Patterson-UTI retires rigs as part of replacement cycle

摘要

Houston-Patterson-UTI, the US' second- largest land driller, plans to retire another 31 non-core rigs from its giant fleet, making room for more premium units it is now building and further bolstering a widely held opinion that industry is in the crux of a replacement cycle. The company made the announcement for the sub-750 horsepower mechanical rigs late December 29, following retirement of 22 older rigs in the third quarter alone. Pat- terson owns more than 300 land rigs, a large proportion of them employed in shale fields across the country.