Ulterra Drilling sold in $325m deal

Ulterra

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Eoin O'Cinneide

 14 August 2012 14:55 GMT

US services player Ulterra Drilling Technologies has been sold off by its private equity owners for $325 million in cash.

Engineering firm ESCO Corporation has bought the Fort Worth-based drill bit company which also has a manufacturing base in Canada.

Intervale Capital, Ulterra’s private equity parent, bought into the company in late 2007, before which it was controlled by an Intervale predecessor. Between 2005 and 2012 Ulterra’s revenues have swelled from $46 million to $188 million.

“Ulterra expanded its operations from a regional bit company focused exclusively on North Texas to a dominant player of national scale with operations in the Permian Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Marcellus Shale, Rocky Mountains, Fayetteville Shale, Granite Wash, and Mississippi Lime,”…

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