Houston-based contract driller Patterson-UTI Energy said last week it agreed to acquire Ulterra Drilling Technologies of Fort Worth from Blackstone Group in a cash-and-stock transaction valued at $800 million ($370 million cash). Ulterra designs, manufactures, sells and rents PDC drill bits (polycrystalline diamond compact) for customers in more than 30 countries. Closing is expected in 2023Q3.
Andy Hendricks, CEO of Patterson-UTI, said July 5, “Ulterra’s industry-leading position in the North American PDC drill bit market will expand our operational and technology portfolio and strengthen our position as a leading drilling and completions company… The addition of Ulterra to our drilling offering and our recent announcement to merge with NexTier Oilfield Solutions advance our strategy to enhance our positions in both drilling and completions.”
