DTI Propels Growth with Acquisition of Titan Tools Services

Drilling Tools International Corp. Expands Footprint with Titan Tools Acquisition

Drilling Tools International Corp. (NASDAQ: DTI) has taken a significant step forward by acquiring Titan Tools Services Ltd., a well-regarded downhole tool rental company based in the UK. This strategic acquisition marks a pivotal moment in DTI's mission to enhance its technological capabilities and expand its service offerings in the global drilling market. By bringing Titan into the fold, DTI aims to solidify its position as a comprehensive solution provider for clients across various regions.

Strategic Growth Through Acquisition

The successful completion of this acquisition represents a crucial part of DTI's long-term growth strategy, highlighting the company's commitment to enhancing its offerings and geographic presence. This integration not only boosts DTI’s capabilities but also strengthens its presence in key areas such as the North Sea and parts of Europe and Africa.

Titan Tools Services has been a noteworthy player in the drilling industry since its inception in 2009. It has built a solid reputation for renting, servicing, and manufacturing advanced drilling equipment tailored for the oil, gas, and geothermal sectors. The expertise and established customer network of Titan will play an integral role in allowing DTI to better serve its clients.

Leadership Insight on the Acquisition

Wayne Prejean, CEO of DTI, expressed excitement about the new partnership, stating, "We are thrilled to officially welcome Titan Tools to the DTI family. This strategic move significantly expands our international footprint, particularly in the UK North Sea and European markets. Titan's technical expertise complements our operations, enabling us to provide a more comprehensive range of services to our global clients. This enhancement in our service capability is essential as we continue to grow."

Key Benefits of the Acquisition

The acquisition strategy presents several key advantages for Drilling Tools International Corp.:

• Broadened geographical reach in strategic markets.
• Improved technological capabilities in downhole drilling tools.
• Access to Titan's advanced materials and tool design knowledge.
• Enhanced relationships with customers in vital regions.
• Faster market acceptance for innovative tools like Drill-N-Ream and Fixedblade stabilizers.

Adding to these benefits, Bruce Jepp, Managing Director of Titan, noted, "Joining forces with DTI opens up exciting opportunities for our team and our clients. Our shared commitment to innovation and exceptional service will allow us to provide comprehensive solutions throughout the well lifecycle." This collaborative spirit will undoubtedly foster mutual growth and expansion for both teams.

Integrating Titan Tools into DTI Operations

The process of integrating Titan Tools within DTI's existing operations is set to commence immediately. The focus will be on ensuring seamless business continuity while capitalizing on the synergies between the two organizations. This careful integration strategy aims to minimize disruptions and maximize the combined strengths of the two companies.

About Drilling Tools International Corp.

Based in Houston, Texas, Drilling Tools International Corp. is a leading service provider specializing in the manufacture and rental of downhole drilling tools for oil and natural gas extraction. Since its establishment in 1984, DTI has evolved into a powerhouse in the industry, operating from 16 service centers in North America and maintaining 11 international service and support locations across the EMEA and APAC regions. The company's dedication to technology and customer service positions it well within the competitive landscape of oilfield services.

Contact Information

For more information, DTI's Investor Relations can be reached through Ken Dennard and Rick Black.

Frequently Asked Questions

What does the acquisition of Titan Tools mean for DTI?

The acquisition enables DTI to expand its global presence and enhance its technological capabilities in downhole drilling tools.

Where is Titan Tools Services Ltd. located?

Titan Tools Services is based in the UK, specifically in Aberdeen, Scotland.

How will the acquisition benefit DTI's customers?

Clients will have access to a broader range of services and advanced tools as DTI integrates Titan's expertise into its offerings.

What are DTI’s plans following the acquisition?

DTI will focus on integrating Titan into its operations while ensuring business continuity and taking advantage of new market opportunities.

How long has DTI been in operation?

Drilling Tools International Corp. has been providing services since 1984, establishing itself as a leader in the oilfield service industry.

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