Patterson-UTI to Acquire Land Operations from Key Energy

Patterson-UTI Energy has signed a definitive agreement to acquire the U.S. land drilling assets of Key Energy Services. The assets include 25 active land-based drilling rigs in the Permian Basin, San Juan Basin and Rocky Mountain regions, as well as 10 stacked rigs.

Also included are related drilling equipment, four yard facilities and a rig moving fleet consisting of approximately 45 trucks and 100 trailers. According to the terms of the transaction, Patterson-UTI Energy will pay Key Energy $62 million cash for the assets at closing.

The transaction is subject to customary conditions, including filings under the Hart-Scott-Rodino Antitrust Improvements Act.

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