Blackstone Energy Partners has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities. American Securities and certain members of management will retain a minority equity interest in the company going forward.
Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018.
Ulterra is the largest pure-play, independent supplier of polycrystalline diamond compact (PDC) drill bits to the oil and gas industry. Ulterra currently has a leading position in many of the most active U.S. onshore oil and gas basins, including the Permian and Eagle Ford, and has a growing presence internationally. Ulterra’s singular focus on PDC drilling technology allows it to deliver the highest level of customer service and customization to producers across a wide range of basins and geological formations, driving industry leading performance and durability.
