PATTERSON-UTI ENERGY, INC. PTEN today announced that it is retiring thirty-one of its drilling rigs in
December 2011. The rigs being retired have an average rating of 735
horsepower and thirty of the rigs are mechanically powered. The Company
expects to incur pretax impairment charges of approximately $11.3 million from the retirement of these rigs.
Although some components may be sold at auction, the Company expects that the
majority of the components of these rigs will be transferred to spare parts
inventory to support other rigs in the fleet.
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