Patterson-UTI Energy Inc. (PTEN) announced that it has exited the drilling and completion fluid services business.
Patterson-UTI's subsidiary, Ambar Lone Star Fluid Services LLC, completed the sale of substantially all of its assets, other than billed accounts receivable, to National Oilwell Varco, L.P. The net cash proceeds from the sale and collection of billed accounts receivable, net of the payment of accrued expenses and transaction costs are expected to be approximately $48 million. Patterson-UTI expects to record a small loss on the transaction.
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