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Drilling Tools International Corp. (NASDAQ: DTI) is a premier oilfield services company headquartered in Houston, Texas. Established in 1984, DTI has evolved into a leading provider of downhole drilling tools, serving the oil and natural gas industry. The company specializes in manufacturing, renting, inspecting, and refurbishing essential tools for horizontal and directional drilling, both onshore and offshore.
Core Business and Operations: DTI's operations span across 16 locations in the United States, including Texas, California, Louisiana, Oklahoma, Pennsylvania, North Dakota, New Mexico, Utah, and Wyoming. Internationally, it operates in Canada with additional stocking points in Europe and the Middle East. DTI's expansive footprint enables it to supply a diverse customer base, providing significant advantages, especially during volatile commodity price cycles.
Recent Achievements and Current Projects: In March 2024, DTI announced the acquisition of UK-based Deep Casing Tools, a global leader in downhole technology solutions. This acquisition aligns with DTI's strategy to consolidate the oilfield service rental tool industry and expand its international presence, particularly in the Middle East. Additionally, DTI is set to acquire Superior Drilling Products, Inc., further enhancing its product offerings and shareholder value.
Financial Condition: As of the first quarter of 2024, DTI reported consolidated revenue of $37 million, with a strong financial position including $14 million in cash and a net debt of $11 million. The company recently increased its borrowing capacity to $80 million and secured a new $25 million term loan to support its growth strategy.
Partnerships and Products: DTI's extensive product portfolio includes over 65,000 rental tools, offering a significant competitive edge. The company's innovative products, such as the TurboCaserTM and MechLOKTM Drill Pipe Swivel, are designed to reduce operational costs and risks for clients. DTI's strategic partnerships and acquisitions, including its recent collaboration with Superior Drilling Products and Deep Casing Tools, highlight its commitment to innovation and customer satisfaction.
Future Outlook: DTI's inclusion in the Russell 2000, Russell 2500, and Russell 3000 indexes in July 2024 marks a significant milestone, boosting its visibility among investment managers and institutional investors. The company continues to focus on organic growth and strategic acquisitions, aiming to solidify its position as a market leader in the oilfield services sector. For more detailed information, visit www.drillingtools.com.
Drilling Tools International Corp. (DTI) reported its Q3 2024 results with total revenue of $40.1 million, comprising $28.1 million from Tool Rental and $12.0 million from Product Sales. The company posted Operating Income of $4.3 million and Net Income of $867,000. Q3 Adjusted EBITDA reached $11.1 million with Adjusted Free Cash Flow of $7.8 million.
Due to softer market conditions, DTI updated its 2024 outlook, projecting revenue between $145-155 million, Adjusted EBITDA of $38-43 million, and Adjusted Free Cash Flow of $18-21 million. The company maintains $12 million in cash with net debt of $32.1 million as of September 30, 2024.
Drilling Tools International Corp. (NASDAQ: DTI) has signed a definitive agreement to acquire Titan Tools Services , a UK-based downhole tool rental company, for an undisclosed sum. The acquisition aims to enhance DTI's presence in the North Sea, European and African markets while expanding its product offerings. The deal is expected to close in Q1 2025, subject to regulatory approvals.
The merger will combine DTI's expertise in downhole drilling tools with Titan's regional presence, enabling broader distribution of products like Drill-N-Ream® and Fixedblade® stabilizer. DTI operates from 16 service centers across North America and 11 international locations in EMEA and APAC regions.
Drilling Tools International Corp. (NASDAQ: DTI) has scheduled its 2024 third quarter earnings conference call for Thursday, November 14, 2024, at 10:00 a.m. Eastern Time. The company will release its financial results before the call. Investors can access the call by dialing 1-201-389-0869 or via webcast at the investor relations website. A replay will be available through November 21, 2024. DTI is a Houston-based oilfield services company specializing in manufacturing and renting downhole drilling tools, operating from 16 North American centers and 11 international locations across EMEA and APAC regions.
Drilling Tools International Corp. (NASDAQ: DTI) has completed the acquisition of European Drilling Projects (EDP), a global provider of next-generation stabilizers, specialty reamers, and wellbore optimization technology. This acquisition aligns with DTI's international growth strategy and commitment to technological differentiation. EDP, founded in 2004, brings additional cutting-edge drilling tool solutions to DTI's technology portfolio, complementing their existing Drill-N-Ream® technology.
