DTI & ROC Energy Merger: $319M SPAC Deal
Drilling Tools International (DTI), a key oilfield services provider, is going public through a $319 million SPAC merger with ROC energy Acquisition. This pivotal deal, backed by hicks Equity Partners, marks a significant move in the energy sector. The transaction will provide DTI with up to $217 million in net cash proceeds, fueling expansion.Existing shareholders are reinvesting heavily, demonstrating strong faith in DTI’s future within the competitive oilfield services market. With a client roster including Chevron and ConocoPhillips, DTI is poised for growth. This news is brought to you by News Directory 3, which keeps you informed on essential industry developments. Discover what’s next as DTI prepares to operate as a publicly traded company.
Drilling Tools International to Go Public in $319M SPAC Merger
Updated May 27,2025
Drilling Tools International Holdings (DTI),a provider of oilfield services,is set to become a public company through a merger with ROC Energy Acquisition Corporation (ROC),a special purpose acquisition company (SPAC). The agreement values DTI at about $319 million.
The transaction is expected to yield net cash proceeds of up to $217 million. This includes approximately $209 million currently held in trust,prior to any potential redemptions,and $45 million from private investment in public equity.
Hicks Equity Partners, the majority owner of DTI, along with other existing shareholders, will reinvest more than 95% of their equity holdings into the newly combined company, signaling strong confidence in the future of the oilfield services provider.
Wayne Prejean leads Houston-based DTI, whose customer base includes energy giants such as Chevron, ConocoPhillips, and Occidental Petroleum Corp, in addition to major service companies like Baker Hughes Co and SLB.
Experts suggest that underinvestment in drilling equipment creates a buffer for oil-field service providers like DTI, making them perhaps less vulnerable to oil demand cuts.
What’s next
The merger is expected to finalize pending customary closing conditions, positioning Drilling Tools International for growth as a publicly traded entity.