Offshore Drilling And Production Equipment News

Dril-Quip, Inc. (NYSE:DRQ), manufacturer of offshore drilling and production equipment, announced that its Board of Directors has adopted a Stockholder Rights Plan designed to protect the company's stockholders from coercive or unfair takeover techniques. Terms of the Rights Plan provide for a dividend distribution of one right for each outstanding share of common stock to holders of record at the close of business on December 5, 2008. The Rights Plan would be triggered if an acquiring party accumulates 15 percent or more of the company's common stock and would entitle holders of the rights to purchase either shares of the company's stock or shares in an acquiring entity at half of market value.