Good morning and welcome to Dril-Quip's third quarter 2023 earnings call. At this time, all participants are in a listen-only mode and there will be a question-and-answer opportunity at the end of this call. As a reminder, this call is being recorded. At this time I would like to turn the call over to Erin Fazio, Corporate Finance Director for Dril-Quip. Please go ahead. Thank you and good morning. We appreciate you joining us on today's call. An updated investor presentation has been posted under the Investors tab on the company's website, along with the earnings release. This call is being recorded, and a replay will be made available on the company's website following the call. Before we begin I would like to remind you that Dril-Quip's comments may include forward-looking statements and discuss non-GAAP financial measures. It should be noted that a variety of factors could cause Dril-Quip's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements. Please refer to the third quarter 2023 financial and operational results announcement we released yesterday for a full disclosure on forward-looking statements and reconciliations of non-GAAP measures. Speaking on the call today from Dril-Quip, we have Jeff Bird, President and Chief Executive Officer and Kyle McClure, Vice President and Chief Financial Officer. I would now like to turn the call over to Jeffrey Bird. Thank you Erin and thank you for joining us today. During the third quarter we delivered strong top-line results that were up 31% sequentially and 33% year-over-year. In addition to the revenue from Great North, we saw continued strength in key end markets specifically Latin America, the Middle East, and a further strengthening African market. While revenue was consistent with our guidance, we did see some customer-specific headwinds as a result of both rig availability in a very tight rig market and FPSO delivery timing. This directly impacts our ability to service certain customers, and as a result our higher margin service segment delivered lower revenue than expected. We do expect our service segment to rebound in Q4. The availability also directly impacts the timing of certain bookings, specifically MSA call-offs in Latin America and the Middle East, as well as the timing of certain subsea tree orders. Accordingly, we are adjusting our outlook slightly for the fourth quarter of 2023, which Kyle will go into in more detail later. Bookings in the quarter were $46.5 million, a decrease of $26 million sequentially as a result of the rig and FPSO timing. During the third quarter, we were also notified of the award of the Petrobras tender, valued at up to $28 million, of which most is not included in bookings for the quarter. This is an incremental master service agreement supporting Petrobras in their pre-salt development wells project and we expect the first call-offs against the agreement to occur as soon as the next couple of months. We have over 70 open MSAs and into the quarter with approximately $200 million in backlog. The strength of our backlog, combined with our confidence in the underlying market backdrop, supports our long-term growth outlook. As a reminder approximately 80% of our current business is call-off or book and ship against MSAs as we've driven standardization across many product lines and reduced lead times. Our second quarter gross margin of 27% remains healthy and we continue to execute on our organic initiatives across the organization to drive operational efficiency. Adjusted EBITDA for the second quarter was $12.4 million, up $3.6 million sequentially and up $5.3 million year-over-year. As we enter the final quarter of 2023, I believe the team has made excellent progress in terms of both operational and service excellence. A good example of this is our recently awarded number one service quality position with Aramco in Saudi Arabia. Congrats to the team for their continued improvements and service quality excellence. Strategically, we completed our first acquisition since 2016, with the addition of Great North this quarter. Adding Great North to the portfolio has not only been financially accretive, with the Great North team producing excellent results since close but also adds exposure to a top-producing region. The integration team has done a great job with the back-office work, now largely complete, and supply chain optimization plans well underway. The first purchase orders in our liner hanger business utilizing Great North supply chain have been created, with initial deliveries occurring early next year. We continue to expect total supply chain to drive annual synergies of approximately $10 million which we recognize starting in late 2024. The team has also been working diligently on establishing a framework for cross-selling Great North and Dril-Quip products given the white space across our customer sets. The excitement about the Great North technology coming from our customers and country managers globally has surpassed our expectations and we look forward to seeing incremental revenue opportunities as a result. The footprint optimization initiative has continued to progress, with the sale of a third building in Houston expected to close in the fourth quarter of the year. Total cash proceeds from this initiative for the year are expected to be approximately $25 million while simultaneously reducing operating expenses to run our Houston campus. These proceeds more than pay for the investment in manufacturing equipment we announced late last year. I'm excited to announce the first machine was delivered this quarter, and we are currently