HOUSTON, Sept. 14, 2016 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) announced
today that it has entered into an agreement to acquire Warrior Rig
Ltd. and certain related entities. Based in Calgary, Warrior
designs, manufactures and services high-spec rig components with a
recent focus on top drive technology for improved drilling
performance. The pending transaction is subject to customary
closing conditions, and is expected to close promptly.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "This acquisition will enhance our
competitive position within the high-spec rig market and expand our
technology portfolio. We are very excited by the innovative
technology that Warrior offers, and we look forward to welcoming
the highly talented group of people from Warrior into the
Patterson-UTI family."
About Patterson-UTI
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 and its subsidiaries operate land-based drilling rigs
in oil and natural gas producing regions of the continental
United States and western
Canada. Universal Pressure Pumping, Inc. and Universal Well
Services, Inc. provide pressure pumping services primarily in
Texas and the Appalachian
region.
Location information about the Company's drilling rigs and their
individual inventories is available through the Company's website
at www.patenergy.com.
Statements made in this press release which state the
Company's or management's intentions, beliefs, expectations or
predictions for the future are forward-looking statements. It is
important to note that actual results could differ materially from
those discussed in such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for our services and their associated effect on rates,
utilization, margins and planned capital expenditures; global
economic conditions; excess availability of land drilling rigs and
pressure pumping equipment, including as a result of low commodity
prices, reactivation or construction; liabilities from operations;
decline in, and ability to realize, backlog; equipment
specialization and new technologies; adverse industry conditions;
adverse credit and equity market conditions; difficulty in building
and deploying new equipment; difficulty in integrating
acquisitions; shortages, delays in delivery and interruptions of
supply of equipment, supplies and materials; weather; loss of, or
reduction in business with, key customers; legal proceedings;
ability to effectively identify and enter new markets; governmental
regulation; and ability to retain management and field personnel.
Additional information concerning factors that could cause actual
results to differ materially from those in the forward-looking
statements is contained from time to time in the Company's SEC
filings, which may be obtained by contacting the Company or the
SEC. These filings are also available through the Company's web
site at http://www.patenergy.com or through the SEC's
Electronic Data Gathering and Analysis Retrieval System (EDGAR)
at http://www.sec.gov. We undertake no obligation to
publicly update or revise any forward-looking statement.
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SOURCE PATTERSON-UTI ENERGY, INC.