Patterson-UTI Signs Multi-Year Agreement to Lease Two Rigs to Archer for Argentina's Vaca Muerta Field
Rhea-AI Summary
Patterson-UTI (NASDAQ:PTEN) signed a multi-year agreement to lease two APEX 1500 drilling rigs to DLS Archer Ltd. S.A., a division of Archer Ltd., to support operations in Argentina's Vaca Muerta basin.
The rigs will be supplied from Patterson-UTI's existing U.S. fleet, with Archer covering all preparation, upgrade and mobilization costs. The rigs will support Archer's seven-rig contract with YPF announced in December 2025 and are expected to commence operations by mid-2026. Management framed the deal as an international expansion that complements Patterson-UTI's drilling products presence in Argentina, including Ulterra drill bits.
Positive
- Leased 2 APEX 1500 rigs to Archer
- Rigs to support Archer's 7-rig contract with YPF
- Operations expected to begin by mid-2026
- Archer will fund all preparation, upgrade and mobilization costs
- Rigs sourced from existing U.S. fleet, enabling quick deployment
Negative
- None.
News Market Reaction
On the day this news was published, PTEN declined 0.28%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PTEN slipped -0.28% while peers showed mixed moves: HP 2.28, SOC 9.31, RIG 1.86, NE 3.89, SDRL -0.37. This points to stock-specific factors rather than a uniform sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 13 | Earnings call setup | Neutral | +5.9% | Scheduled Q4 2025 earnings call and webcast details for investors. |
| Jan 05 | Operational update | Neutral | +5.0% | Reported average of 93 drilling rigs operating in the U.S. for December. |
| Dec 09 | Operational update | Neutral | +2.2% | Provided November U.S. rig averages and two-month operating rig metrics. |
| Nov 05 | Operational update | Neutral | +0.0% | Outlined October 2025 average U.S. drilling rigs earning revenue. |
| Oct 22 | Quarterly earnings | Neutral | +0.8% | Reported Q3 2025 revenue, EBITDA, net loss and capital return to shareholders. |
Recent neutral operational and earnings-related updates have typically seen modestly positive or flat price reactions.
Over the last few months, Patterson-UTI has focused communications on operational activity and earnings. Monthly U.S. drilling updates in October, November, and December 2025 highlighted averages around the low-90s rig range and were followed by flat to positive moves. The Q3 2025 earnings release on Oct 22 and the upcoming Q4 2025 earnings call announcement on Feb 5, 2026 also saw modest gains. Today’s leasing announcement extends this operational narrative with an international angle.
Market Pulse Summary
This announcement details a multi-year agreement to lease 2 APEX 1500 rigs from Patterson-UTI’s U.S. fleet to Archer for work under a 7-rig YPF contract in Argentina’s Vaca Muerta field, with operations expected by mid-2026. It extends prior operational disclosures by adding an international growth element. Investors may watch future updates on utilization, margins from this deployment, and how international activity complements existing U.S. drilling and product positions.
AI-generated analysis. Not financial advice.
HOUSTON, TEXAS / ACCESS Newswire / January 15, 2026 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) ("Patterson-UTI" or "the Company") today announced a multi-year agreement to lease two high-spec APEX 1500® drilling rigs to DLS Archer Ltd. S.A ("Archer"), a division of Archer Ltd. The rigs will support Archer's operations in Argentina's Vaca Muerta formation as part of its seven-rig contract with YPF S.A. ("YPF") that was announced in December 2025. The rigs will be provided from Patterson-UTI's existing U.S. fleet, and Archer will be responsible for all preparation, upgrade and mobilization costs. The rigs are expected to commence operations by mid-2026.
"We are excited to expand our international presence and support Archer and YPF by providing the APEX 1500 rigs for drilling in Argentina's Vaca Muerta basin," said Mike Holcomb, Patterson-UTI's Chief Operating Officer. "Our existing fleet of high-quality assets is well-suited to meet the region's growing demand for unconventional drilling, and this agreement marks a significant step in our disciplined approach to expanding our international footprint. The expansion complements our established position in drilling products, including Ulterra drill bits, in Argentina."
About Patterson-UTI
Patterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; our return of capital to stockholders; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
Contact:
Michael Sabella
Vice President, Investor Relations
(281) 885-7589
SOURCE: Patterson-UTI Energy
View the original press release on ACCESS Newswire
FAQ
What did Patterson-UTI (PTEN) announce on January 15, 2026?
When will the PTEN-leased rigs start operations in Argentina?
Who pays for rig upgrades and mobilization under the PTEN-Archer deal?
How does the PTEN agreement relate to Archer's contract with YPF?
Will Patterson-UTI supply rigs from its domestic fleet for Argentina?
