Exhibit 99.1

Contact: Jerry M. Brooks, Chief Financial Officer, (713) 939-7711

DRIL-QUIP, INC. ANNOUNCES RESULTS FOR THIRD QUARTER 2008

HOUSTON, November 10, 2008 — Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $27.4 million, or $0.69 per diluted share for the three months ended September 30, 2008, versus net income of $27.6 million, or $0.67 per diluted share for the third quarter of 2007. Total revenues were $132.3 million during the quarter ended September 30, 2008 compared to $130.4 million for the same period in 2007. Operating results for the third quarter of 2008 were impacted as a result of Hurricane Ike which caused temporary disruptions in both manufacturing operations and shipments from our Houston-area facilities.

For the nine months ended September 30, 2008, net income was $80.5 million, or $1.98 per diluted share, compared with net income of $75.8 million, or $1.85 per diluted share, for the same period in 2007. Revenues for the nine months ended September 30, 2008 were $407.2 million, up approximately 12.2% when compared to revenues of $362.8 million for the same period last year.

In addition, the Company announced that its backlog at September 30, 2008 was approximately $528 million, compared to its September 30, 2007 backlog of approximately $457 million. The Company expects its earnings per share for the quarter ending December 31, 2008 to approximate $0.64 to $0.74 per diluted share, excluding any unusual or special charges.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

Statements contained herein relating to future operations and financial results that are forward looking statements are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company’s international operations, operating risks, and other factors detailed in the Company’s public filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Dril-Quip, Inc.

Comparative Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2007			2008			2007			2008
Revenues	$	130,423		$	132,271		$	362,806		$	407,228
Cost and expenses:
Cost of sales		75,895			74,230			208,137			235,775
Selling, general and administrative		11,772			15,734			35,856			43,539
Engineering and product development		6,009			6,489			16,495			19,624
		93,676			96,453			260,488			298,938
Operating income		36,747			35,818			102,318			108,290
Interest income		2,273			497			6,022			3,130
Interest expense		(98	)		(47	)		(256	)		(149	)
Income before income taxes		38,922			36,268			108,084			111,271
Income tax provision		11,298			8,822			32,300			30,731
Net income	$	27,624		$	27,446		$	75,784		$	80,540
Diluted earnings per share	$	0.67		$	0.69		$	1.85		$	1.98
Weighted average shares – diluted		41,004			39,832			40,983			40,625
Depreciation and amortization	$	3,867		$	4,366		$	11,560		$	12,656
Capital expenditures	$	8,128		$	9,123		$	17,706		$	39,365