Patterson-UTI Energy Unit To Buy Pressure Pumping Assets Of Private Co.

(RTTNews) - Patterson UTI-Energy (PTEN) Friday said that one of its units will buy the Texas-based pressure pumping assets of a privately held company.

The acquisition will include 143,250 horsepower of hydraulic fracturing equipment and will provide Patterson-UTI with two additional bases of operations and employees to support customer activity in the Eagle Ford and Haynesville shale plays.

Andy Hendricks, Patterson-UTI's Chief executive commented: "...Upon completion of this transaction and after delivery of the previously announced new equipment currently on order, we will have more than one million horsepower of fracturing capacity."

The pending transaction is expected to be complete within 90 days.