Patterson Buys Directional Driller

摘要

US land driller Patterson-UTI snapped up directional drilling service player MS Energy Services for $215 million in cash and stock, continuing a multiyear push to diversify its oil-field offerings. Under the terms of the deal, Patterson will pay MS Energy’s owners, which include private equity players Denham Capital and NGP Energy Capital Management, $75 million in cash and 8.8 million shares of Patterson-UTI. MS Energy offers directional drilling services, a business line that has surged in popularity with companies targeting US shales because it allows them to boost recoveries by keeping wells within the most productive portions of a formation.