Drilling Tools International Corporation (DTI) announced on October 8, 2026, that it has entered into a definitive Share Purchase Agreement to acquire Saltire Energy Limited and Foxley Energy Limited, collectively known as Saltire. The transaction involves the purchase of all issued share capital of the Group from the sellers, including Jack William Loggie as Seller Representative.
Under the terms of the agreement, DTI will pay approximately $80 million in cash and issue 17.4 million shares of its common stock to acquire the company. The share consideration is fixed, though its market value will fluctuate based on DTI’s share price.
DTI’s Chairman and CEO Wayne Prejean stated that the acquisition is a transformative step for the company. He noted that the combination creates a global platform with exposure to key international growth markets. DTI’s Eastern Hemisphere business revenue is expected to increase from approximately 18% in the second quarter of 2026 to about 40% of pro forma revenue following the close of the transaction.
Management highlighted that the combined rental fleet will grow from approximately 63,000 tools to more than 100,000 tools. DTI expects the transaction to be accretive to adjusted EBITDA margin and adjusted free cash flow per share from day one. Additionally, the Loggie family, including Saltire’s Founder and CEO Michael David Loggie, will retain a significant ownership stake of approximately 30% in the combined company.
DTI intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement and prospectus. This document will be sent to DTI’s stockholders and will contain important information regarding the transaction. The company also hosted a conference call on October 8, 2026, to discuss the details of the agreement.
