Exhibit 99.1

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

DRIL-QUIP, INC. ANNOUNCES RESULTS FOR SECOND QUARTER 2004

HOUSTON, July 30, 2004—Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $2.8 million, or $0.16 per share for the three months ended June 30, 2004, versus net income of $2.0 million or $0.12 per share for the second quarter of 2003. The second quarter 2003 results included the $900,000 after-tax effect of settling a previously disclosed warranty claim related to the Company’s drilling riser product. Total revenues for the quarter ended June 30, 2004 were $52.9 million, compared with revenues of $55.7 million for the same period in 2003.

For the six months ended June 30, 2004, net income was $5.3 million, or $0.31 per share, compared with net income of $4.1 million, or $0.24 per share, for the same period in 2003. The 2003 results include the costs of the warranty claim settlement mentioned above. Revenues for the six months ended June 30, 2004 were $106.3 million, versus revenues of $110.9 million for the same period in 2003.

In addition, the Company announced that its current backlog is approximately $95 million, compared to its June 30, 2004 backlog of $63 million and its June 30, 2003 backlog of $83 million. The Company expects its earnings per share for the quarter ending September 30, 2004 to approximate $0.14 to $0.16 per 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)

	Three months ended June 30,				Six months ended June 30,
	2003		2004		2003		2004
Revenues	$	55,724	$	52,921	$	110,945	$	106,299
Cost and expenses:
Cost of sales		39,953		36,625		80,083		74,130
Selling, general and administrative		7,087		8,171		14,416		15,567
Engineering and product development		4,050		3,989		8,337		8,261
Special item		1,400		—		1,400		—
		52,490		48,785		104,236		97,958
Operating income		3,234		4,136		6,709		8,341
Interest expense		413		248		863		558
Income before income taxes		2,821		3,888		5,846		7,783
Income tax provision		786		1,086		1,739		2,446
Net income	$	2,035	$	2,802	$	4,107	$	5,337
Diluted earnings per share	$	0.12	$	0.16	$	0.24	$	0.31
Weighted average shares – fully diluted		17,293		17,326		17,293		17,330
Depreciation and amortization	$	2,624	$	2,778	$	5,276	$	5,597
Capital expenditures	$	2,623	$	3,695	$	4,889	$	7,106