Further Demonstrates DTI's Commitment to
Advancing the Directional Drilling Process with Innovative Tool
Development and Global Expansion
HOUSTON, Oct. 3, 2024
/PRNewswire/ -- Drilling Tools International Corp., (NASDAQ: DTI)
("DTI" or the "Company"), a global oilfield services company that
designs, engineers, manufactures and provides a differentiated,
rental-focused offering of tools for use in onshore and offshore
drilling operations, as well as other cutting-edge solutions across
the well life cycle, today announced that it has closed on its
acquisition of European Drilling Projects known as ED Projects
(EDP), a global provider of next-generation stabilizers, specialty
reamers, and wellbore optimization technology for the drilling
industry. Terms of the transaction were not disclosed.
Founded in 2004, EDP has been dedicated to advancing drilling
processes and developing innovative tools for the directional
drilling market to improve drilling performance and provide value
to the customer. EDP designs and manufactures bespoke drilling
equipment tailored to address specific industry challenges. These
cutting-edge tools, which include the Fixedblade® stabilizer,
effectively address recognized limitations in conventional designs
and significantly enhance drilling efficiency.
The integration of EDP's expertise aligns seamlessly with DTI's
international growth strategy and commitment to technological
differentiation. The acquisition of EDP not only enhances DTI's
competitive edge but also reinforces its position as a leader in
providing innovative drilling solutions to the global oil and gas
industry.
Wayne Prejean, Chief Executive
Officer of DTI, stated, "This acquisition is another significant
step in our technological advancement and global expansion efforts.
Specifically, EDP brings additional cutting-edge drilling tool
solutions to DTI's technology portfolio, complementing our existing
Drill-N-Ream® technology. By securing EDP's innovative technology,
intellectual property, and key personnel, DTI is poised to offer
premium, value-added tools in a market segment typically
characterized by commoditization. In addition, the EDP Eastern
Hemisphere footprint and established market penetration further
compliments DTI's global expansion strategies.
"Additionally, we are excited to welcome the EDP team to the DTI
family and would like to recognize Tom
Newman and Lauraine Kaal,
founders of EDP, for their visionary approach, deep knowledge base,
and their trust in us to carry forward their legacy. Our shared
goals create a robust synergy between our organizations and
reinforce DTI's commitment to remaining a market leader and
innovator. We are excited to collaborate with Jelle Zwart, Managing Director, and the rest of
the talented team at EDP as we continue to address the evolving
challenges of the drilling industry."
Tom Newman added, "Since founding
European Drilling Projects in 2004, we have been committed to
enhancing the drilling process and pioneering tools for the
directional drilling market. We are thrilled to join forces with
Drilling Tools International, a company that shares our vision for
innovation and excellence in the upstream oil and gas market. DTI,
combined with its extensive reach, resources and cutting-edge
technologies like our Fixedblade® stabilizer, is a game-changer in
the industry. We are excited to see how this partnership will drive
further advancements in drilling technology."
About Drilling Tools International Corp.
DTI is a Houston, Texas based
leading oilfield services company that manufactures and rents
downhole drilling tools used in horizontal and directional drilling
of oil and natural gas wells. With roots dating back to 1984, DTI
now operates from 16 service and support centers across
North America and maintains 10
international service and support centers across the EMEA and APAC
regions. To learn more about DTI, please visit:
www.drillingtools.com.
Contact:
DTI Investor Relations
Ken Dennard / Rick Black
InvestorRelations@drillingtools.com
Forward-Looking Statements
This press release may include, and oral statements made from
time to time by representatives of the Company may include,
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements other than
statements of historical fact included in this press release are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "may,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "will," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward looking. These forward-looking
statements include, but are not limited to, statements regarding
DTI and its management team's expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Forward
looking statements in this press release may include, for example,
statements about: (1) the demand for DTI's products and services,
which is influenced by the general level activity in the oil and
gas industry; (2) DTI's ability to retain its customers,
particularly those that contribute to a large portion of its
revenue; (3) DTI's ability to employ and retain a sufficient number
of skilled and qualified workers, including its key personnel; (4)
DTI's ability to source tools and raw materials at a reasonable
cost; (5) DTI's ability to market its services in a competitive
industry; (6) DTI's ability to execute, integrate and realize the
benefits of acquisitions, and manage the resulting growth of its
business; (7) potential liability for claims arising from damage or
harm caused by the operation of DTI's tools, or otherwise arising
from the dangerous activities that are inherent in the oil and gas
industry; (8) DTI's ability to obtain additional capital; (9)
potential political, regulatory, economic and social disruptions in
the countries in which DTI conducts business, including changes in
tax laws or tax rates; (10) DTI's dependence on its information
technology systems, in particular Customer Order Management Portal
and Support System (Compass) for the efficient operation of DTI's
business; (11) DTI's ability to comply with applicable laws,
regulations and rules, including those related to the environment,
greenhouse gases and climate change; (12) DTI's ability to maintain
an effective system of disclosure controls and internal control
over financial reporting; (13) the potential for volatility in the
market price of DTI's common stock; (14) the impact of increased
legal, accounting, administrative and other costs incurred as a
public company, including the impact of possible shareholder
litigation; (15) the potential for issuance of additional shares of
DTI's common stock or other equity securities; (16) DTI's ability
to maintain the listing of its common stock on the Nasdaq Stock
Market; and (17) other risks and uncertainties separately disclosed
and described in filings and potential filings by DTI with the
Securities and Exchange Commission (the "SEC"). Investors should
carefully consider the risks and uncertainties described in DTI's
annual report on Form 10-K filed March 29,
2024 (the "10–K"). Such forward-looking statements are based
on the beliefs of management of DTI, as well as assumptions made
by, and information currently available to DTI's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in the 10-K. All subsequent written or oral forward-looking
statements attributable to the Company or persons acting on its
behalf are qualified in their entirety by this paragraph.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of each of DTI, including those set
forth in the Risk Factors section of the 10-K. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
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SOURCE Drilling Tools International Corp.