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Patterson-UTI to buy Texas pressure pumping assets.

MANews-(C)2009-2014

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.

Country: USA

Sector: Machinery/Engineering, Petroleum/Natural Gas/Coal

Target: Texas-based pressure pumping assets

Buyer: Patterson-UTI Energy Inc

Vendor: Unidentified vendor

Type: Corporate acquisition

Status: Agreed

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Publication:M & A Navigator
Geographic Code:1U7TX
Date:Sep 19, 2014
Words:152
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