Patterson-UTI to buy Texas pressure pumping assets.
19 September 2014 - US drilling rigs owner and operator Patterson-UTI Energy Inc (NASDAQ:PTEN) said today it had entered into an agreement to purchase the Texas pressure pumping operation of an unnamed private company.
Patterson-UTI also kept private the financial parameters of the deal.
The transaction includes some 143,000 horsepower of hydraulic fracturing equipment and would add operation facilities and employees to Patterson-UTI's business in the Eagle Ford and Haynesville shale plays.
The deal is expected to be completed within 90 days and is pending regulatory clearance, including a waiting period under the Hart-Scott-Rodino Act.
Andy Hendricks, CEO of Patterson-UTI, commented that the transaction would expand the company's fracturing capacity, helping bring it to a total of more than one million horsepower.
Sector: Machinery/Engineering, Petroleum/Natural Gas/Coal
Target: Texas-based pressure pumping assets
Buyer: Patterson-UTI Energy Inc
Vendor: Unidentified vendor
Type: Corporate acquisition
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|Publication:||M & A Navigator|
|Date:||Sep 19, 2014|
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