Patterson-UTI Expands Rig Fleet

Patterson-UI has entered into an agreement to acquire seven land-based drilling rigs, six of which are marketable, for $10 million in cash. The acquisition also includes spare drilling equipment and drill pipe. The transaction is expected to close by May 30, 2003 and will increase the Company's rig count to 338. The acquisitions announced on February 4, 2003 have been completed, and the Company currently has 331 land-based drilling rigs.

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