Unit Corporation Announces Sale of Its Contract Drilling Business

Core Points - Unit Corporation has signed and closed a definitive agreement to sell its wholly-owned contract drilling subsidiary, Unit Drilling Company, to Cactus Drilling Company, L.L.C. for an all-cash deal valued at $120 million [1] - The transaction was approved by the board of directors upon the unanimous recommendation of the strategic transactions committee, which consisted of independent directors [1] Financial Details - The sale price for Unit Drilling Company is $120 million, indicating a significant cash inflow for Unit Corporation [1]