## The Year in Review 

In 2014, we booked nearly $1.0 billion of business in a very competitive market place. We continued to win business with our core product catego - ries of subsea wellheads, specialty connectors, and platform wellhead and completion equipment. Because of our focused approach to project sales, we successfully obtained orders for 23 subsea trees and controls. One of these awards was the single largest subsea completion system contract in the Company’s history. These orders demonstrate Dril-Quip ’s emergence as a quality supplier of completion systems for subsea field devel - opments. Furthermore, the Company booked 16 Diverter Systems, raising the backlog for diverters to the highest level since Dril-Quip introduced its Diverter Systems to the industry. 

We set Company records for products and services delivered world-wide in 2014. This was due in part to the improved use of our global manufacturing scheduling system and better implementation of the manufacturing plan derived from that system. While there is still work to do in this area, our efforts result - ed in an improved on-time delivery rate and a reduction in quoted delivery times, which in turn has benefited our sales efforts. 

