By Houston Business Journal

Patterson-UTI Energy Inc. has agreed to acquire certain pumping assets from subsidiaries of Key Energy Services Inc. for $237.7 million.

The deal includes pressure pumping equipment and wireline business.

The acquisition expands Houston-based Patterson-UTIâ¿¿s pressure-pumping presence to the Barnett Shale, Eagle Ford Shale and Permian Basin regions, according to Patterson-UTI (NASDAQ: PTEN).

Following the close of the deal, which is slated for September, the total horsepower of Patterson-UTIâ¿¿s pressure pumping operations will be 419,500.

Copyright 2010 American City Business Journals
Copyright 2010