Innovex International Divests Subsea Tree Product Line to Trendsetter Engineering

Innovex International, a Houston-based provider of products and technologies to the oil & gas industry, was established in 2024 through the merger of Dril-Quip and Innovex Downhole Solutions. The company has recently completed the divestment of its Subsea Tree product line to compatriot Trendsetter Engineering in an all-cash transaction.

As per Innovex, the non-core product line accounted for less than 1% of combined revenue in the trailing twelve-month period ending Q1 2025.

Following the merger with Innovex Downhole Solutions in September 2024, Dril-Quip, a manufacturer of equipment for the offshore and onshore oil & gas industry, announced the completion of the transaction. The combined entity began trading on the New York Stock Exchange under the ticker symbol “INVX.”

Innovex will retain the intellectual property rights for the recently installed subsea tree orientation systems (VXTe) and plans to license this technology to subsea tree manufacturers.

According to Adam Anderson, CEO of Innovex, the divestment allows the company to concentrate on core product lines within its subsea portfolio, enhancing customer responsiveness and driving growth, cash flow, and returns for shareholders.

“This acquisition marks a significant step forward for Trendsetter,” stated Mario Lugo, CEO of Trendsetter Engineering. “Entering the subsea tree product space expands our offering of subsea production solutions and extends our reach into new markets.”

Trendsetter Engineering recently achieved a milestone with the delivery of its 20,000 psi (20K) intervention system, deployed from a drillship at a deepwater oil project operated by U.S.-based Beacon Offshore Energy in the Gulf of America.