Celebrating a Milestone: DTI's First Year as a Nasdaq Listed Public Company

One year ago, Drilling Tools International (DTI) reached a significant milestone in its journey by becoming a publicly listed company on Nasdaq. This occasion not only underscores the company’s growth and achievements to date but also paves the way for new opportunities and expansion as a leader in the oil and gas industry. As DTI celebrates this momentous first anniversary, we reflect on the journey, share our accomplishments from the last twelve months, and look ahead to a promising future for DTI.

The Journey to Nasdaq

Since 1984, DTI has been a leading provider of downhole tools to the land and offshore drilling markets, offering high performing products and services to multiple segments in drilling, completion, and production. Founded on a commitment to a safe environment for employees via our three tenets of strength, innovation and performance, DTI has remained at the forefront of innovative technology and exceptional service within the industry.

The decision to go public was driven by our desire to accelerate growth, enhance visibility, and attract a broader investor base. The transaction was a resounding success, reflecting strong investor confidence in DTI’s business model, market position, and growth prospects.

Achievements Over the Past Year

FINANCIAL PERFORMANCE

Since its listing, DTI has delivered robust financial performance, resulting in meeting – and often exceeding – market expectations. Our growth has been driven by continuous demand for drilling services and tools, our international expansion, and strategic investments in new technology and infrastructure.

TECHNOLOGICAL ADVANCEMENTS

Innovation remains at the heart of DTI’s operations. Over the past few years, through strategic business acquisitions, DTI has introduced several new products designed to enhance drilling efficiency. These unique advancements have not only strengthened DTI’s competitive edge but have also reinforced our solid reputation as a pioneer in drilling technology. These new technologies include:

DRILL-N-REAM?

The Drill-N-Ream tool represents a significant advancement in reaming technology, conditioning the wellbore while drilling. The Drill-N-Ream is effective in both vertical and horizontal drilling applications, enhancing overall drilling performance. DTI has been the sole North America Distributor of the Drill-N-Reamtool since 2016. DTI recently announced the acquisition of the manufacturer, Superior Drilling Products, and plans to further expand the Drill-N-Ream to serve clients on a global scale. To find out more about the Drill-N-Ream, click here.

ROTOSTEER?

The RotoSteer tool is positioned above an existing steerable Bottom Hole Assembly (BHA) to drive the BHA independently from the drill string. Developing torque from drill string rotation, RotoSteer enables the continuous rotation of the drill string during all drilling operations. It eliminates the need for agitation tools while attaining the benefits of a continuous rotation in extended reach applications The RotoSteer in conjunction with the steerable BHA acts as a "Point the Bit" system and is a cost-effective option for drilling longer reach horizontal wells. To find out more about the RotoSteer, click here.

STRATEGIC ACQUISITIONS AND PARTNERSHIPS

Since going public, DTI has executed on its stated goal of targeting selective oilfield service consolidation, pursuing new acquisitions and increasing its global footprint. Our recent acquisition of Deep Casing Tools, a UK-based technology development company, has expanded our reach to new markets and opportunities. Plus, as mentioned earlier, DTI has also entered into a definitive agreement to acquire Superior Drilling Products, Inc. (NYSE American: SDPI), and expects to close the transaction in Q3 of 2024. These strategic acquisitions are already delivering positive results and contributing significantly to the company’s overall growth strategy.

Looking Ahead: The Future of DTI

As DTI embarks on its second year as a public company, we are confident that the future looks brighter than ever. We are poised to continue building on our recent momentum, driven by a clear vision, a robust expansion plan, a commitment to deliver safety and high-quality service to our customers, and execute a thoughtful and strategic M&A blueprint.

CONTINUED INNOVATION

DTI remains committed to fostering innovation. Not only will we continuously improve on our existing product and technology offerings, but we are also focused on developing more advanced drilling solutions. This focus on generating new and innovative groundbreaking ideas will ensure that DTI continues to lead the market with cutting-edge technology that meet the evolving needs of its blue-chip customers.

EXPANDING MARKET REACH

Geographic expansion remains a priority to DTI. We plan to further penetrate our existing footprint while also exploring new regions with high growth potential by leveraging our global footprint of distribution and sales channels. This expansion strategy will be supported by targeted acquisitions and partnerships that are synergistic and complement our strong core competencies.

A HEARTFELT THANK YOU

Make no mistake about it, DTI's Nasdaq listing is an important milestone. As we celebrate our past and our future, we would like to extend our heartfelt gratitude to our employees, customers, partners, and shareholders. Your support, trust, and dedication have been instrumental to our success. Together, we have achieved great things, and together, we will continue to reach new heights.

In closing, the past year has been a remarkable journey for Drilling Tools International, showcasing our growth, innovation, and new opportunities. As we announced on June 10th, we expect to be added to the Russell 2000?, Russell 2500?, Russell 3000?, Russell Small Cap Completeness? Index and Russell Microcap? Index as part of the Russell Indexes' 2024 Annual Reconstitution later this month. We are thrilled to be considered for inclusion in these widely tracked Russell indexes, reflecting another important milestone for the company.

As we look to DTI's future, we are excited about the possibilities that lie ahead and are committed to building on our past successes. Here’s to many more years of strength, innovation and performance!

View Tool Talk post at: https://drillingtools.com/blog#milestone