Patterson-UTI Acquires Odin Drilling
|Tuesday, March 12, 2002
Patterson-Uti Energy, Inc. has entered into an agreement to acquire privately-held Odin Drilling, Inc. for 650,000 shares of Patterson-UTI Energy, Inc. common stock. Patterson-UTI is acquiring Odins' five SCR Electric land drilling rigs with an average depth rating of 17,600 feet, drawworks ratings ranging from 1,000 to 2,000 horsepower and averaging 1,300 horsepower. With the addition of these rigs, Patterson-UTI has more than 80 rigs capable of drilling in the 15,000 to 30,000 foot depth range.