Houston, Texas, July 05, 2023
Patterson-UTI (NASDAQ:PTEN), a leading provider of drilling and completions services in the United States, announced today it has entered into a definitive agreement to acquire Ulterra Drilling Technologies, L.P. (Ulterra) from private equity firm, Blackstone Energy Partners, in the third quarter of 2023.
Under the terms of the transaction, Ulterra will become a Patterson-UTI company and continue to operate independently under the Ulterra name. In addition, Ulterra will operate under their current leadership and team, including Chief Executive Officer, John Clunan, and Chief Financial Officer, Maria Mejia, who are joined by 600 employees worldwide. Their headquarters will remain in Fort Worth, Texas.
John Clunan, Chief Executive Officer and President of Ulterra, said, “This is a strategic acquisition where both Patterson-UTI and Ulterra share a like-minded culture rooted deeply in the oilfield – equally centered around family, innovation, drive, and superior service. Our shared focus on daily operations makes for a seamless fit for our companies as we continue to grow our respective businesses around the world.”
Ulterra has spent extensive time working with Patterson to ensure this transaction strengthens their ability to provide first-in-class support to their customers and the industry. This acquisition, along with Patterson’s recent acquisition of NexTier Oilfield Solutions, positions all three companies to become the most trusted company for data, drilling, and completions across the United States and eventually around the globe.
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.
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
For more information, read the full press release at https://patenergy.com/investors/news/press-release-details/2023/Patterson-UTI-Energy-Announces-Agreement-to-Acquire-Global-Drill-Bit-Company-Ulterra/default.aspx.