Patterson-UTI completed the acquisition of Ulterra for $780m.

Patterson-UTI, a company that provides land drilling and pressure pumping services, completed the acquisition of Ulterra, an independent supplier of PDC drill bits for the oil and gas industry, for $780m. "Ulterra's growing Middle East presence will broaden our geographic footprint and provide strong relationships with key customers in this international market. Additionally, Ulterra's data-centric approach to manufacturing, operations, and marketing has been key to their success in the PDC drill bit business. Their proprietary BitHub data platform is complementary to our PTEN+ data platform and will further expand our comprehensive data analytics capabilities from the drill bit to the well completion. When you consider the combination of data systems from Patterson-UTI, NexTier and Ulterra, we believe we will have the most comprehensive set of data for drilling and completions across the United States, which through our analytics capabilities can allow us to better support our customers' objectives to improve well productivity," Mike Holcomb, Patterson-UTI COO.