Ulterra

What Ulterra does

Ulterra Drilling Technologies, L.P. is a Fort Worth, Texas-headquartered manufacturer of polycrystalline diamond compact (PDC) drill bits and complementary downhole tools, founded in 2005 and operating as a wholly-owned subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PATT). The company designs and produces a portfolio of application-specific PDC bit families — including CounterForce (vibration mitigation), Split Blade (double-barrel hydraulics), RipSaw (active torque control), WaveCut (dual-phase waved blades), FastBack (high ROP), AirRaid (the first AirPDC bit for air drilling), XP (extreme parameters), Hog (Canadian heavy oil multi-leg), and the Scorch geothermal line — supported by the Omega Cutters development program with leading global PDC suppliers, and downhole tools Mitigator (torsional damper for HFTO/stick-slip) and SoftDrive (mining shock absorber). Manufacturing is anchored in Fort Worth, TX and Leduc, Alberta, with repair facilities in Oman, Colombia, Argentina, and Kurdistan.

The business model centers on direct enterprise field sales to E&P operators, with field-based application engineers co-located with drilling operations in 26 countries. Revenue is generated primarily through one-time PDC bit sales plus a rental subscription stream (bit title retained by Ulterra, customer liable for loss beyond normal wear), supplemented by downhole tool sales and bit repair services. Pricing is custom and quote-based in U.S. dollars with 30-day payment terms and letter-of-credit requirements for international orders. Customer segments are vertical-structured: oil and gas E&P operators as the primary market, with adjacent exposure to mining (drill and blast) and geothermal energy (EGS). The company claims the #1 PDC drill bit partner position in North America for seven consecutive years, serving nearly 575 operating partners across the U.S., Canada, the Middle East, Latin America, and Asia-Pacific. Ulterra holds API 7-1 Monogram, API Q1, ISO 9001, ISO 14001, and ISO 45001 certifications across multiple jurisdictions, and in 2025 secured an $11.5 million U.S. Department of Energy grant via its Amermin recycling partnership to expand tungsten carbide recovery operations.

Name

Ulterra

Legal name

Ulterra Drilling Technologies, L.P.

Website

https://ulterra.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

Ulterra Drilling Technologies is a Fort Worth-based, wholly-owned subsidiary of Patterson-UTI Energy that designs and manufactures polycrystalline diamond compact (PDC) drill bits, downhole tools, and complementary cutter programs for oil and gas E&P operators, with additional exposure to mining and geothermal energy markets across 26 countries.

Ownership category

akta.pro rank

Product category

Drill Bits and Downhole Tools for Oil & Gas

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Oil & Gas Field Machinery & Equipment (3533), Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532)

akta.pro primary industry

Rock Drilling & Blasthole Drilling Equipment (IMAHAMAC)

akta.pro secondary industry

Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB)

Keywords

• PDC drill bits
• Downhole drilling tools
• Oilfield services
• Mining drill bits
• Geothermal drilling

Headquarters

HQ city

Fort Worth

HQ country

United States

HQ region

North America

Offices22 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Personnel, Operations, Infrastructure

Revenue model

1. PDC Drill Bit Sales: Sale of premium PDC drill bits for oil & gas, mining, and geothermal applications. Bits are sold with 6-month warranty and delivered to customer-specified delivery points.
2. PDC Drill Bit Rentals: Rental of PDC drill bits for drilling operations with title remaining with Ulterra. Customer responsible for loss/damage beyond normal wear and tear.
3. Downhole Tools: Sale of downhole tools including Mitigator torsional dampers that protect BHA components and improve drilling performance.
4. Repair Services: Bit repair and maintenance services at facilities in Oman, Colombia, Argentina and Kurdistan. Manufacturing facilities in Fort Worth, TX and Leduc, Alberta.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Ulterra is a manufacturer of polycrystalline diamond compact (PDC) drill bits and downhole tools for the oil and gas, mining, and geothermal drilling industries. The company designs, engineers, and produces a portfolio of proprietary PDC bit technologies (CounterForce, Split Blade, RipSaw, WaveCut, FastBack, AirRaid, XP, Hog) along with downhole tools such as the Mitigator torsional damper and SoftDrive shock absorber. Products are sold or rented directly to E&P operators and mining customers, with rapid design-to-delivery in 3-6 days and global field-based application engineering support.

