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December 18, 2013
06:04 EDTPTENPatterson-UTI Energy expects $37.8M non-cash charge on mechanical drilling rigs
Patterson-UTI Energy will incur a pretax non-cash charge of approximately $37.8M (or an estimated $24.0M after-tax) related to its mechanically powered rig fleet. This charge reflects the recent shift in customer demand away from mechanically powered drilling rigs to electric powered drilling rigs. The company expects that the majority of the components of these rigs will be transferred to spare parts inventory and be available to support other rigs in the fleet.
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