Patterson-UTI Energy Completes Acquisition of Ulterra Drilling Technologies
HOUSTON, TX / ACCESSWIRE / August 14, 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 completed the acquisition of Ulterra Drilling Technologies, L.P. ("Ulterra"), 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.Andy Hendricks, Chief Executive Officer of Patterson-UTI, commented, "We extend a warm welcome to the talented team at Ulterra as they join Patterson-UTI Energy. Our shared culture of innovation and commi
