Houston’s Drilling Tools International (DTI) signed a definitive agreement Oct. 29 to acquire Titan Tools Services Ltd., a downhole tool rental company, for an undisclosed sum, according to a press release.
DTI said the acquisition of U.K.-based Titan will enhance the global oilfield services company's product offerings and strengthen its market presence in the North Sea, Europe and Africa.
The proposed transaction continues a steady march of consolidation in the oilfield service sector, including Flowserve Corp.’s recent acquisition of MOGAS Industries for $305 million and Nabors Industries Ltd. agreement to acquire Parker Wellbore for about $370 million, among other deals.
"This strategic acquisition aligns perfectly with our global growth strategy," said Wayne Prejean, CEO of Drilling Tools International. "Titan's strong presence in the UK North Sea, Europe and Africa will allow us to better serve our international customers. By combining our expertise in downhole drilling tools with Titan's commitment to service and support, we'll be able to offer a more comprehensive suite of solutions to the oil and gas and geothermal drilling industries worldwide.”
The acquisition of Titan expands DTI’s geographical footprint but also enhances its technological capabilities, positioning the company to provide customers with access to a wider array of products and services, Prejean said.
Bruce Jepp, managing director of Titan Tools, said the transaction will allow the company to leverage DTI's extensive distribution network and technological expertise. Together, the companies will be able to accelerate market adoption of tools including Drill-N-Ream and Fixedblade stabilizer, “setting new industry standards.”
The transaction is expected to close in first-quarter 2025, subject to customary closing conditions and regulatory approvals.