PATTERSON-UTI ENERGY, INC. exits 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. Patterson-UTI Drilling Company LLC has approximately 350 currently marketable land-based drilling rigs that operate primarily in oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota, Pennsylvania and western Canada. Universal Well Services Inc. provides pressure pumping services primarily in the Appalachian Basin.