Patterson-UTI Energy is a company we watch as a proxy for when/if the drop in rig counts for the Marcellus/Utica will turn around (see Turn Around! Patterson-UTI August Rig Count Up 3rd Mo in a Row). Patterson operates a number of rigs in the northeast, as well as other areas of the continental United States and Canada. Patterson announced this morning they have agreed to buy out Canadian-based Warrior Rig Ltd., a drilling technology company. No price was disclosed. We consider it a good sign that Patterson can scrounge up enough nickles to buy another company. A sign that things are indeed beginning to look up…
