Drilling Tools International Enhances North Sea Reach Through Saltire Energy Acquisition

Drilling Tools International (DTI) has signed a definitive deal to buy Aberdeen-headquartered Saltire Energy Limited and Foxley Energy Limited for around $80 million in cash along with 17.4 million shares of DTI common stock. The acquisition broadens DTI’s drilling equipment rental footprint throughout the North Sea, Middle East, and Asia-Pacific regions.

Anticipated to finalize in Q1 2027, the deal will substantially bolster DTI’s Eastern Hemisphere operations. The company projects that the region will contribute roughly 40% of its total combined revenue post-acquisition, up from 18% of DTI’s standalone revenue recorded in Q2 2026.

Established in 1986, Saltire offers rental bottomhole assembly tools, downhole equipment, drilling tubulars, and pressure-control systems to oilfield service providers, drilling contractors, and E&P operators. Its operational network includes facilities across the United Kingdom, Norway, the United Arab Emirates, Singapore, and Malaysia.

The purchase also enhances DTI’s capacity to roll out its proprietary wellbore optimization technologies—such as Drill-N-Ream and ClearPath—across Saltire’s established customer base. Additionally, DTI intends to incorporate Saltire’s pressure-control assets and drilling jars into its global rental catalog.

Both organizations noted that their overlapping geographic reach and complementary tool inventories will generate avenues to increase equipment access and launch new technologies across global drilling sectors.

Subject to standard closing adjustments, the deal is projected to wrap up during the first quarter of 2027.