

30%
40%	◼	Well Construction
	◼	Well Completions

◼ Well Production and	$59
Intervention

30%

22%

$71

15%

14%

$41

$29

22%

$102

24%

$132

7

2018

2019

2020

2021

2022

2023

Note: Innovex 2023 financials reflect unaudited financials. | ¹ Includes U.S. and Canada. ² Adj. EBITDA and Adj. EBITDA Margin are non-GAAP measures. See appendixfor reconciliation to nearest GAAP measures.

Innovex's No Barriers Culture

No Barriers between our customers and our employees

No Barriers to our ongoing success

Big Impact,

Small Ticket

Products

Disciplined

Acquisitions

• Divestitures
  Empowered Employees

Relentless

Innovation

Customer

Centric

Flat, Lean and

Unbureaucratic

Organization

Rapid Response to Market Needs

8

Magnet for Customer Led Innovation

Unique No Barriers culture underpins relentless, proven innovation cycle

The Technology Feedback Loop

Recent Results of Innovation Model

Engineering + R&D

Customer Feedback	Prototyping + Rapid
Response
	Manufacturing

Technical Sales /	Direct-to-End User
Field Service	Product Sales

Iterative process of engineering, manufacturing and field trials to

solve customer challenges

Large Permian producer

required more capable

liner system for longer

complex laterals

Large Deepwater

producer required

wellhead qualified liner

hanger seal to facilitate

larger tubing sizes and production rates

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Vision + Culture Will Enable Market Leading Results

Combined scale and shared best practices to drive step change in corporate ROCE

Leading Top Line Growth		Consistently High Margins
(2018 - 2023 Revenue Per Share CAGR)		(2018 - 2023 Average Adj. EBITDA Margin)1

7%	7%
	6%

4%

		(0)%	(0)%
S&P 500	Industrials	Energy	Big Three
		Equipment

Negligible Capex

(2018 - 2023 Average Investment in PP&E as % of Revenue)

28%

20%	21%
18%
	17%
	9%

S&P 500	Industrials	Big Three	Energy
			Equipment

Strong Returns

(2018 - 2023 Average Annual ROCE)2

						8%	17%	16%
									14%
					6%
		5%	5%	5%
		3%
									(4)%			(2)%	(4)%
			Industrials	Energy	Big Three	S&P 500
				Equipment					Industrials	S&P 500	Big Three	Energy
													Equipment
		Source: FactSet and Public Disclosure. | Note: S&P 500 represents the median metric for current constituents. Industrials rep resents the median metric for S&P 500 Industrial constituents. Energy Equipment includes
		NOV, ChampionX, Cactus Wellhead and Expro. Big 3 includes Baker Hughes, Halliburton and SLB. Innovex 2023 financials reflects unaudited 2023 financials. Innovex's financials in 2018, 2019 and 2020 were subject to
		non-PCAOB audits. | ¹ Adj. EBITDA and Adj. EBITDA Margin are non -GAAP measures. Innovex defines Adj. EBITDA as net income before interest, income tax, depreciation and amortization, and other expense, net,
	10	further adjusted to exclude certain items which we believe are not reflective of ongoing performance or which are non -cash.Dril-Quip defines Adj. EBITDA as net income excluding income taxes, interest income and
	expense, depreciation and amortization expense, stock-based compensation, non-cash gains or losses from foreign currency exchange rate changes as well as other significant non -cash items and items that can be
	considered non-recurring. ² ROCE is a non-GAAP measure defined as operating profit after tax divided by average capital employed (the combined values of deb t, shareholders' equity, and noncontrolling interests).

Innovex 2020 ROCE excludes post 2020 audit private to public company accounting write -down of $43 million.