Additionally, many of these rigs are capable of substituting cleaner-burning natural gas for diesel, a technology that is becoming increasingly important to operators for reduced emissions. Pioneer's high-quality fleet of 17 drilling rigs in the United States, of which 16 are super-spec, will be a valuable addition to our business.
Enhances Patterson-UTI's focus on reduced emissions, with additional rigs capable of using natural gas as a primary fuel sourceĪndy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "As a leading provider of contract drilling services in the United States, we are proud to announce this transaction. Complements Patterson-UTI's current customer base and allows Patterson-UTI to accelerate its super-spec rig count growth into a market with improving demand. Expected to be accretive to cash flow per share and adjusted EBITDA per share and generate annual synergies of more than $15 million. Expands Patterson-UTI's geographic footprint with the addition of eight pad-capable rigs in Colombia. Adds 16 super-spec drilling rigs to Patterson-UTI's current fleet of 150 super-spec drilling rigs in the United States. Transaction highlights and strategic rationale include: The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals, customary closing conditions and the approval of Pioneer Energy Services' stockholders. #PATTERSON UTI XPLAN DODGE PLUS#
Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30 million of cash. for approximately $295 million, which includes the retirement of all Pioneer Energy Services' debt.
(NASDAQ:PTEN) today announced that it has entered into an agreement to acquire Pioneer Energy Services Corp. HOUSTON, J/PRNewswire/ - PATTERSON-UTI ENERGY, INC.
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