Patterson-UTI Energy Completes $780 Million Acquisition of Ulterra Drilling Technologies
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Patterson-UTI Energy has completed the acquisition of Ulterra Drilling Technologies, a global provider of specialized drill bit solutions. Total consideration for the acquisition, on a cash-free, debt-free basis, included $370 million of cash and 34.9 million shares of Patterson-UTI common stock.
“We extend a warm welcome to the talented team at Ulterra as they join Patterson-UTI Energy. Our shared culture of innovation and commitment to superior service quality make this a truly exciting combination. Ulterra’s industry-leading position in the North American PDC drill bit market complements Patterson-UTI’s longstanding history of operational excellence and innovation,” said Andy Hendricks, chief executive officer of Patterson-UTI.
“This strategic acquisition, along with our recent announcement to merge with NexTier Oilfield Solutions, further advances our strategy to enhance our positions in drilling and completions,” added Hendricks.
“The addition of Ulterra to Patterson-UTI Energy’s service portfolio provides a number of key advantages. First, Ulterra’s growing presence in the Middle East broadens our geographic footprint and facilitates stronger relationships with key customers in this dynamic international market. Second, Ulterra’s data-centric approach to manufacturing, operations, and marketing, reflected in their proprietary BitHub™ data platform, complements Patterson-UTI’s PTEN+ data platform. We believe the combination of data systems from Patterson-UTI, NexTier, and Ulterra will create the most comprehensive set of data for drilling and completions in the United States, enhancing our analytics capabilities and allowing us to better support our customers’ objectives to improve well economics,” concluded Hendricks.
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services.
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