Drilling Tools International said on 8 October 2026 that it had agreed to acquire Saltire Energy Limited and Foxley Energy Limited, an Aberdeen-based rental drilling tools business, for about US$80m in cash plus 17.4m DTI shares.
Why Drilling Tools International Corp. is buying Saltire Energy Limited and Foxley Energy Limited
DTI said Saltire's rental-focused model closely resembles its own and that the deal will raise its Eastern Hemisphere share from about 18% of standalone revenue to about 40% of pro forma revenue. It also expects cross-selling of its proprietary wellbore technologies into Saltire's markets and to be accretive to adjusted EBITDA margin and adjusted free cash flow per share in the first year.
Deal terms and financing
The consideration comprises about US$80m in cash and 17.4m DTI shares, subject to customary closing adjustments. Founder Mike Loggie and the Loggie family are expected to hold about 30% of the combined company. At DTI's closing price of US$2.36 on 7 October, the share element was worth about US$41m.
Regulatory approvals and timing
Completion requires DTI stockholder approval, an effective registration statement, Nasdaq approval for listing the new shares and the absence of any prohibiting order. Closing is expected in the first quarter of 2027.
Market context
Founded in 1986, Saltire rents drilling tubulars, downhole and bottom hole assembly tools and pressure control equipment from bases in the United Kingdom, Norway, the United Arab Emirates, Singapore and Malaysia.
