Patterson-UTI Energy, a leading provider of drilling and completions services in the United States, has entered into a definitive agreement to acquire Ulterra Drilling Technologies, a global provider of specialized drill bit solutions, for consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock.
Founded in 2005 and headquartered in Fort Worth, Texas, privately-owned Ulterra designs, manufactures, sells and rents PDC drill bits. With a global footprint, Ulterra supports customers in over 30 countries with sales, manufacturing, and repair facilities throughout North and South America, the Middle East, and Asia. In North America, Ulterra is a leading provider of PDC drill bits, with operations across the most active basins in the United States and Canada.
The Ulterra business will continue to operate under the name Ulterra, and its headquarters will remain in Fort Worth, Texas.
(Source: Patterson-UTI – Image: Ulterra)