ADDED
Our Company On June 20, 2023, a merger transaction between Drilling Tools International Holdings, Inc.
("DTIH"), ROC Energy Acquisition Corp ("ROC"), and ROC Merger Sub, Inc., a directly, wholly owned subsidiary of ROC, was completed (the "Merger ).
In connection with the closing of the Merger, ROC changed its name to Drilling Tools International Corporation ("DTIC").
The common stock of DTIC ("Common Stock" or the "DTIC Common Stock") commenced trading on the Nasdaq Stock Market LLC ("Nasdaq") under the symbol "DTI" on June 21, 2023.
Operating Activities Our operating activities are divided into two geographic segments: Western Hemisphere our Western Hemisphere segment focuses on providing a comprehensive range of downhole drilling tools and services primarily for onshore and offshore operations across North America and Latin America.
This segment offers a rental-focused portfolio that includes directional drilling tools, stabilizers, drill collars (steel and non-magnetic), hole openers, roller reamers, and sub-assemblies, all designed to optimize wellbore performance and enhance drilling efficiency.
These tools are engineered to meet API specifications and are backed by robust QA/QC processes, ensuring durability and reliability in challenging drilling environments.
and Canada enable rapid deployment and maintenance, while engineering support and inspection services further strengthen operational performance.
4 Overall, our Western Hemisphere segment plays a critical role in our business by combining innovative technology with responsive customer service to meet the evolving demands of the oil and gas industry.
Eastern Hemisphere our Eastern Hemisphere segment represents the company s strategic expansion into Europe, the Middle East, and Asia-Pacific, focusing on delivering advanced drilling solutions for both land and offshore markets.
REMOVED
Operating Activities Our operating activities are divided into four divisions: Directional Tool Rentals ("DTR") Our DTR division is a leading provider of downhole tools to directional drilling and upstream energy customers in both land and offshore markets, based on the percentage of active rigs to which we supply tools in the geographies in which we are active.
DTR maintains a fleet of over 23,000 tools and accounted for approximately 50% of our 2024 revenue.
DTR rents drill collars, stabilizers, sub-assemblies and other tools used in horizontal and directional drilling of oil and natural gas.
We charge our customers a day rate, monthly rate or per-well rate, and customers are required to iv compensate us for lost or damaged tools.
DTR operates ten full-service locations and additional stocking points in key locations.
DTR is our core division and operates in all markets which we serve.
Premium Tools Division ("PTD") PTD rents drill pipe, drill collars, kellys, pup joints, work strings, blowout preventers and production tubing to drilling operators across the United States.
PTD s fleet of drill pipe includes approximately 1,000,000 feet of drill pipe and tubing in diameters ranging from 3.5-inch to 5.5-inch with premium connection licenses from qualified suppliers.
We typically rent drill pipe under longer term (but still less than 1 year) contracts under which the customer is responsible for tools lost or damaged tools while in its possession.
This division operates two full-service locations and one stocking point.