Drilling Tools International Corp. Signs Definitive Agreement to Acquire UK-Based Titan Tools Services Ltd., Expanding its Global Reach in Downhole Tool Services
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) ha firmato un accordo definitivo per acquisire Titan Tools Services, un'azienda britannica di noleggio di attrezzature per forature, per una somma non divulgata. L'acquisizione mira a migliorare la presenza di DTI nei mercati del Mare del Nord, europei e africani, ampliando nel contempo la gamma di prodotti offerti. Si prevede che l'affare si chiuda nel primo trimestre del 2025, in attesa delle approvazioni normative.
La fusione combinerà l'esperienza di DTI negli attrezzi per perforazione a fondo con la presenza regionale di Titan, consentendo una distribuzione più ampia di prodotti come Drill-N-Ream® e Fixedblade® stabilizer. DTI opera da 16 centri di servizio in Nord America e 11 sedi internazionali nelle regioni EMEA e APAC.
Drilling Tools International Corp. (NASDAQ: DTI) ha firmado un acuerdo definitivo para adquirir Titan Tools Services, una empresa británica de alquiler de herramientas de perforación, por una suma no revelada. La adquisición tiene como objetivo mejorar la presencia de DTI en los mercados del Mar del Norte, europeos y africanos, al mismo tiempo que amplía su oferta de productos. Se espera que el acuerdo se cierre en el primer trimestre de 2025, sujeto a la aprobación de las autoridades regulatorias.
La fusión combinará la experiencia de DTI en herramientas de perforación a fondo con la presencia regional de Titan, lo que permitirá una distribución más amplia de productos como Drill-N-Ream® y Fixedblade® stabilizer. DTI opera desde 16 centros de servicio en América del Norte y 11 ubicaciones internacionales en las regiones EMEA y APAC.
Drilling Tools International Corp. (NASDAQ: DTI)는 영국의 굴착 도구 임대 회사인 Titan Tools Services를 인수하기 위한 최종 계약을 체결했습니다. 인수 금액은 공개되지 않았습니다. 이번 인수는 DTI의 북해, 유럽 및 아프리카 시장에서의 입지를 강화하고 제품 라인을 확장하기 위한 것입니다. 이 거래는 규제 승인을 조건으로 2025년 1분기에 완료될 것으로 예상됩니다.
합병은 DTI의 굴착 도구에 대한 전문성과 Titan의 지역적 존재를 결합하여 Drill-N-Ream® 및 Fixedblade® 안정기와 같은 제품의 보다 넓은 유통을 가능하게 합니다. DTI는 북미에 16개의 서비스 센터, EMEA 및 APAC 지역에 11개의 국제 위치에서 운영됩니다.
Drilling Tools International Corp. (NASDAQ: DTI) a signé un accord définitif pour acquérir Titan Tools Services, une entreprise britannique de location d'outils de forage, pour un montant non divulgué. L'acquisition vise à renforcer la présence de DTI sur les marchés de la mer du Nord, européens et africains tout en élargissant son offre de produits. La conclusion de l'accord est prévue pour le premier trimestre 2025, sous réserve des approbations réglementaires.
La fusion combinera l'expertise de DTI en matière d'outils de forage avec la présence régionale de Titan, permettant une distribution plus large de produits comme Drill-N-Ream® et Fixedblade® stabilisateur. DTI dispose de 16 centres de services en Amérique du Nord et de 11 emplacements internationaux dans les régions EMEA et APAC.
Drilling Tools International Corp. (NASDAQ: DTI) hat einen endgültigen Vertrag zur Übernahme von Titan Tools Services, einem britischen Unternehmen für die Vermietung von Bohrwerkzeugen, zu einem nicht bekannt gegebenen Preis unterzeichnet. Die Übernahme zielt darauf ab, DTIs Präsenz in den Märkten Nordsee, Europa und Afrika zu stärken und das Produktportfolio zu erweitern. Der Abschluss des Deals wird im ersten Quartal 2025 erwartet, unter der Voraussetzung regulatory Genehmigungen.
Die Fusion wird die Expertise von DTI in den Bereichen Bohrwerkzeuge mit der regionalen Präsenz von Titan kombinieren, was eine breitere Distribution von Produkten wie Drill-N-Ream® und Fixedblade® stabilisierenden ermöglicht. DTI betreibt 16 Servicezentren in Nordamerika und 11 internationale Standorte in den Regionen EMEA und APAC.
- Strategic expansion into UK North Sea, European and African markets
- Enhanced product portfolio and technological capabilities
- Access to Titan's established customer relationships
- Broader distribution network for existing products
- Undisclosed acquisition cost creates uncertainty for investors
- Regulatory approval pending could delay closing
- Integration risks between two international companies
Insights
This strategic acquisition marks a significant expansion for DTI into key European and African markets. The deal enhances DTI's global footprint and product portfolio, particularly in the North Sea region where Titan has established relationships. While financial terms weren't disclosed, the acquisition brings several strategic benefits:
- Geographic diversification into high-value markets
- Access to Titan's existing customer base
- Enhanced distribution network for DTI's proprietary technologies like Drill-N-Ream® and Fixedblade®
- Operational synergies in the downhole tool rental segment
For a company with a
This acquisition strengthens DTI's position in the evolving energy sector, particularly as demand grows for specialized drilling technologies in both traditional oil & gas and emerging geothermal markets. The deal is strategically timed amid increasing activity in North Sea drilling and growing focus on European energy security. Titan's expertise in downhole tool services complements DTI's manufacturing capabilities, creating a more vertically integrated service offering. The expansion into geothermal drilling markets is especially noteworthy, as it positions DTI to capitalize on the energy transition while maintaining its core oil and gas business. This dual-market strategy reduces sector-specific risks and opens new revenue streams.
Strategic acquisition enhances DTI's product offerings and strengthens its presence in the North Sea, European and African markets, leveraging Titan's customer relationships and expertise
"This strategic acquisition aligns perfectly with our global growth strategy," said Wayne Prejean, CEO of Drilling Tools International. "Titan's strong presence in the
"The combination of Titan and DTI not only expands our geographical footprint but also enhances our technological capabilities, positioning us as a leader in the evolving energy landscape. We will be able to provide our customers with access to an even wider array of products and services with the addition of Titan," concluded Prejean.
Bruce Jepp, Managing Director of Titan Tools Services, added, "Joining forces with DTI significantly expands our global reach and enhances our ability to serve the oil and gas and geothermal drilling industries worldwide. Once complete, this transaction will allow us to leverage DTI's extensive distribution network and technological expertise. Together, we'll accelerate market adoption of tools like the Drill-N-Ream® and Fixedblade® stabilizer, setting new industry standards. Our shared commitment to technological advancement and exceptional customer service will enable us to provide comprehensive solutions, from project planning to completion, ensuring our clients' success in an ever-evolving energy landscape."
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions and regulatory approvals.
About Drilling Tools International Corp.
DTI is a
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 conditions to the completion of the proposed transactions, including obtaining regulatory approvals for the transaction on the anticipated schedule or at all; (18) the closing of the proposed transaction may not occur or could be delayed, either as a result of litigation related to the transaction or otherwise or result in significant costs of defense, indemnification, and liability; (19) 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; (20) the occurrence of any event, change, or other circumstance that could give rise to the termination of the definitive agreement relating to proposed transaction; (21) the effect of the announcement or pendency of the proposed transaction on Titan's ability to attract, motivate, or retain key executives or employees, its ability to maintain relationships with its customers, suppliers, and other business counterparties, or its operating results and business generally; and (22) 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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FAQ
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