PRESS RELEASE

Drilling Tools International Corp. (NASDAQ: DTI) (“DTI” or the “Company”), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today announced that it has completed an amendment (the “ABL Amendment”) to its existing Amended and Restated Senior Secured Asset-Based Revolving Credit, Security And Guaranty Agreement, with PNC Business Credit, a division of PNC Bank, National Association (the “ABL Credit Facility”).

The ABL Amendment, among other things, increases the borrowing capacity from $60 million to $80 million, improves pricing to SOFR + 2.50%, and removes certain negative financial covenants. Additionally, the maturity date of the ABL Credit Facility has been extended to March 2029.

DTI also announced it has entered into a new $25 million Term Loan (“Term Loan”), also with PNC, to further support its growth strategy. The Term Loan is secured by a mix of rental fleet assets and machinery and equipment. Pricing on the Term Loan is SOFR + 4.00% The Term Loan matures in March 2029.

“Since 2015, we have valued our partnership with and the continued support of PNC, which demonstrates their confidence in our management team, business model and outlook,” said David Johnson, DTI’s Chief Financial Officer. “The completion of this refinancing is an important step in DTI’s trajectory and provides us with more favorable terms under which we can continue to invest in the growth and evolution of the Company, including further expanding our footprint internationally.  This influx of capital also gives us additional financial flexibility to execute on our M&A initiatives while we continue to deliver best-in-class products and services to our clients.”

The ABL Amendment and new Term Loan were entered into with PNC Bank acting as the sole lender and PNC Business Credit served as Administrative Agent.  Winston & Strawn served as legal counsel for DTI and Holland & Knight represented PNC Business Credit.

Additional details on the Company’s refinancing will be included in today’s Form 8-K filing with the Securities and Exchange Commission, which investors are encouraged to read in its entirety.