(WO) — Drilling Tools International (DTI) has entered into 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 common stock, expanding its drilling equipment rental operations across the North Sea, Middle East and Asia-Pacific.
The transaction, expected to close in the first quarter of 2027, will significantly increase DTI’s Eastern Hemisphere presence. The company expects the region to account for approximately 40% of combined revenue following the acquisition, compared with 18% of DTI’s standalone revenue in the second quarter of 2026.
Founded in 1986, Saltire provides rental drilling tubulars, downhole and bottomhole assembly tools, and pressure-control equipment to E&P operators, drilling contractors and oilfield service companies. The business operates from facilities in the United Kingdom, Norway, United Arab Emirates, Singapore and Malaysia.
The acquisition will also expand DTI’s ability to deploy its proprietary wellbore optimization technologies, including ClearPath and Drill-N-Ream, into Saltire’s existing markets. DTI plans to integrate Saltire’s drilling jars and pressure-control equipment into its broader rental portfolio.
The companies said their complementary drilling tool portfolios and geographic footprints will create opportunities to expand equipment availability and introduce additional technologies across international drilling markets.
The transaction remains subject to customary closing adjustments and is expected to be completed in the first quarter of 2027.
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