Recent Updates — DTI

Drilling Tools International engaged a Norwegian investment bank to arrange a U.S. dollar-denominated senior secured bond issue in the Nordic market, commencing October 14, 2026. The contemplated issuance is expected to raise up to $375 million and would be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. Proceeds are intended to partially finance the previously announced acquisition of Saltire Energy Limited, repay existing term loans in full, reduce a portion of its asset-based revolving credit facility, and fund general corporate purposes. The transaction remains subject to market conditions and has not been finalized. Drilling Tools International provides oilfield services and equipment for drilling operations.

Drilling Tools International Corp. entered into a definitive Share Purchase Agreement to acquire Saltire Energy Limited and Foxley Energy Limited, collectively known as Saltire. The transaction involves approximately $80 million in cash and the issuance of 17.4 million shares of DTI common stock. Saltire is an international downhole tool rental company with operations in the North Sea and Middle East. The deal is expected to be accretive to adjusted EBITDA margin and free cash flow per share from day one, without relying on synergies. Pro forma results indicate combined revenue of $205 million to $220 million and adjusted EBITDA of $58 million to $68 million. The transaction is subject to regulatory approvals and DTI stockholder consent, with closing expected in the first quarter of 2027. Drilling Tools International Corp. manufactures and rents downhole drilling tools and equipment.

Drilling Tools International Corp. entered into a definitive Share Purchase Agreement to acquire Saltire Energy Limited and Foxley Energy Limited (the Group) from the Loggie family trusts and related entities. The transaction values the business at approximately $81 million, consisting of £60.3 million ($81 million) in cash and 17,355,139 shares of DTI common stock issued as equity consideration. Saltire’s founders are expected to retain an approximate 30% ownership stake in the combined company post-closing. The acquisition is expected to close in the first quarter of 2027, subject to customary conditions including DTI stockholder approval and regulatory clearances. Drilling Tools International Corp. designs, engineers, manufactures, and rents specialized tools for onshore and offshore horizontal and directional drilling operations.

Drilling Tools International Corporation reported financial results for the second quarter ended June 30, 2026. The company generated total consolidated revenue of $38.1 million, comprising $29.6 million in Tool Rental revenue and approximately $8.5 million in Product Sales. Net loss attributable to common stockholders was approximately $1.8 million, or a loss of $0.05 per share. Adjusted net loss was $575,000 with an adjusted EPS loss of $0.02 per share. Second quarter Adjusted EBITDA reached $8.4 million and Adjusted Free Cash Flow was $4.1 million. As of June 30, 2026, the company held $2.5 million in cash and cash equivalents with net debt of $51.7 million. Management reaffirmed its full-year 2026 guidance ranges for revenue between $155 million and $170 million and Adjusted EBITDA between $35 million and $45 million. Drilling Tools International Corp operates in the oilfield services industry, designing, engineering, manufacturing, and renting downhole drilling tools for onshore and offshore horizontal and directional drilling operations.