Houston-based Patterson-UTI Energy plans to acquire Seventy Seven Energy in a nearly $1.8 billion stock deal.
The proposed merger was announced Monday night. A statement from Patterson and Oklahoma City-based Seventy Seven Energy says the boards of both companies unanimously approved the deal.
Patterson provides contract drilling and pressure pumping services. Seventy Seven Energy offers contract drilling, pressure pumping and oil field rentals, with a fleet of 40 rigs.
Officials say the agreement, pending regulatory and shareholder approval, is expected to close in the first quarter of 2017.