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Patterson-UTI Retiring Thirty-One Drilling Rigs

Source: www.gulfoilandgas.com 12/29/2011, Location: North America

Patterson-Uti Energy, Inc. announced that it is retiring thirty-one of its drilling rigs in December 2011. The rigs being retired have an average rating of 735 horsepower and thirty of the rigs are mechanically powered. The Company expects to incur pretax impairment charges of approximately $11.3 million (or an estimated $7.1 million after-tax) from the retirement of these rigs. Although some components may be sold at auction, the Company expects that the majority of the components of these rigs will be transferred to spare parts inventory to support other rigs in the fleet.

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