Drilling Tools to go public via merger with ROC Energy Acquisition in a $319m deal.

Drilling Tools, an oilfield services company that rents downhole drilling tools used in horizontal and directional drilling, agreed to go public via merger with ROC Energy Acquisition, a publicly traded special purpose acquisition company, in a $319m deal. "Drilling Tools' merger with ROC represents a transformative opportunity for the Company and will enable us to be more responsive to the needs of our customers. This transaction will help us grow our core business and facilitate our plan to expand via acquisitions into new markets and emerging technologies. In addition, this transaction will enable DTI to implement long term plans to align with its long-term customers' needs for additional tools and services. We are also pleased this will provide our employees new opportunities for career development as we grow and require more resources to manage the business," Wayne Prejean, DTI President and CEO.