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in our industry before. Our experience provides us with the insight necessary to manage our business successfully in these conditions, and come out of this cycle a stronger company. We will approach 2015 with a resolve to continue to out- perform our competitors and maintain the quality reputation the Company is known for in the industry. 

As we enter 2015, we will increase the intensity of our sales efforts. Even though our target markets are uncertain, history tells us that a healthy business climate will return. We will do what we have always done – perform tasks necessary to position the Company to take advantage of the opportunities both in this down cycle and when the turn-around occurs. The Sales department will concentrate their efforts on obtaining more market share and finding new customers and sales opportunities. We will take advantage of our improved efficiency in completing quotes and sales orders to speed up the front-end process of bringing in new business. 

Engineering will provide technical support to the sales effort and complete drawings quickly to facilitate after-sale manufacturing and delivery of equipment. Research and Development will accelerate product development and testing to support sales with new products. Additionally, APQP implementation will continue to distinguish the Company from our competitors. We will focus on the necessary tasks required to minimize non-conformance events and step up efforts to resolve non-conformances when they occur. 

I am confident these strategies will enable Dril-Quip  to meet our goals and am committed to successfully guiding our Company through the current market uncertainties. With our employees’ continued hard work and support, Dril-Quip  will manage the current industry downturn and come out stronger for the benefit of our employees and stockholders. I would like to thank all employees for their contributions to the Company’s accomplishments in 2014, as well as the Board of Directors and our stockholders for their continued support. 

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