Clearwell Dynamics, LLC acquired Pioneer Well Service Rig and Wireline Businesses from Patterson-UTI Energy, Inc. for $43 million.
January 03, 2022
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Clearwell Dynamics, LLC acquired Pioneer Well Service Rig and Wireline Businesses from Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) for $43 million on December 31, 2021. Patterson-UTI received $43 million in cash consideration, subject to customary purchase price adjustments at closing for cash and working capital. The proceeds of this sale exceed the cash portion of Patterson-UTI Energy, Inc.'s purchase price for Pioneer Energy Services Corp. Tull Florey of Gibson, Dunn & Crutcher LLP acted as legal advisor to Patterson-UTI Energy, Inc. (NasdaqGS:PTEN).
Clearwell Dynamics, LLC completed the acquisition of Pioneer Well Service Rig and Wireline Businesses from Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) on December 31, 2021.
Patterson-UTI Energy, Inc. is a provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States. The Company operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Drilling Services segment consists of contract drilling, directional drilling, oilfield technology and electrical controls and automation businesses. It provides contract drilling services to oil and natural gas operators in the United States and Colombia. Its Completion Services segment consists of well completion business, which includes hydraulic fracturing, wireline and pumping, completion support, cementing and pressure pumping business. The Drilling Products segment includes manufacturing and distribution of drill bits business.
PATTERSON-UTI ENERGY, INC. 
