As offshore drilling struggles, Dril-Quip hangs on

The Houston deep water oil field specialists Dril-Quip improved revenues in the first quarter of this year, but still struggled to boost income as offshore drilling foundered.

Dril-Quip posted on Thursday $119 million in first quarter revenues, down $47 million or 28 percent over the same period last year, but up $13 million or 12 percent over the fourth quarter last year.

RELATED: Sign of recovery: Oil field service firms hiring, raising prices

Expenses, however, also rose over the same period last year, to $120 million, an increase of $3 million or 2 percent. Profits fell $36 million to $94,000.

Blake DeBerry, Dril-Quip’s president and CEO, said bookings were up in the first quarter over the fourth quarter of 2016. He said the company plans to cut spending, pursue strategic acquisitions, continue research and development and repurchase shares when possible.

“There is no doubt that the remainder of 2017 will be difficult for the offshore sector,” DeBerry said in a statement. “However, we continue to believe that we will be net income and free cash flow positive for the year, barring any unexpected deterioration in market conditions.”