Dril-Quip has promoted Raj Kumar, currently VP Finance and Chief Accounting Officer, to be the Chief Financial Officer. Jeffrey Bird, who was Senior VP of Production Operations and CFO, has been promoted to Chief Operating Officer.
Dril-Quip is based in NW Houston and manufactures and services offshore drilling and production equipment. It currently has a market capitalization of $889 million. The company has always been conservatively run and has $344 million of cash on the balance sheet and no debt.
Mr Bird joined Dril-Quip as its CFO in March 2017. He joined from another oilfield services company, Frank’s International. Mr Kumar also worked with Mr Bird at Frank’s between March 2015 and May 2017.
Mr Kumar’s base salary increased from $300,000 to $350,000. There was no change to Mr Bird’s salary ($680,000). Both men were given new restricted stock awards that vest over three years (50% is performance-based).
The previous COO of Dril-Quip was James Gariepy who left with a $1.1 million cash severance in March 2019.
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