Completed acquisition bolsters DTI's
technological capabilities and service offerings, creating a
comprehensive solution provider for the global drilling
industry
HOUSTON, Jan. 2, 2025
/PRNewswire/ -- Drilling Tools International Corp., (NASDAQ: DTI)
("DTI" or the "Company"), a global oilfield services company that
designs, engineers, manufactures and provides a differentiated,
rental-focused offering of tools for use in onshore and offshore
drilling operations, as well as other cutting-edge solutions across
the well life cycle, today announced the successful completion of
its previously announced acquisition of Titan Tools Services Ltd.
("Titan"), a UK-based downhole tool rental company. The
transaction, which was finalized on January
2, 2025, marks a significant milestone in DTI's global
growth strategy.
As previously reported on October 31,
2024, this acquisition enhances DTI's product offerings and
strengthens its presence in the North Sea, European, and African
markets. Titan, established in 2009 and based in Aberdeen, Scotland, specializes in renting,
servicing, and manufacturing advanced drilling equipment for the
oil, gas, and geothermal industries.
Wayne Prejean, CEO of DTI,
stated, "We are thrilled to officially welcome Titan Tools to the
DTI family. This strategic move significantly expands our
international footprint, particularly in the UK North Sea,
Europe, and Africa. Titan's technical expertise and
established customer relationships perfectly complement our
existing operations, allowing us to offer a more comprehensive
suite of solutions to our global clientele."
Key benefits of the acquisition include:
- Expanded geographical presence in key markets
- Enhanced technological capabilities in downhole drilling
tools
- Access to Titan's cutting-edge materials and tool design
expertise
- Strengthened customer relationships in strategic regions
- Acceleration of market adoption for innovative tools like the
Drill-N-Ream® and Fixedblade® stabilizer
Bruce Jepp, Managing Director of
Titan, added, "Joining forces with DTI opens up exciting
opportunities for our team and customers. Our shared commitment to
technological advancement and exceptional customer service will
enable us to provide comprehensive solutions across the well life
cycle."
The integration of Titan into DTI's operations is expected to
begin immediately, with a focus on maintaining business continuity
and leveraging synergies between the two companies.
About Drilling Tools International Corp.
DTI is a Houston, Texas based
leading oilfield services company that manufactures and rents
downhole drilling tools used in horizontal and directional drilling
of oil and natural gas wells. With roots dating back to 1984, DTI
now operates from 16 service and support centers across
North America and maintains 11
international service and support centers across the EMEA and APAC
regions. To learn more about DTI, please visit:
www.drillingtools.com.
Contact:
DTI Investor Relations
Ken Dennard / Rick
Black
InvestorRelations@drillingtools.com
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of the Company may include,
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements other than
statements of historical fact included in this press release are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "may,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "will," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward looking. These forward-looking
statements include, but are not limited to, statements regarding
DTI and its management team's expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Forward
looking statements in this press release may include, for example,
statements about: (1) the demand for DTI's products and services,
which is influenced by the general level activity in the oil and
gas industry; (2) DTI's ability to retain its customers,
particularly those that contribute to a large portion of its
revenue; (3) DTI's ability to employ and retain a sufficient number
of skilled and qualified workers, including its key personnel;
(4) DTI's ability to source tools and raw materials at a
reasonable cost; (5) DTI's ability to market its services in a
competitive industry; (6) DTI's ability to execute, integrate and
realize the benefits of acquisitions, and manage the resulting
growth of its business; (7) potential liability for claims arising
from damage or harm caused by the operation of DTI's tools, or
otherwise arising from the dangerous activities that are inherent
in the oil and gas industry; (8) DTI's ability to obtain additional
capital; (9) potential political, regulatory, economic and social
disruptions in the countries in which DTI conducts business,
including changes in tax laws or tax rates; (10) DTI's dependence
on its information technology systems, in particular Customer Order
Management Portal and Support System (Compass) for the efficient
operation of DTI's business; (11) DTI's ability to comply with
applicable laws, regulations and rules, including those related to
the environment, greenhouse gases and climate change; (12) DTI's
ability to maintain an effective system of disclosure controls and
internal control over financial reporting; (13) the potential for
volatility in the market price of DTI's common stock; (14) the
impact of increased legal, accounting, administrative and other
costs incurred as a public company, including the impact of
possible shareholder litigation; (15) the potential for issuance of
additional shares of DTI's common stock or other equity securities;
(16) DTI's ability to maintain the listing of its common stock on
the Nasdaq Stock Market; (17) the risks that the cost savings and
other synergies from the transaction may not be fully realized by
DTI or may take longer or cost more to be realized than expected;
and (18) other risks and uncertainties separately disclosed and
described in filings and potential filings by DTI with the
Securities and Exchange Commission (the "SEC"). Investors should
carefully consider the risks and uncertainties described in DTI's
annual report on Form 10–K filed March 29,
2024 (the "10–K"). Such forward-looking statements are based
on the beliefs of management of DTI, as well as assumptions made
by, and information currently available to DTI's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in the 10-K. All subsequent written or oral forward-looking
statements attributable to the Company or persons acting on its
behalf are qualified in their entirety by this paragraph.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of each of DTI, including those set
forth in the Risk Factors section of the 10-K. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
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SOURCE Drilling Tools International Corp.