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Dril-Quip board OK's $100M stock buyback

Associated Press Modified: June 19, 2012 at 9:45 am •  Published: June 19, 2012

HOUSTON (AP) — Offshore drilling equipment maker Dril-Quip Inc. said Tuesday that its board approved the repurchase of up to $100 million of the company's common stock.

The program has no set expiration date. The manner, timing and amount of the repurchases will be determined based on market conditions, stock price and other factors, Dril-Quip said.

Shares of Houston-based Dril-Quip rose $1.37, or 2.2 percent, to $63.92 in morning trading. They are 17 percent below their 52-week high of $77.12 in late February. They traded as low as $47.50 in early August.