DTI to Acquire Saltire Energy for $80M Cash, 17.4M Shares
Houston – October 08, 2026 -- Drilling Tools International Corp. (NASDAQ: DTI) has signed a definitive agreement to acquire Aberdeen-based Saltire Energy Limited and Foxley Energy Limited for approximately $80 million in cash plus 17.4 million shares of DTI common stock, a deal expected to close in the first quarter of 2027.
Acquisition nearly doubles DTI's international revenue exposure
The transaction will lift DTI's Eastern Hemisphere contribution from roughly 18% of standalone revenue in the second quarter of 2026 to approximately 40% of pro forma revenue post-close. Saltire, founded in 1986, operates rental fleets of drilling tubulars, downhole tools and pressure control equipment across the North Sea, Norway, the United Arab Emirates, Singapore and Malaysia, serving Tier 1 E&P operators and drilling contractors.