Ulterra Drilling Technologies

Patterson-UTI Energy completed the acquisition of Ulterra Drilling Technologies for $370 million in cash and 34.9 million shares of common stock. Ulterra is a global provider of specialized drill bit solutions.

Ulterra Drilling Technologies expanded its manufacturing facility in Leduc, Alberta, Canada, adding matrix PDC drill bit manufacturing capability for the first time in Canada. The facility now has a 140,000 square foot combined manufacturing footprint.

Ulterra Drilling Technologies expanded its manufacturing facility in Leduc, Alberta, Canada, adding matrix PDC drill bit production capability. The expansion increases worldwide manufacturing capacity by 70%.