Patterson-UTI Energy Completes Acquisition of TMBR/Sharp Drilling, Inc.
February 12 2004 - 6:45AM
PR Newswire (US)
Patterson-UTI Energy Completes Acquisition of TMBR/Sharp Drilling,
Inc. Drilling Fleet Increases to 361 Rigs SNYDER, Texas and
MIDLAND, Texas, Feb. 12 /PRNewswire-FirstCall/ -- PATTERSON-UTI
ENERGY, INC. , the second-largest operator of land-based oil and
natural gas drilling rigs in North America, and TMBR/Sharp
Drilling, Inc. , today jointly announced that they have completed
their merger transaction whereby Patterson-UTI Energy has acquired
the remaining outstanding shares of TMBR/Sharp Drilling, Inc. The
transaction received the approval of TMBR/Sharp's shareholders on
Wednesday, February 11, 2004. With the addition of TMBR/Sharp's 18
drilling rigs, Patterson-UTI Energy's drilling rig fleet increases
to 361. According to the terms of the transaction, shareholders of
TMBR/Sharp Drilling will receive 0.312166 of a share of
Patterson-UTI common stock and $9.09 cash for each share of
TMBR/Sharp Drilling common stock for a total value of $20.2905 per
share based on the closing price on February 11, 2004, of $35.88
for a share of Patterson-UTI. Mark S. Siegel, Chairman of
Patterson-UTI, stated, "We are gratified that TMBR/Sharp's
shareholders have approved this transaction and are pleased to
welcome them as new Patterson-UTI shareholders. We are looking
forward to working with Tom Brown and his team as we build upon the
solid foundation for success that they have established." Thomas C.
Brown, Chairman of TMBR/Sharp Drilling, stated, "Yesterday's
shareholder vote concludes a chapter in our company's history, but
it also represents the beginning of what I am confident will be a
very positive relationship that will benefit our customers,
employees and our former shareholders." About Patterson-UTI Energy,
Inc. Patterson-UTI Energy, Inc. provides onshore contract drilling
services to exploration and production companies in North America.
With the addition of TMBR/Sharp's 18 drilling rigs, the Company
owns 361 land-based drilling rigs that operate primarily in the oil
and natural gas producing regions of Texas, New Mexico, Oklahoma,
Louisiana, Mississippi, Colorado, Utah, Wyoming and western Canada.
Patterson-UTI Energy, Inc. is also engaged in the businesses of
pressure pumping services and drilling and completion fluid
services. Additionally, the Company has a small exploration and
production business that is based in Texas. Statements made in this
press release which state the Company's or management's intentions,
beliefs, expectations or predictions for the future are
forward-looking statements. It is important to note that actual
results could differ materially from those discussed in such
forward-looking statements. Important factors that could cause
actual results to differ materially include, but are not limited
to, declines in oil and natural gas prices that could adversely
affect demand for the Company's services, and their associated
effect on day rates, rig utilization and planned capital
expenditures, adverse industry conditions, difficulty in
integrating acquisitions, demand for oil and natural gas, and
ability to retain management and field personnel. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is
contained from time to time in the Company's SEC filings. Copies of
these filings may be obtained by contacting the Company or the SEC.
DATASOURCE: Patterson-UTI Energy, Inc. CONTACT: John E. Vollmer
III, SVP-Corporate Development of Patterson-UTI Energy, Inc.,
+1-214-360-7800
Copyright
Tmbr/Sharp Drilling (NASDAQ:TBDI)
Historical Stock Chart
From May 2024 to Jun 2024
Tmbr/Sharp Drilling (NASDAQ:TBDI)
Historical Stock Chart
From Jun 2023 to Jun 2024