Oil drilling company Patterson-UTI Energy yet again posted disappointing quarterly numbers despite the oil drilling business growing leaps and bounds in North America. The company provides two of the most essential services for shale drilling - high-specification rigs capable of handling complex shale jobs and pressure pumping services to frack shale wells and make them producing.Despite providing some critical services and being present right at the epicenter of booming shale production, the company’s net loss for Q3 grew by ~600% compared to the previous quarter, whereas the operating loss grew by ~790% during the same period. One of the main reasons for this quarter may have fallen short is the decision to retire 42 of its older legacy rigs and take a $48.4 million impairment charge.

On Tuesday, offshore drilling contractor company Transocean Ltd. agreed to buy Ocean Rig UDW Inc. in a cash and stock transaction valued at around $2.7 billion, inclusive of Ocean Rig's net debt. 1.6128 newly issued Transocean shares and $12.75 in cash will be exchanged for each Ocean Rig share.That places Ocean Rig’s per share value at $32.28, or a 19.2% premium (based on Friday’s closing price).