Drilling Tools International, an oilfield services firm which builds and rents out drilling equipment for oil and gas companies, is to list in New York after agreeing to merge with special purpose acquisition company ROC Energy Acquisition Corp, according to a report by Reuters.
Drilling Tools International (DTI), an oilfield services firm which builds and rents out drilling equipment for oil and gas companies, is to list in New York after agreeing to merge with special purpose acquisition company (SPAC) ROC Energy Acquisition Corp, according to a report by Reuters.
The deal values DTI, which is majority owned by Hicks Equity Partners, the buyout arm of the family office of former Liverpool FC co-owner Thomas O Hicks, at $319 million, and provides the company with $217 million of capital, with the majority of that total coming from the SPAC’s December 2021 IPO.
DTI Chief Executive Wayne Prejean told Reuters that the firm, which primarily operates in North America, plans to use the newly raised capital to expand in the Middle East and Europe.
