Patterson-UTI Energy (PTEN) to Acquire Warrior Rig

September 14, 2016 6:04 AM EDT

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Patterson-UTI Energy (Nasdaq: PTEN) announced that it has entered into an agreement to acquire Warrior Rig Ltd. and certain related entities. Based in Calgary, Warrior designs, manufactures and services high-spec rig components with a recent focus on top drive technology for improved drilling performance. The pending transaction is subject to customary closing conditions, and is expected to close promptly.

Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "This acquisition will enhance our competitive position within the high-spec rig market and expand our technology portfolio. We are very excited by the innovative technology that Warrior offers, and we look forward to welcoming the highly talented group of people from Warrior into the Patterson-UTI family."

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