By OGJ editors
HOUSTON, Dec. 9 -- Paterson-UTI Energy Inc., Snyder, Tex., agreed to acquire the US land drilling assets of Key Energy Services Inc., Midland, Tex., for $62 million in cash. The transaction, subject to regulatory approvals, is expected to close early next year.
Key Energy Services will retain $10 million of working capital of the business to be sold, which includes 25 active rigs in the Permian and San Juan basins and Rocky Mountain regions. In addition, Key Energy's land drilling business includes 10 stacked rigs, related drilling equipment, and a moving fleet of 45 trucks and 100 trailers.
Key said it will incur a loss of a size yet to be determined on the sale.