Patterson-UTI Announces Sale of Drilling and Completion Fluid Services Business

PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN) announced that it has exited the drilling and completion fluid services business.  Patterson-UTI’s subsidiary, Ambar Lone Star Fluid Services LLC, today completed the sale of substantially all of its assets, other than billed accounts receivable, to National Oilwell Varco, L.P.  The net cash proceeds from the sale and collection of billed accounts receivable, net of the payment of accrued expenses and transaction costs are expected to be approximately $48 million.  Patterson-UTI expects to record a small loss on this transaction.

Patterson-UTI Energy, Inc. subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. [Read the full article]

ATWOOD OCEANICS, INC., (Houston-based International Drilling Contractor” NYSE  ATW), announced today that the RICHMOND (the Company’s only drilling rig located in the U.S. Gulf of Mexico) has been awarded a one (1) well contract (at a dayrate of $35,500) by Contango Operations Inc. (“Contango”), the drilling, of which, will be managed by Applied Drilling Technology  Inc.  The drilling of this well (expected to take around sixty (60) days to complete) will commence immediately upon the rig completing its current commitment which is expected to extend to around mid-February 2010.  Following completion of the Contango well, the rig will immediately commence drilling one (1) well for Rooster Petroleum, LLC at a dayrate of $36,000.  This well is expected to take around forty (40) days to complete. [Read the full article]

Noble Energy will deliver the Deep Ocean Mendocino to Petrobras (NYSE: PBR) in 2011 and has the Deep Ocean Molokai set to be delivered in the fourth quarter of 2011. This last rig is not currently under a contract. Capacity AdditionsUnfortunately for Pride International, the company was not the only one to expand offshore fleets. Fifty-seven newly built rigs are set to hit the market in 2010, including 29 jackups, 15 semi-submersibles and 13 drill ships. As noted above, Pride International already has effective operations and is looking to expand quickly as it has three of its four rigs under construction already contracted. [Read the full article]

Penn West Energy Trust (TSX:PWT.UN – News) (NYSE:PWE – News) (“Penn West”) confirms that its January 2010 cash distribution will be CDN$0.15 per trust unit payable on February 12, 2010 to unitholders of record on January 29, 2010. The ex-distribution date is January 27, 2010.

The CDN$0.15 per unit is equivalent to approximately US$0.145 per unit (before deduction of any applicable Canadian withholding tax) using currency exchange of one Canadian dollar equals US$0.97. Registered unitholders with U.S. addresses will receive their distributions directly from Penn West’s transfer agent, and will be paid in U.S. currency using the exchange rate in effect on the record date. Non-registered U.S. unitholders will receive their distributions through their brokers. [Read the full article]

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