Patterson To Buy Key Energy Units For $238M

Law360, New York (July 6, 2010, 3:32 PM EDT) -- Oil and natural gas drilling company Patterson-UTI Energy Inc. has agreed to pay $237.7 million to purchase Key Energy Services Inc.'s pressure pumping and wireline businesses.

Patterson and Key said in separate statements Tuesday that the all-cash transaction would include mostly pressure pumping equipment used for shale fracturing work in Texas.

Patterson already has a pressure pumping subsidiary, Universal Well Services Inc., that operates in the Appalachian region, according to the companies.

The companies said that the deal, under which Key will record a pretax gain...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.