testing that machine alongside our existing production lines. The final machine deliveries are anticipated to occur in late spring next year, which will drive both cost and delivery time improvements for our subsea wellhead product lines. Simultaneously, we have also been investing in key markets where growth is underway, and this quarter recognized several key wins. We signed a new commercial agreement in the Ivory Coast of Africa and subsequently recognized the first delivery of our products and rental tools in country, supported by our new service base there. In Brazil we sold our first offshore big bore liner hangers to two different customers, making a notable entrance to this market by our Well Construction team to complement our leading wellhead technology in the region. In Canada, the multi-well frac connector line with Great North had a record two-month total revenue as customers increasingly adopt this time and cost-saving equipment. Finally, our equipment was used in the third quarter in a geothermal energy project in New Zealand. While these type of projects are still in their very early stages, we are excited about the potential growth and the steady commercial successes of our energy transition team is achieving. These systematic deliberate adjustments and investments have set Dril-Quip up to enter 2024 with a strengthened foundation and ability to capitalize on the growth of a continuing upcycle. While there may be some near-term product mix challenges that we will navigate as our customers refine their drilling schedules, we are confident in our ability to provide long-term, profitable return on capital. With that said I'll now turn the call over to Kyle for some more color on our financial results. Kyle? Thank you Jeff and good morning, everyone. As Jeff mentioned, third quarter revenue was $117.2 million, an increase of 33% year-over-year, and 31% sequentially, driven by strong organic growth of 11% sequentially, led by subsea products and with the addition of Great North which added another 17% or $15.5 million QoQ. Taking a look at the segment results subsea products revenue increased 15% compared to the prior year and 25% sequentially, which was driven by the delivery of certain customer milestones in the quarter in Europe. Subsea Services revenue increased 6% year-over-year and was up 3% sequentially. This segment was expected to grow double digits sequentially, but as Jeff mentioned rig availability for certain customers has moved drilling schedules to the right. Increased activity in Brazil offset some weather and customer schedule delays in the Gulf of Mexico and Asia Pacific. Finally, the well construction segment grew 117% year-over-year and 76% sequentially, reflecting the addition of Great North and activity increases in Latin America, Saudi Arabia, Brazil, and West Africa. As Jeff mentioned, we installed our first big bore liner hanger down in Brazil for a deepwater customer, which we think is going to be a great platform for future growth. Gross margins during the second quarter were 27%, up approximately 150 basis points year-over-year. The improvement in gross margins is largely due to the addition of Great North and our ongoing initiatives across the organization to drive operational efficiency. Selling, general and administrative expenses increased 22% sequentially to $27 million, which was driven by the addition of Great North expenses and an increase in our bad debt reserve due to higher activity. Engineering expenses were roughly flat sequentially and up slightly compared to the prior year at $3.1 million. Adjusted EBITDA for the quarter was $12.4 million, an increase of $5.3 million from one year ago and up $3.6 million sequentially. During the quarter we incurred a few discrete expenses relating to bad debt, inventory, excess and obsolescence and liquidated damages. All three of these totaled approximately $3 million in the quarter, which we would not expect to recur. Cash provided by operations was $26.8 million in the third quarter an improvement of $15.5 million sequentially and $26 million from the prior year. Free cash flow for the third quarter came in at a positive $21.4 million, which is our second consecutive quarter of positive free cash flow and the highest figure since 2017. This was driven by the normalization of working capital related to receivables through a reduction in DSO and an IRS refund we received in the quarter for approximately $17 million. Inventory was a net use of cash in the period as we continued to stage materials in anticipation of upcoming growth. CapEx in the third quarter was $5.4 million largely driven by rental tools bound for work already secured. We utilized approximately $86 million in the quarter to complete the acquisition of Great North inclusive of normal working capital adjustments. Ending cash, cash equivalents, and investments were $190 million at quarter end and we continue to have ample liquidity to fund our operations and to evaluate incremental high return capital allocation opportunities. With that said, I would like to note our outlook for the fourth quarter of 2023. We expect fourth quarter revenue to be in the range of $115 million-$125 million. We expect fourth quarter bookings to be in the range of $75 million-$100 million. The top end of that range includes six subsea trees that as Jeff mentioned can be significant in size comprising over $50 million in potential bookings in the fourth quarter. We expect fourth quarter adjusted EBITDA margins to be 14%-16%, and we expect approximately $10 million in CapEx in the fourth quarter of 