The integration of EDP's expertise enhances DTI's competitive edge and reinforces its position as a leader in providing innovative drilling solutions to the global oil and gas industry. EDP's Eastern Hemisphere footprint and established market penetration further complement DTI's global expansion strategies. The acquisition includes EDP's innovative technology, intellectual property, and key personnel, enabling DTI to offer premium, value-added tools in a market segment typically characterized by commoditization.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its participation in the 2024 Barclays CEO Energy-Power Conference from September 3rd to 5th in New York City. DTI will conduct investor meetings and make its investor presentation accessible on the company's website.
DTI specializes in designing, engineering, manufacturing, and renting tools for onshore and offshore drilling operations. Founded in 1984, the company now operates from 16 service centers across North America and 10 international centers in EMEA and APAC regions. DTI's focus is on downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells.
Investors and interested parties can access DTI's presentation at https://investors.drillingtools.com/news-events/presentations. For more information, contact DTI@dennardlascar.com.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced its participation in the 2024 EnerCom Denver Energy Conference from August 19-21, 2024. DTI will present on August 20th at 10:30 a.m. EDT, with a live webcast available. The company will also host one-on-one meetings with investors during the conference.
DTI's investor presentation will be accessible on their website, and a replay of the webcast will be archived post-event. Based in Houston, Texas, DTI specializes in manufacturing and renting downhole drilling tools for horizontal and directional drilling of oil and natural gas wells. The company operates from 16 service centers across North America and 10 international centers in the EMEA and APAC regions.
Drilling Tools International Corp. (NASDAQ: DTI) has closed its acquisition of Superior Drilling Products, Inc. (SDP) for approximately $32.2 million in cash and stock. The acquisition is expected to yield over $4.5 million in SG&A synergies and tax benefits, along with significant CapEx savings and margin improvements. DTI also reported its Q2 2024 results, with total revenue of $37.5 million, operating income of $2.2 million, and Adjusted EBITDA of $9.0 million. Despite a softening U.S. rig count, DTI implemented cost reductions and improved Adjusted Free Cash Flow. The company updated its 2024 guidance, projecting revenue between $155-$170 million and maintaining its Adjusted Free Cash Flow outlook of $20-$25 million.
Superior Drilling Products (NYSE American: SDPI) announced preliminary results for the election of merger consideration in its pending acquisition by Drilling Tools International (NASDAQ: DTI). Key points:
- SDPI shareholders approved the merger on July 29, 2024
- Shareholders could elect to receive $1.00 in cash or 0.313 DTI shares per SDPI share
- 80.5% of shares elected stock consideration, 5.3% elected cash, and 14.2% made no election
- The maximum share amount was exceeded, so stock electors will receive partial cash consideration
- Final results and allocation will be calculated before closing
The merger aims to combine SDPI's innovative drilling tool technology with DTI's oilfield services expertise.
Superior Drilling Products (NYSE American: SDPI) shareholders have approved the acquisition by Drilling Tools International (Nasdaq: DTI) at a special meeting. Over 99% of voted shares (representing 77% of total outstanding shares) were in favor of the merger agreement. The transaction is expected to close on August 1, 2024, after which SDPI's common stock will be delisted from public markets.
Troy Meier, SDP's Chairman and CEO, expressed satisfaction with this milestone and shareholder support, highlighting the opportunities ahead for the combined company. SDP, an innovative drilling tool technology company, designs, manufactures, and sells cost-saving solutions for the oil and natural gas drilling industry, including the patented Drill-N-Ream® well bore conditioning tool and Strider™ oscillation system technology.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its 2024 second quarter earnings release and conference call schedule. The company will report its financial results before a live conference call on Tuesday, August 6, 2024, at 9:00 a.m. Eastern Time. Investors can access the call via phone or webcast. For those unable to attend, a replay will be available until August 13, 2024. DTI specializes in designing, engineering, manufacturing, and renting tools for horizontal and directional drilling operations in both onshore and offshore environments. The company operates from 16 service centers across North America and 7 international centers in Europe and the Middle East.
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