Drilling Tools International Corporation Stock Price, News & Analysis

Drilling Tools International Corp. (NASDAQ: DTI) has scheduled its 2024 third quarter earnings conference call for Thursday, November 14, 2024, at 10:00 a.m. Eastern Time. The company will release its financial results before the call. Investors can access the call by dialing 1-201-389-0869 or via webcast at the investor relations website. A replay will be available through November 21, 2024. DTI is a Houston-based oilfield services company specializing in manufacturing and renting downhole drilling tools, operating from 16 North American centers and 11 international locations across EMEA and APAC regions.

Drilling Tools International Corp. (NASDAQ: DTI) has completed the acquisition of European Drilling Projects (EDP), a global provider of next-generation stabilizers, specialty reamers, and wellbore optimization technology. This acquisition aligns with DTI's international growth strategy and commitment to technological differentiation. EDP, founded in 2004, brings additional cutting-edge drilling tool solutions to DTI's technology portfolio, complementing their existing Drill-N-Ream® technology.

The integration of EDP's expertise enhances DTI's competitive edge and reinforces its position as a leader in providing innovative drilling solutions to the global oil and gas industry. EDP's Eastern Hemisphere footprint and established market penetration further complement DTI's global expansion strategies. The acquisition includes EDP's innovative technology, intellectual property, and key personnel, enabling DTI to offer premium, value-added tools in a market segment typically characterized by commoditization.

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its participation in the 2024 Barclays CEO Energy-Power Conference from September 3rd to 5th in New York City. DTI will conduct investor meetings and make its investor presentation accessible on the company's website.

DTI specializes in designing, engineering, manufacturing, and renting tools for onshore and offshore drilling operations. Founded in 1984, the company now operates from 16 service centers across North America and 10 international centers in EMEA and APAC regions. DTI's focus is on downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells.

Investors and interested parties can access DTI's presentation at https://investors.drillingtools.com/news-events/presentations. For more information, contact DTI@dennardlascar.com.

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced its participation in the 2024 EnerCom Denver Energy Conference from August 19-21, 2024. DTI will present on August 20th at 10:30 a.m. EDT, with a live webcast available. The company will also host one-on-one meetings with investors during the conference.

DTI's investor presentation will be accessible on their website, and a replay of the webcast will be archived post-event. Based in Houston, Texas, DTI specializes in manufacturing and renting downhole drilling tools for horizontal and directional drilling of oil and natural gas wells. The company operates from 16 service centers across North America and 10 international centers in the EMEA and APAC regions.

Drilling Tools International Corp. (NASDAQ: DTI) has closed its acquisition of Superior Drilling Products, Inc. (SDP) for approximately $32.2 million in cash and stock. The acquisition is expected to yield over $4.5 million in SG&A synergies and tax benefits, along with significant CapEx savings and margin improvements. DTI also reported its Q2 2024 results, with total revenue of $37.5 million, operating income of $2.2 million, and Adjusted EBITDA of $9.0 million. Despite a softening U.S. rig count, DTI implemented cost reductions and improved Adjusted Free Cash Flow. The company updated its 2024 guidance, projecting revenue between $155-$170 million and maintaining its Adjusted Free Cash Flow outlook of $20-$25 million.

Superior Drilling Products (NYSE American: SDPI) announced preliminary results for the election of merger consideration in its pending acquisition by Drilling Tools International (NASDAQ: DTI). Key points:

• SDPI shareholders approved the merger on July 29, 2024
• Shareholders could elect to receive $1.00 in cash or 0.313 DTI shares per SDPI share
• 80.5% of shares elected stock consideration, 5.3% elected cash, and 14.2% made no election
• The maximum share amount was exceeded, so stock electors will receive partial cash consideration
• Final results and allocation will be calculated before closing

The merger aims to combine SDPI's innovative drilling tool technology with DTI's oilfield services expertise.

Superior Drilling Products (NYSE American: SDPI) shareholders have approved the acquisition by Drilling Tools International (Nasdaq: DTI) at a special meeting. Over 99% of voted shares (representing 77% of total outstanding shares) were in favor of the merger agreement. The transaction is expected to close on August 1, 2024, after which SDPI's common stock will be delisted from public markets.

Troy Meier, SDP's Chairman and CEO, expressed satisfaction with this milestone and shareholder support, highlighting the opportunities ahead for the combined company. SDP, an innovative drilling tool technology company, designs, manufactures, and sells cost-saving solutions for the oil and natural gas drilling industry, including the patented Drill-N-Ream® well bore conditioning tool and Strider™ oscillation system technology.

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its 2024 second quarter earnings release and conference call schedule. The company will report its financial results before a live conference call on Tuesday, August 6, 2024, at 9:00 a.m. Eastern Time. Investors can access the call via phone or webcast. For those unable to attend, a replay will be available until August 13, 2024. DTI specializes in designing, engineering, manufacturing, and renting tools for horizontal and directional drilling operations in both onshore and offshore environments. The company operates from 16 service centers across North America and 7 international centers in Europe and the Middle East.

DTI and SDPI have announced the deadline for SDPI shareholders to elect their preferred form of merger consideration in the pending acquisition. The Election Deadline is set for 5:00 p.m., New York time, on July 29, 2024. If approved, the Merger is expected to close on August 1, 2024. SDPI shareholders can choose between 0.313 shares of DTI common stock or $1.00 in cash per SDPI share. The election is subject to proration to ensure DTI issues between 4,112,752 and 4,845,240 shares. Shareholders should carefully review the Proxy Statement and Election Form before making their decision.