Drilling Tools International to Acquire Rental Drilling Tool Providers
Drilling Tools International (DTI) announced an agreement to acquire Scotland-based Saltire Energy Ltd. and Foxley Energy Ltd., providers of rental drilling tools, in a $80 million cash-and-stock deal valued at approximately $137 million total consideration. The transaction includes $80 million in cash and 17.4 million DTI common shares. Following the announcement, DTI's stock rose by 6.3% pre-market on Thursday. The acquisition is expected to expand DTI’s rental tool offerings and strengthen its market position within the oilfield services sector. Saltire Energy brings a strong presence in Europe and North Africa, while Foxley adds complementary capabilities in drilling tools rentals across key markets. The deal reflects strategic growth efforts by DTI as it seeks to capitalize on industry demand for specialized equipment. The transaction is subject to regulatory approvals but has already received backing from the board of directors at Saltire Energy.
Tickers: $DTI
Topics: Drilling Tools Industry M&A