HOUSTON, Feb. 21, 2018 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
announced that it has acquired the business of Superior QC, LLC,
including its assets and intellectual property. Founded in
2015 by Chad Hanak, Ph.D., Superior
QC is a provider of software used to improve the accuracy of
horizontal wellbore placement. Superior QC's MWD Survey FDIR
(Fault Detection, Isolation, and Recovery) service is a new data
analytics technology to analyze measurement while drilling (MWD)
survey data in real-time and more accurately identify the position
of the well. The insight gained from MWD Survey FDIR allows
for more informed adjustments to be made while steering a
horizontal well, ultimately increasing the accuracy of horizontal
well placement.
As part of this transaction, Dr. Hanak has joined
Patterson-UTI. Dr. Hanak brings to Patterson-UTI extensive
experience gained while working for NASA on designing automated
guidance, navigation, and control algorithms for manned and
unmanned spacecraft.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "We are very pleased to have the
Superior QC business as part of Patterson-UTI. As E&P
companies work to optimize the development of their acreage, the
accurate placement of wellbores minimizes interference and helps to
maximize well productivity."
About Patterson-UTI
Patterson-UTI is a provider of oilfield services and products to
oil and natural gas exploration and production companies in
North America, including market
leading positions in contract drilling, pressure pumping and
directional drilling services. For more information, visit
www.patenergy.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements which are
protected as forward-looking statements under the Private
Securities Litigation Reform Act of 1995 that are not limited to
historical facts, but reflect Patterson-UTI's current beliefs,
expectations or intentions regarding future events. Words
such as "anticipate," "believe," "budgeted," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"potential," "project," "pursue," "should," "strategy," "target,"
or "will," and similar expressions are intended to identify such
forward-looking statements. The statements in this press
release that are not historical statements, including statements
regarding Patterson-UTI's future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts, are forward-looking
statements within the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties,
many of which are beyond Patterson-UTI's control, which could cause
actual results to differ materially from the results expressed or
implied by the statements. These risks and uncertainties
include, but are not limited to: volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for Patterson-UTI's 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; weather; decline in, and ability to realize, backlog;
equipment specialization and new technologies; shortages, delays in
delivery and interruptions of supply of equipment and materials;
ability to hire and retain personnel; loss of, or reduction in
business with, key customers; difficulty with growth and in
integrating acquisitions; governmental regulation; product
liability; legal proceedings and actions by governmental or other
regulatory agencies; political, economic and social instability
risk; ability to effectively identify and enter new markets;
cybersecurity risk; dependence on our subsidiaries to meet our
long-term debt obligations; variable rate indebtedness risk; and
anti-takeover measures in our charter documents.
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
Patterson-UTI's SEC filings. Patterson-UTI's filings may be
obtained by contacting Patterson-UTI or the SEC or through
Patterson-UTI's website at http://www.patenergy.com or through the
SEC's Electronic Data Gathering and Analysis Retrieval System
(EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no
obligation to publicly update or revise any forward-looking
statement.
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SOURCE PATTERSON-UTI ENERGY, INC.