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Drilling Tools International Corp. Closes on Acquisition of Deep Casing Tools
HOUSTON, March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. ("DTI" or the "Company") (NASDAQ: DTI), today announced it has closed on the
About this update from Drilling Tools International Corporation
[{"type":"text","content":"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.\n\nDeep Casing Tools specializes in the design, engineering and manufacture of a range of patented and innovative products that add value to well construction, well completion and casing installation processes. Since 2012, Deep Casing Tools has supported operators within the energy sector globally, including areas within the Middle East as well as Europe, America and Asia. The firm was established in 2008 with the vision to design and commercialize market leading technologies that enhance wellbore operations across global markets.\nWayne Prejean, CEO of DTI, stated, \"We are excited to embrace the dedicated and talented team at Deep Casing Tools into the Drilling Tools International family. Deep Casing Tools' innovative and market leading products include: TurboCaserTM, a unique turbine-powered casing and liner running system; TurboRunnerTM, a distinctive turbine-powered completion running system; MechLOKTM Drill Pipe Swivel, the world's only mechanically lockable drill pipe swivel; the RubblizerTM, a first of its kind tool and innovative solution for casing extraction in the Plug and Abandonment process; and SelfLOK Floatation DeviceTM, a revolutionary barrier for liner flotation in Extended Reach Drilling (ERD) wells. Deep Casing's turbine tools are the only tools on the market that work effectively without any surface rotation, significantly reducing operational cost, risk, and most importantly, the number of rig days required to drill a well.\"\nPrejean added, \"With this acquisition of Deep Casing Tools, along with the pending acquisition of Superior Drilling Products, Inc. (NYSE American: SDPI), we continue to demonstrate our established M&A framework and robust M&A pipeline that will allow us to selectively consolidate the oilfield services industry. Furthermore, the acquisition of Deep Casing Tools broadens DTI's growth opportunities, both domestically and internationally, with a particular focus on expanding our presence in the Middle East. We are confident that these partnerships will drive innovation, enhan...