![]() Neel has served as the CEO of MS Energy since 2004 when he co-founded the company that purchased MS Energy from previous owners. Neel will be joining Patterson-UTI as President of MS Energy. Neel, Chairman and Chief Executive Officer of MS Energy, commented, "We look forward to combining our industry leading directional services and technology with Patterson-UTI's state of the art drilling rig technology to enhance Patterson-UTI's position as a leading oilfield services company." Pursuant to the transaction, Mr. Their internally-developed and patented Clean Communications ("C 2") technology enables high-speed electromagnetic MWD telemetry independent of geological formation constraints in pad drilling, which saves E&P companies considerable drilling time and expense."Īllen R. MS Energy has proprietary mud motor, MWD and survey equipment that was designed, engineered and manufactured in-house. Additionally, they have differentiated themselves within the directional drilling industry through a strong focus on technology. With the increasing proportion of pad drilling and the growing number of horizontal wells per pad, directional drilling is seeing an increase in demand, even in the vertical section of the wells, as the well placement is increasingly important to avoid interfering with other nearby wells."Īndy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "MS Energy has assembled a strong group of talented employees and is well known within the industry for their great reputation in directional drilling services and high-performance drilling motors. Additionally, this transaction increases our exposure to North American unconventional drilling activity. Siegel, Chairman of Patterson-UTI, commented, "The acquisition of MS Energy will broaden our service offerings and strengthen our position as a leading provider of oilfield services in the United States. ![]() With operations in most major producing onshore oil and gas basins in the United States, MS Energy provides a comprehensive suite of directional drilling services including directional drilling, downhole performance motors, directional surveying, measurement while drilling ("MWD"), and wireline steering tools. The pending transaction, which is expected to close early in the fourth quarter, is subject to customary closing conditions and receipt of required third party consents, and is subject to expiration or termination of the waiting period under the Hart-Scott-Rodino Act.įounded in 1980, MS Energy has grown to become a leading provider of directional drilling services in the United States. Based in Conroe, Texas, MS Energy is a leading directional drilling services company in the United States. ![]() (NASDAQ: PTEN) ("Patterson-UTI") announced today that it has entered into an agreement to acquire Multi-Shot, LLC d/b/a MS Energy Services ("MS Energy"), on a debt-free basis for total consideration of approximately 8.8 million shares of Patterson-UTI common stock and $75 million of cash. ![]() 5, 2017 /PRNewswire/ - PATTERSON-UTI ENERGY, INC. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |