Patterson-UTI Nixes Drilling & Completion Fluid Services

Patterson-UTI has exited the drilling and completion fluid services business. Patterson-UTI's subsidiary, Ambar Lone Star Fluid Services LLC, today completed the sale of substantially all of its assets, other than billed accounts receivable, to National Oilwell Varco, L.P.

The net cash proceeds from the sale and collection of billed accounts receivable, net of the payment of accrued expenses and transaction costs are expected to be approximately $48 million. Patterson-UTI expects to record a small loss on this transaction.