Business
Patterson-UTI Energy Announces Agreement to Acquire Global Drill Bit Company, Ulterra
Ulterra is a Leading Provider of Highly Engineered Polycrystalline Diamond Compact ("PDC") Drill Bits in North America with a Growing International
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"Ulterra is a Leading Provider of Highly Engineered Polycrystalline Diamond Compact (\"PDC\") Drill Bits in North America with a Growing International PresenceConsideration Comprised of $370 Million of Cash and 34.9 Million Shares of Patterson-UTI Common StockUlterra's Data-Centric Approach Expands Patterson-UTI's Drilling and Completions Related Data Analytics Technology for Improved PerformancePatterson-UTI to Host Conference Call Today at 7:30 a.m. CT (8:30 a.m. ET)HOUSTON. TX / ACCESSWIRE / July 5, 2023 / Patterson-UTI Energy, Inc. (NASDAQ:PTEN) (\"Patterson-UTI\"), a leading provider of drilling and completions services in the United States, today announced it has entered into a definitive agreement to acquire Ulterra Drilling Technologies, L.P. (\"Ulterra\"), a global provider of specialized drill bit solutions, for consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock.Founded in 2005 and headquartered in Fort Worth, Texas, privately-owned Ulterra designs, manufactures, sells and rents PDC drill bits. With a global footprint, Ulterra supports customers in over 30 countries with sales, manufacturing, and repair facilities throughout North and South America, the Middle East, and Asia. In North America, Ulterra is a leading provider of PDC drill bits, with operations across the most active basins in the United States and Canada.Andy Hendricks, Chief Executive Officer of Patterson-UTI, commented, \"Both Patterson-UTI and Ulterra share a culture of innovation and a focus on superior service quality, building deep and highly collaborative relationships with customers. Ulterra's industry leading position in the North American PDC drill bit market will expand our operational and technology portfolio and strengthen our position as a leading drilling and completions company. The addition of Ulterra to our drilling offering and our recent announcement to merge with NexTier Oilfield Solutions advances our strategy to enhance our positions in both drilling and completions, areas where Patterson-UTI has a strong 45-year history of operations and innovation.\"Mike Holcomb, Patterson-UTI's Chief Operating Officer, added, \"Ulterra's growing Middle East presence will broaden our geographic footprint and provide strong relationships with key customers in this international market. Additionally, Ulterra's...