By OGJ editors
HOUSTON, Aug. 29 -- Patterson-UTI Energy Inc., a drilling contractor based in Snyder, Tex., agreed to buy $100 million of rig components from National Oilwell Varco Inc. to build 15 land drilling rigs in 2007.
The first of those 1,500 hp electric rigs are expected to be activated midway through 2007. In addition to those 15 new rigs, Patterson-UTI plans to activate 30 rigs this year and 15 rigs in the first half of 2007 through its rig refurbishment program.
Company officials said they expect "continued strong demand" for land rigs. Patterson-UTI owns 403 land-based drilling rigs that operate primarily in the oil and gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota, and Western Canada.
It also is engaged in pressure pumping services and drilling and completion fluid services. Additionally, it has an exploration and production business.
