<article>Australia&#8217;s drilling services provider DDH1 Drilling, backed by Los Angeles-based private equity firm Oaktree Capital, announced a bolt-on acquisition in Strike Drilling, in a deal that would combine both businesses.</article>

Australia&#8217;s drilling services provider DDH1 Drilling, backed by Los Angeles-based private equity firm Oaktree Capital, announced a bolt-on acquisition in Strike Drilling, in a deal that would combine both businesses.
As part of DDH1, Strike will retain its brand and continue to be managed by its senior management team led by co-founder, CEO and managing director Richard Bennet.  DDH1 and Strike have worked closely together on a shared contract basis for three years.
DDH1 continues to seek acquisition opportunities in the drilling space.
Oaktree Capital managing director Byron Beath commented: “Strike’s combination of unique dual-purpose rigs and best-in-class drill crews presents an exciting opportunity for DDH1 to support material capacity growth to meet customer demand.&#8221;
Founded in 2006, DDH1 now operates a fleet of over 50 diamond coring rigs with operations acorss Western Australia, Northern Territory and Australia&#8217;s east coast.
It received a strategic investment from Oaktree Capital last July to grow its business and to consolidate similar nich operators to gain expanded capacity. The PE firm has $121 billion in assets under management as of March 31, 2018.
Novo Capital acted as the advisor for DDH1. Financial terms of the deal were not disclosed.
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Backed by Los Angeles-based private equity firm Oaktree Capital, DDH1 continues to seek acquisition opportunities of leading quality companies in drilling experise.

Australia: Oaktree Capital-backed DDH1 acquires Strike Drilling

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Australia: Oaktree Capital-backed DDH1 acquires Strike Drilling

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