2023, as we wrap up our previously announced investment in our Houston manufacturing equipment, which will come online next year. We expect free cash flow to be positive in the fourth quarter and for the full year of 2023, we continue to anticipate a slight net use of free cash flow. In summary Q3 results were below our expectations largely due to rig delays, which had a direct impact on our revenue mix, which impacted profitability. Heading into Q4, we expect a strong revenue ramp with a full quarter of Great North and sequential growth in our higher-margin Subsea Services business. In addition, we anticipate another solid free cash flow quarter to close out the year as we add to our clean balance sheet. With that, we'd like to open the line for any questions. Operator? At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Please hold just a moment while we poll for questions. Your first question is coming from Eddie Kim with Barclays. Please pose your question. Your line is live. Hi, good morning. Just wanted to touch on the light orders this quarter. You mentioned rig availability and FPSO delivery timing. The first one makes sense. I mean, if the customer can't get the rig, there's no drilling that's gonna take place. But could you expand upon the FPSO comment? I would have thought drilling and production would be a bit independent of each other. And just curious if I guess which regions this applied to, this FPSO delivery timing that you experienced? Yeah, yeah. Good morning, Eddie. Yeah, so, so just a little bit about order trend in general. So the rig availability is specifically around Middle East, where we're seeing some challenges there, and also around some of our smaller customers that might be fighting for rig availability. We see that specifically on tree orders and things like that. The FPSO would be more related to Brazil, where we're seeing some delays there in call-offs as a result of that. But if I step back and just look at the broader order trend, you know, with the addition of Great North, right now, Eddie, about 80% of our business is book and bill and, or call-off against MSA. So you think about that well construction business, and the well construction business is almost all book and bill, all call off from MSA. Services is obviously book and bill, maybe a little bit of call off from MSA, and that really leaves Subsea Products as our, as our one business now that really is a backlog or an order business. And even inside of that, the well heads that we have now are largely call off as well. So you think about the mention of Petrobras, and the recent award that we got on Petrobras, up to $28 million. Of that $28 million, only about $4-$5 million of the $28 million actually goes into bookings and goes into backlog. Traditionally, that would have been all $28 million would have gone into bookings or would have gone into backlog. So just a very different model now than we might have seen before from an order standpoint. Obviously, Kyle talked a little bit earlier about the $75 million-$100 million in the fourth quarter, as it relates to order trends. You know, those are largely six trees. You know, trees can be anywhere from $3 million-$5 million, depends on the size and scope of the tree and the size and scope of the project. But, you know, those are, those are large orders. And then at the small end, the Well Construction, you know, could have something as small as a $100,000 call off. So just a pretty diverse set of products now for us than you might have remembered, you know, five, 10 years ago even. Got it. Thanks for that color. And just on the - that fourth quarter bookings guidance of $75 million-$100 million, that is a big step up from third quarter levels. What gives you the confidence kind of in that bookings range? And separately, any kind of preliminary thoughts on bookings for 2024? I would think that, you know, as rigs become, you know, more available and the FPSOs get delivered, you know, your book would increase your - j ust any preliminary thoughts on 2024 bookings? Yeah, y eah. So that ramp in Q4, you know we've got good visibility of the ramp. It'll largely be dependent on FID timing for a number of customers. That's what the six trees are based on. As you know, Eddie, you know, our SPS customers tend to be the smaller customers that, you know, are probably more reliant on rig availability and fighting for rig, probably a little tougher in a higher interest rate, high rig rate environment. So you know, whether it's Q4 or Q1 we have confidence in the inbound orders. It'll just be a timing question in Q4, really around the six trees, and that'll kind of dictate where we end up in that range in the quarter. If I look out to next year, you know, we see a pretty constructive market next year, pretty optimistic. Just getting early gauges right now from a number of our customers. They're in their budgeting cycles right now, but you know, all early indications are another strong year next year. Yeah. Also i f you go back and look I don't know, 5-10 years, we looked at this as well, the Q3 to Q4 step up is always there for us. It almost ends up doubling what we've got coming out of Q3. So we would expect pretty decent order flow for Q4, because if you go back, we have a seasonality to it, effectively, is what we typically see. We went back, I think, seven or eight years back, and that's always been the case. Okay. Got it. Got it. Great. Thanks for all that color. I'll, I'll turn it back. This does conclude our question and answer session and concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.