Setting a Global Standard Meeting the Challenges As operators drill and develop more complex wells in increasingly deeper waters and harsher environments, DRIL-QUIP provides innovative solutions to assist them in achieving their goals. Two examples of DRIL-QUIP’S leadership in technological developments are the SS- 15ES™ and SS-15 BigBore™ deepwater subsea wellhead systems. These systems During 2002, the Company saw an increase in the number of installations of its propri- etary SingleBore™ subsea production trees. These trees reduce up-front capital expendi- tures and feature operational time-saving benefits. The SingleBore subsea production tree has gained recognition as a cost- effective solution for both subsea and mudline completion applications. “Many customers recognize the benefits of  D RIL-QUIP’S SingleBore tree and we believe the technological and operational advan- tages have become well known in the industry,” says Barry Bulls, DRIL-QUIP Western Hemisphere Sales Manager. In shallow water, DRIL-QUIP’S SingleBore Mudline Conversion tree has made it economically feasible to complete wells once deemed marginal. “Satellite wells drilled by a jack-up drilling vessel and produced with SingleBore Mudline trees have become quite popular in the North Sea,” says Tom Graham, DRIL-QUIP Regional Manager of Eastern Hemisphere Sales. Installations of DRIL-QUIP’S subsea dual bore production tree also saw an increase during 2002. One of the most notable achievements was the installation of ten trees set in record time. These trees were batch set in over 3,000 feet of water off the coast of Brazil. This multi-well development is scheduled to go into production in 2003. are specifically designed to accommodate higher loads and additional casing strings needed for deeper wells and have been successfully installed in water depths in excess of 9,000 feet. BigBore Wellhead System installation – Gulf of Mexico 6 DRIL-QUIP 2002 Annual Report