HOUSTON — Drilling Tools International Corp. announced it has closed on the acquisition of U.K.-based Deep Casing Tools, a global leader in innovative downhole technology solutions.
Details of the transaction were not disclosed.
Deep Casing Tools specializes in the design, engineering and manufacture of a range of patented and innovative products that add value to well construction, well completion and casing installation processes. Since 2012, Deep Casing Tools has supported operators within the energy sector globally, including areas within the Middle East as well as Europe, America and Asia. The firm was established in 2008 with the vision to design and commercialize market leading technologies that enhance wellbore operations across global markets.
"We are excited to embrace the dedicated and talented team at Deep Casing Tools into the Drilling Tools International family, said DTI CEO Wayne Prejean.
"Deep Casing Tools' innovative and market leading products include: TurboCaser, a unique turbine-powered casing and liner running system; TurboRunner, a distinctive turbine-powered completion running system; MechLOK Drill Pipe Swivel, the world's only mechanically lockable drill pipe swivel; the Rubblizer, a first of its kind tool and innovative solution for casing extraction in the Plug and Abandonment process; and SelfLOK Floatation Device, a revolutionary barrier for liner flotation in Extended Reach Drilling wells. Deep Casing's turbine tools are the only tools on the market that work effectively without any surface rotation, significantly reducing operational cost, risk, and most importantly, the number of rig days required to drill a well."
"With this acquisition of Deep Casing Tools, along with the pending acquisition of Superior Drilling Products Inc., we continue to demonstrate our established M&A framework and robust M&A pipeline that will allow us to selectively consolidate the oilfield services industry," Prejean said. "Furthermore, the acquisition of Deep Casing Tools broadens DTI's growth opportunities, both domestically and internationally, with a particular focus on expanding our presence in the Middle East. We are confident that these partnerships will drive innovation, enhance our product offerings, and, as a result, increase shareholder value."
David Stephenson, CEO at Deep Casing Tools, said, "We are very pleased to join the DTI organization and I look forward to working with Wayne Prejean and DTI's leadership team as we enter this next successful phase of our evolution.
"Deep Casing Tools continues to push the boundaries of innovation and challenge conventional target depth technology. Our long-term contracts for our portfolio of products in Central America, the Middle East and Asia Pacific, as well as the commercialization of three new technologies in the UK, Europe and beyond, is an excellent fit with DTI's existing capabilities and footprint. By maintaining complete control over the entire engineering and manufacturing process, the partnership of DTI and Deep Casing Tools will ensure unrivalled quality and design in its solutions worldwide."
Energy Ventures III LP, the largest shareholder in Deep Casing Tools, will exit the company upon completion of the acquisition. Greg Herrera, Senior Partner at EV Private Equity, commented, "It has been a privilege to work alongside the management team of Deep Casing Tools. I am sure that within DTI, the business will continue to blossom."
