Drilling Tools International Corp

Earnings data Q2 2023

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Drilling Tools International Corp. engages in the provision of rentals of directional drilling tools, wellbore optimization tools and other drilling products. The company was founded in 1984 and is headquartered in Houston, TX.

ABL Amendment Provides Additional Financial Flexibility, Extends Maturity to 2029 and Modifies Certain Financial Covenants New Term Loan Adds $25 Million of Increased Borrowing Capacity HOUSTON , March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today announced that it has completed an amendment (the "ABL Amendment") to its existing Amended and Restated Senior Secured Asset-Based Revolving Credit, Security And Guaranty Agreement, with PNC Business Credit, a division of PNC Bank, National Association (the "ABL Credit Facility"). The ABL Amendment, among other things, increases the borrowing capacity from $60 million to $80 million, improves pricing to SOFR + 2.50%, and removes certain negative financial covenants.

Drilling Tools International Corp. Amends and Extends ABL Credit Facility and Enters into New Term Loan

HOUSTON , March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. ("DTI" or the "Company") (NASDAQ: DTI), today announced it has closed on the acquisition of UK-based Deep Casing Tools ("DCT"), a global leader in innovative downhole technology solutions. Details of the transaction were not disclosed.

Drilling Tools International Corp. Closes on Acquisition of Deep Casing Tools

Drilling Tools (DTI) inks an agreement to acquire Superior Drilling Products, Inc. for approximately $32.2 million.

Drilling Tools (DTI) to Acquire Drill-N-Ream Patent Holder

Company announces 2023 year end conference call for March 28, 2024 HOUSTON , March 7, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today provided preliminary estimate ranges for selected 2023 full year results.

Drilling Tools International Provides Preliminary Estimates of 2023 Full Year Results

Superior Drilling Products

Acquisition furthers DTI's growth strategy to be a premier provider of quality solutions and services for the global oil & gas drilling industry Integrating SDP's patented Drill-N-Ream® well bore conditioning tool into DTI's fleet of technologies provides expanded geographic market potential and is anticipated to lower capital requirements and operating costs as well as improve operational efficiencies Combining SDP's manufacturing expertise into DTI's broad-reaching and well -established global sales channels HOUSTON and VERNAL, Utah , March 7, 2024 /PRNewswire/ -- Drilling Tools International Corp. ("DTI") (NASDAQ: DTI) and Superior Drilling Products, Inc. ("SDP") (NYSE American: SDPI), today announced they have entered into a definitive agreement under which DTI agreed to acquire SDP for total consideration of approximately $32.2 million payable in cash and DTI stock. The transaction was unanimously approved by the Board of Directors of DTI and SDP and a Special Committee of the Board of Directors of SDP.

Drilling Tools International Corp. to Acquire Superior Drilling Products, Inc.

Drilling Tools International has shown promising growth after a recent deal, with surging revenue and margins. DTI primarily rents out drilling tools, with North America being its main source of revenue. DTI has strong operating cash flow and potential for growth in the European market. Its low PE ratio makes it an attractive investment.

Drilling Tools International Is A Growing, Discount Value Play

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HOUSTON, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Drilling Tools International Corp., (“DTI” or the “Company”) (Nasdaq: DTI), a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling, operating from 20 locations across North America, Europe and the Middle East, today reported its financial and operational results for the third quarter ended September 30, 2023.

Drilling Tools International Reports Third Quarter 2023 Financial Results

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Drilling Tools International has lowered its guidance but still expects close to 2-3x adjusted EBITDA with a 33.5% EBITDA margin. The directional drilling solutions services market is expected to grow at a CAGR of 9.5% from now to 2030, which could lead to FCF margin growth. The company's solid balance sheet, lack of debt, and potential for increased stock visibility suggest that it is significantly undervalued.

Drilling Tools International: Significantly Undervalued Oil, And Gas Play

Second Quarter 2023 Revenue Grew 25% Year-over-Year to $37.9 million Successful completion of business combination; Shares commenced trading on Nasdaq HOUSTON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Drilling Tools International Corp., (“DTI” or the “Company”) (Nasdaq: DTI), a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling, operating from 22 locations across North America, Europe and the Middle East, today reported its financial and operational results for the quarter ended June 30, 2023. Second Quarter Financial Highlights Net Revenue of $37.9 million increased 25% from $30.4 million in Q2 2022 Operating expenses of $(31.3) million were higher compared to $(22.3) million in Q2 2022 Net Income was $0.9 million, compared to $5.9 million in Q2 2022 Diluted Earnings Per Share was $0.05, compared to $0.30 in Q2 2022 Adjusted EBITDA was $13.3 million, compared to $8.8 million in Q2 2022 Operational and Business Highlights Completed business combination with ROC Energy Acquisition Corp. Became a publicly traded company, commencing trading on Nasdaq on June 21, under the ticker “DTI” In June, announced the appointment of Thomas “Roe” Patterson to the DTI Board of Directors.

Drilling Tools International Reports Second Quarter 2023 Financial Results

ROC Energy Acquisition Corp

HOUSTON, June 20, 2023 /PRNewswire/ -- Drilling Tools International Holdings, Inc., a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling, announced today that it completed its business combination with ROC Energy Acquisition Corp. ("ROC"). The combined company will operate under the name Drilling Tools International Corp. ("DTI" or the "Company").

Drilling Tools International, a Leading Oilfield Services Company, Completes Business Combination with ROC Energy Acquisition Corp. and Will Commence Trading on Nasdaq Under Ticker Symbol "DTI"

News for Drilling Tools International Corp Stock (DTI)