M&A Deal Summary

Patterson-UTI Energy Acquires MS Directional

On September 5, 2017, Patterson-UTI Energy Inc. acquired oil/gas exploration company MS Directional from Denham Capital and NGP Energy Technology Partners for 215M USD

Acquisition Highlights
  • This is Patterson-UTI Energy’s 4th transaction in the Oil/Gas Exploration sector.
  • This is Patterson-UTI Energy’s 2nd largest (disclosed) transaction.
  • This is Patterson-UTI Energy’s 6th transaction in the United States.
  • This is Patterson-UTI Energy’s 4th transaction in Texas.

M&A Deal Summary

Date 2017-09-05
Target MS Directional
Sector Oil/Gas Exploration
Buyer(s) Patterson-UTI Energy Inc.
Sellers(s) Denham Capital
NGP Energy Technology Partners
Deal Type Add-on Acquisition
Deal Value 215M USD

Target

MS Directional

Conroe, Texas, United States
website
MS Directional is a provider of directional drilling services in the United States. With operations in most major producing onshore oil and gas basins in the United States, MS Energy provides a comprehensive suite of directional drilling services including directional drilling, downhole performance motors, directional surveying, measurement while drilling ("MWD"), and wireline steering tools. MS Directional was founded in 1980 and is based in Conroe, Texas.

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Buyer(S) 1

Buyer

Patterson-UTI Energy Inc.

Houston, Texas, United States

website


Category Company
Founded 1978
SectorOil/Gas Exploration
Employees3,000
Revenue 1.1B USD (2020)
DESCRIPTION

Patterson-UTI provide onshore contract drilling and pressure pumping services, operate land-based drilling rigs in oil and natural gas producing regions to exploration and production companies in North America. Patterson-UTI was founded in 1978 and is based in Houston, Texas.


DEAL STATS #
Overall 7 of 8
Sector (Oil/Gas Exploration) 4 of 4
Type (Add-on Acquisition) 5 of 6
State (Texas) 4 of 5
Country (United States) 6 of 7
Year (2017) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-20 Seventy Seven Energy, Inc.

Oklahoma City, Oklahoma, United States

Seventy Seven Energy, Inc. is a provider of wellsite services and equipment to U.S. land-based exploration and production customers. Seventy Seven Energy was formed in 2011 and is based in Oklahoma City, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-06 Pioneer Energy Services Corp.

San Antonio, Texas, United States

Pioneer Energy Services is a provider of well servicing and wireline services to producers primarily in the Texas and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas and Appalachia regions and internationally in Colombia. Pioneer Energy Services is headquartered in San Antonio, Texas.

Buy $295M

Seller(S) 2

SELLER

Denham Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 9.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Denham Capital Management is a specialist private investment firm focused on the energy and commodities sectors. Denham looks to invest in businesses and assets involving natural resources, metals and mining, power and utilities, and energy-related infrastructure and services. Denham will consider investments worldwide, with current projects in the US, Canada, South America, Europe, and Asia. Denham will also consider both development projects as well as mature, operating businesses. The Firm's target investment size is $50 to $200 million. Denham Capital Management was founded in 2004 and has offices in Boston, Houston, London, and Pert.


DEAL STATS #
Overall 16 of 20
Sector (Oil/Gas Exploration) 6 of 8
Type (Add-on Acquisition) 8 of 10
State (Texas) 4 of 6
Country (United States) 10 of 12
Year (2017) 1 of 2
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 Rio Energy

Rio de Janeiro, Brazil

Rio Energy is a renewable power platform with 485MW of wind projects in operation, 144MW under construction, and 2,000MW+ of project pipeline opportunities. Rio Energy was founded in 2012 and is based in Rio de Janeiro, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-11 JDS Silver, Inc.

Vancouver, British Columbia, Canada

JDS Silver, Inc. is a high-grade silver-lead-zinc mine whose 30 percent zinc equivalent grade makes it one of the world’s highest grade zinc deposits. Company owns the high-grade silver-zinc-lead Silvertip mine (“Silvertip”) located in northern British Columbia, Canada, adding a sixth producing mine to Coeur’s North American-focused platform

Sell $200M
SELLER

NGP Energy Technology Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Corporate Investor
Founded 2005
PE ASSETS 500M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

NGP Energy Technology Partners LP (“NGP ETP”) is private equity firm focused the energy sector. The Firm targets buyout and growth capital transactions in sub-sectors spanning alternative energy, energy efficiency, oilfield technology and power. NGP will consider both minority and control investments and looks to invest $5 to $30 million per transaction. NGP Energy Technology Partners is a subsidiary of the NGP Energy Capital Management. NGP Energy Technology Partners was formed in 2005 and is based Washington DC with an additional office in New Orleans.


DEAL STATS #
Overall 11 of 14
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 6 of 8
State (Texas) 3 of 5
Country (United States) 10 of 13
Year (2017) 3 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 Living Earth

Dallas, Texas, United States

Living Earth is a manufacturer and provider of mulch, compost, and other landscaping materials in the State of Texas. The Company operates thirteen locations, primarily in the metropolitan areas of Dallas and Houston, selling to commercial contractors and nurseries. Living Earth was founded in 1985 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-18 Lehigh Technologies, Inc.

Tucker, Georgia, United States

Lehigh Technologies, Inc. is a manufacturer of micronized rubber powders (MRP). Lehigh's rubber powders are re-engineered from industrial waste rubber using a cryogenic process protected through various patents and trade secrets.

Sell -