Of the seven drilling rigs, five are currently operating under contract and two are in the process of refurbishment and are anticipated to be operational before the closing date. The rigs are active in the Barnett Shale area of North Texas. Six of the seven drilling rigs are mechanical, with one being a diesel electric rig, and range from 400 to 1,700 horsepower.
Mr. Larry Pinkston, Unit's President and Chief Executive Officer, said, "This acquisition will create a new market area for Unit, which is an area of Texas that has extensive drilling activity. We expect the acquisition to be immediately accretive to annual earnings in the range of 11 to 13 cents per share at current dayrates. We believe this area of operations will be beneficial to the growth of the company and will expand our fleet to 111 drilling rigs at the close of the acquisition."
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