Patterson-UTI Energy completes acquisition of MS Energy Services


HOUSTON -- Patterson-UTI Energy, Inc. announced today that it has closed the previously announced acquisition of Multi-Shot, LLC, doing business as MS Energy Services.

Total consideration for the acquisition included approximately 8.8 million shares of stock and $75 million of cash, which valued the transaction at approximately $262 million based on the most recent closing price for Patterson-UTI of $21.31.

Andy Hendricks, Patterson-UTI's CEO, stated, "I would like to welcome the employees of MS Energy to Patterson-UTI Energy. Their hard work and dedication combined with a strong technology focus has grown MS Energy into a leader in U.S. onshore directional drilling services, and we are excited to have them join our team."

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