Patterson-UTI Inks Deal to Purchase Rig Parts from National Oilwell Varco
Patterson-UTI Energy has entered into an agreement to purchase approximately $100 million of rig components from National Oilwell Varco with scheduled delivery on various dates in 2007. The Company plans to utilize these and other components in the construction of 15 new land drilling rigs. Activation of these 1,500 horsepower electric rigs is expected to begin in mid-2007. In addition to the 15 new rigs, the Company is maintaining its rig refurbishment program and expects to activate 30 rigs in 2006 and 15 rigs in the first half of 2007.
Cloyce A. Talbott, the Company's President and Chief Executive Officer, commented, "Patterson-UTI's commitment to its long-term rig refurbishment program, and the introduction of new rigs into the market starting in mid- 2007, reflects our continuing belief in the scarcity of available land drilling rigs and the continued strong demand for such rigs."
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Company: National Oilwell Varco more info
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