US oilfield services player Patterson-UTI Energy has struck a $370 million deal to acquire privately owned Ulterra Drilling Technologies from affiliates of Blackstone Energy Partners.
This transaction – which also includes 34.9 million shares – came just one month after Patterson-UTI agreed a massive $5.4 billion merger with NexTier Oilfield Solutions.
Commenting on the deal, Andy Hendricks, chief executive of Patterson-UTI, said: “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.”
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