Drilling Tools International Completes Business Combination with ROC Energy
[Click image to enlarge]
Drilling Tools International Holdings has completed its business combination with ROC Energy Acquisition Corp. The combined company will operate under the name Drilling Tools International Corp. (DTI).
The transaction was approved by ROC’s shareholders at a special meeting. More than 83 percent of the votes cast on the business combination proposal at the special meeting were in favor of approving the business combination. ROC’s shareholders also voted to approve all other proposals presented at the special meeting.
“We are enthusiastic about what lies ahead for DTI as we begin our next chapter as a publicly-traded company,” said Wayne Prejean, chief executive officer of DTI.
“We close this transaction in a strong strategic position, with zero debt and poised to execute on a pipeline of growth opportunities within our core competency. We could not have reached this point without the dedication and support of our employees, customers and partners, for whom we are grateful,” added Prejean.
“The merger between ROC and DTI is the culmination of an incredible amount of work and trust between both parties. We share the belief that it is a very advantageous time to go public. Secular trends in the energy industry point towards increased activity levels across the globe, which will help drive organic growth for DTI,” said Daniel Kimes, chief executive officer of ROC.
“Further, the oilfield services sector is ripe for consolidation, which will spur inorganic growth through M&A. DTI has the balance sheet and the distribution network to make it a natural acquiror in the sector. The shared vision, industry dynamics, and trust in management is why we’ve committed significant PIPE capital in support of the company,” added Kimes.
Drilling Tools International is a Houston, Texas based leading oilfield services company that manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. DTI operates from 22 locations across North America, Europe, and the Middle East. DTI’s largest shareholder is an affiliate of Hicks Equity Partners.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2023 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
