Cactus Drilling acquires Unit Drilling for $120 million

Unit Corp. signed and closed a definitive agreement to sell its wholly owned contract drilling subsidiary, Unit Drilling, to Cactus Drilling in an all-cash deal for $120 million.

Unit will continue to operate its upstream oil and gas segment and will evaluate opportunities to invest in new drilling projects to drive future growth. The company also said it intends to continue its regular dividend program subject to the board’s discretion.