Drilling Tools International (DTI) has signed a definitive agreement to acquire Aberdeen-based Saltire Energy Limited and Foxley Energy Limited for approximately $80 million in cash and 17.4 million shares of DTI stock. This move will help expand DTI's drilling equipment rental operations in the North Sea, the Middle East, and the Asia-Pacific region.
Increased Presence in the Eastern Hemisphere
This deal, expected to close in the first quarter of 2027, is anticipated to significantly increase DTI's presence in the Eastern Hemisphere. DTI forecasts that this region will account for about 40% of the company's combined revenue post-acquisition, compared to 18% of DTI's standalone revenue in the second quarter of 2026.
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