SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

REIMERT LARRY E

(Last)

(First)

(Middle)

13550 HEMPSTEAD HIGHWAY

(Street)

HOUSTON

77040

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DRIL-QUIP INC [ DRQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/04/2006		M		87,500	A	$12	88,410⁽¹⁾	D
Common Stock	12/04/2006		M		113,564	A	$9.91	201,974	D
Common Stock	12/04/2006		M		101,120	A	$11.72	303,094	D
Common Stock	12/04/2006		M		76,576	A	$16.06	379,670	D
Common Stock	12/04/2006		M		71,330	A	$9	451,000	D
Common Stock	12/04/2006		S		300	D	$42.8	450,700	D
Common Stock	12/04/2006		S		200	D	$42.84	450,500	D
Common Stock	12/04/2006		S		100	D	$42.85	450,400	D
Common Stock	12/04/2006		S		600	D	$42.86	449,800	D
Common Stock	12/04/2006		S		200	D	$42.87	449,600	D
Common Stock	12/04/2006		S		300	D	$42.9	449,300	D
Common Stock	12/04/2006		S		100	D	$42.92	449,200	D
Common Stock	12/04/2006		S		100	D	$42.94	449,100	D
Common Stock	12/04/2006		S		31,100	D	$42.95	418,000	D
Common Stock	12/04/2006		S		100	D	$42.96	417,900	D
Common Stock	12/04/2006		S		1,000	D	$42.98	416,900	D
Common Stock	12/04/2006		S		200	D	$42.99	416,700	D
Common Stock	12/04/2006		S		2,900	D	$43	413,800	D
Common Stock	12/04/2006		S		800	D	$43.01	413,000	D
Common Stock	12/04/2006		S		600	D	$43.03	412,400	D
Common Stock	12/04/2006		S		8,100	D	$43.05	404,300	D
Common Stock	12/04/2006		S		700	D	$43.05	403,600	D
Common Stock	12/04/2006		S		1,700	D	$43.07	401,900	D
Common Stock	12/04/2006		S		1,000	D	$43.08	400,900	D
Common Stock	12/04/2006		S		200	D	$43.09	400,700	D
Common Stock	12/04/2006		S		38,400	D	$43.1	362,300	D
Common Stock	12/04/2006		S		1,400	D	$43.11	360,900	D
Common Stock	12/04/2006		S		1,200	D	$43.12	359,700	D
Common Stock	12/04/2006		S		900	D	$43.13	358,800	D
Common Stock	12/04/2006		S		2,800	D	$43.14	356,000⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$12⁽³⁾	12/04/2006		M			87,500⁽³⁾	⁽⁴⁾	10/27/2007	Common Stock	87,500⁽³⁾	$0	0	D
Stock Option (right to buy)	$9.91⁽⁵⁾	12/04/2006		M			113,564⁽⁵⁾	⁽⁶⁾	10/27/2008	Common Stock	113,564⁽⁵⁾	$0	0	D
Stock Option (right to buy)	$11.72⁽⁷⁾	12/04/2006		M			101,120⁽⁷⁾	⁽⁸⁾	10/27/2009	Common Stock	101,120⁽⁷⁾	$0	0	D
Stock Option (right to buy)	$16.06⁽⁹⁾	12/04/2006		M			76,576⁽⁹⁾	⁽¹⁰⁾	10/27/2010	Common Stock	76,576⁽⁹⁾	$0	0	D
Stock Option (right to buy)	$9⁽¹¹⁾	12/04/2006		M			71,330⁽¹¹⁾	⁽¹²⁾	10/27/2011	Common Stock	71,330⁽¹¹⁾	$0	72,000	D

Explanation of Responses:

1. On October 5, 2006, the Common Stock of Dril-Quip, Inc. split 2-for-1, resulting in 455 additional shares of common stock held directly by the reporting person.

2. This is the first of three Forms 4 filed by the reporting person to report transactions that occurred on December 4, 2006. The three forms should be read together.

3. The stock options were previously reported as covering 43,750 shares at an exercise price of $24.00 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.

4. The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 1997.

5. The stock options were previously reported as covering 56,782 shares at an exercise price of $19.81 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.

6. The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 1998.

7. The stock options were previously reported as covering 50,560 shares at an exercise price of $23.44 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.

8. The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 1999.

9. The stock options were previously reported as covering 38,288 shares at an exercise price of $32.13 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.

10. The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 2000.

11. The stock options were previously reported as covering 71,655 shares at an exercise price of $18.00 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.

12. The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 2001.

Remarks:

	/s/ Larry E. Reimert	12/06/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.