Patterson-UTI to take 15% stake in ADNOC Drilling JV for 144-well unconventional project

PATTERSON UTI ENERGY INC

Patterson-UTI subsidiary signs JV agreement; will hold 15% minority equity in Turnwell, formed by ADNOC Drilling.
Turnwell awarded contract to drill and complete 144 unconventional wells for Abu Dhabi National Oil Company (ADNOC).
ADNOC Drilling holds 55% majority, SLB 30%; Patterson-UTI provides drilling expertise and limited cash for working capital.
CEO Andy Hendricks says JV offers capital-efficient expansion into Middle East unconventional market.

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