Patterson-UTI to Pay $1.76B for Seventy Seven Energy
Patterson-UTI Energy Inc. and Seventy Seven Energy Inc. entered into a definitive merger agreement valued at approximately $1.76B. Upon closing late in Q1 2017, Patterson-UTI, headquartered in Houston, will have control of 201 high-spec rigs and more than 1.5 million hydraulic fracturing horsepower in some of the U.S.’s prolific oil and gas regions. Patterson-UTI will also repay Oklahoma City-based Seventy Seven Energy’s debt.
Patterson-UTI is a provider of contract drilling and pressure pumping services throughout North America, with a high fracking presence in Texas and the Appalachian region of the northeast United States. Seventy Seven Energy provides contract drilling, pressure pumping and oilfield rentals in many onshore active oil and natural gas plays in the United States. Seventy Seven Energy owns a fleet of 40 high-spec drilling rigs and 51 SCR (electric) rigs, as well as fracking equipment in the Andarko Basin and Eagle Ford Shale.
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