Cactus Drilling Company completed the acquisition of Unit Drilling Company from Unit Corporation for $120m.

Cactus Drilling Company, a US-based contract drilling operator, completed the acquisition of Unit Drilling Company, the contract drilling subsidiary of Unit Corporation, for $120m. “Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” Phil Frohlich, Unit Corporation CEO.