Drilling Tools International Corp. Signs Definitive Agreement to Acquire Saltire Energy Limited & Foxley Energy Limited

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“We are extremely excited about this transformative transaction”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“Saltire is a natural fit for DTI. Like us, Saltire rents the mission-critical downhole tools operators depend on, and it does so in the attractive international markets where we have long sought a scaled presence.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“Saltire has established relationships across the North Sea, the Middle East and other key Eastern Hemisphere markets, and with limited customer overlap, Saltire nearly doubles DTI's international exposure to approximately 40% of pro forma revenue in a single step.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“That kind of international scale and those established customer relationships can take many years to build organically.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“We expect the combination to be accretive to Adjusted EBITDA margin and Adjusted Free Cash Flow per share in the first year following closing.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“Looking ahead, we see a real opportunity to bring technologies like Mechlok, Turbocaser, Turborunner, ClearPath and D-N-R to Saltire's customers through its distribution network, and to give customers a global platform backed by greater financial strength.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“The combined company is expected to generate significant Adjusted Free Cash Flow, which gives DTI a clear path to de-lever quickly.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“Just as importantly, Mike Loggie, the Founder of Saltire, and the Loggie family will retain approximately 30% of the combined company.”

Wayne Prejean, Chairman and Chief Executive Officer of DTI

“We are building for the future, and we're glad to be doing it alongside the Saltire and Foxley teams”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“Both personally and professionally, this is a proud day for me, my family, and for everyone at Saltire and Foxley as we mark our 40th year in business.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“What we started four decades ago has become a trusted partner to some of the most demanding operators in the world, and that is a credit to our people, their expertise, commitment to safety, and dedication to our valued customers.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“As we thought about Saltire's next chapter, we weren't looking for an exit.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“We wanted a partner that shares our focus on exceptional service, proven reliability and technical excellence.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“We chose to take a meaningful part of our consideration in DTI Common Stock, and we expect to remain a significant shareholder.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“We're not stepping away.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“We are invested in this company for the long term, and our customers can expect the same people and the same trusted service they've always relied on, now backed by DTI's global platform, technology offerings, deep industry expertise, and long-term commitment to helping the business grow.”

Mike Loggie, Founder and Chief Executive Officer of Saltire

“We are excited to build on the combined company's extremely strong reputation and create new opportunities for our customers, employees, and partners.”