Superior Drilling Products (SDPI,) a designer and manufacturer of drilling tools, said late Monday that its distribution partner, Drilling Tools International exceeded its minimum requirement for tool orders of $2 million.
The initial distribution agreement signed in May 2016 required a minimum order of $1.5 million of Drill-N-Ream tools by Sept. 30. The geographic area and minimum purchase requirements were expanded in August to include the entire US and Canada with an additional $0.5 million of required tool purchases.
DTI exceeded its requirements, purchasing $2.3 million in tools as of the end of third quarter. And, DTI has ordered approximately an additional $580 thousand of tools in the first two weeks of October.
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