Product overview

Ulterra is a PDC (Polycrystalline Diamond Compact) drill bit manufacturer offering a comprehensive portfolio of drilling technology products. The core offering includes multiple PDC bit variants (CounterForce, Split Blade, RipSaw, WaveCut, FastBack, AirRaid, XP, Hog) each engineered for specific drilling challenges such as vibration mitigation, improved hydraulics, depth of cut control, high ROP, air drilling, extreme parameters, and heavy oil applications. Supporting the drill bits is a downhole tools division producing the Mitigator (HFTO/stick-slip damper) and SoftDrive (mining shock absorber). Ulterra also offers Omega Cutters as a technology component program, specialized geothermal and mining application products, and online engineering calculators. The company operates DesignLab for custom bit design. With manufacturing facilities in Fort Worth, TX and Leduc, Alberta, Canada, Ulterra has been the #1 PDC drill bit provider in North America for 7 consecutive years.

Differentiator

Problem solved

Functional benefit

Brands

• Omega Cutters: Deep-leached cutter technology program with rapid iterative development and partnership with world's leading PDC suppliers.
• Mitigator
• SoftDrive
• CounterForce
• Split Blade
• RipSaw
• WaveCut
• FastBack
• AirRaid
• XP
• HOG

Products and services

• CounterForce PDC Drill Bit Patented PDC directional drill bit with vibration mitigation technology that harnesses and redirects lateral vibration energy back into the formation for improved rate of penetration (ROP). Field-proven across 20+ basins with over 195 million feet drilled. For oil & gas E&P operators.
• Split Blade PDC Drill Bit Award-winning PDC bit featuring patented double-barrel hydraulics that separates flow channels from cone and shoulder for improved cuttings evacuation. Over 283 million feet drilled. For oil & gas E&P operators.
• RipSaw PDC Drill Bit

Quantifiable outcome

• CounterForce has drilled over 195 million feet with records set in over 20 basins globally
• +6 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Two partnerships are on record, tiered core.

• AmermincoreStrategic or Co-development Partner · 1 January 2025Critical mineral refiner partnership for recycling of drill bit materials. Expanded from US operations to include Argentina and Canada. Partnership processed over 1.4 million pounds of material from Ulterra in 2025, returning over $1.7 million in value. Jointly secured $11.5 million DOE grant for tungsten carbide recycling expansion. Recycles over 21 material streams including tungsten, cobalt, copper, nickel, zinc, silver, and industrial diamond.
• OMEGA PDC Cutter SupplierscoreTechnology or IntegrationPartnership with world's leading PDC cutter suppliers representing top 90% of premium PDC cutter production globally. Dedicated engineering teams and production cells focused exclusively on Ulterra product development. Continuous feedback loop: drill, evaluate, optimize, repeat cycle delivering latest diamond technology to field.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Smith Bits (Halliburton): Halliburton's PDC drill bit subsidiary - Ulterra's closest large-scale direct competitor in fixed-cutter drill bits for the global oil & gas market, with comparable product depth and a similarly broad E&P customer base.
• Varel International: Independent PDC drill bit manufacturer serving oil & gas and mining - directly comparable to Ulterra's core product portfolio and customer segments, with similar focus on fixed-cutter bit technology.
• Epiroc: Mining and infrastructure drill rig and consumables supplier - the most direct comparator to Ulterra's mining bit and SoftDrive lines in drill & blast applications, with overlapping focus on abrasive and hard-rock drilling.
• Drill Bits International: Independent PDC and roller cone bit manufacturer serving oil & gas and water-well markets - a small but direct peer competing for the same operator customers as Ulterra, particularly outside North America.
• Rubicon Oilfield International: Specialty oilfield products manufacturer offering PDC drill bits and downhole tools - directly comparable to Ulterra's combined bits and downhole tools portfolio, focused on similar completions and drilling applications.

Broad incumbents

• Hughes Christensen (Baker Hughes): Baker Hughes' drill bit product line competes head-to-head with Ulterra in PDC bits, but within a much broader oilfield services and equipment portfolio that gives it cross-bundling power Ulterra lacks.
• Schlumberger (SLB): Global oilfield services major offering drill bits and integrated drilling solutions; competes with Ulterra via bits sold alongside drilling services and digital offerings to the same E&P operators.
• NOV (National Oilwell Varco): Diversified oilfield equipment supplier whose drill string products compete with Ulterra's downhole tools and bits in the same drilling contractor and operator procurement processes.
• Sandvik: Parent of Varel International and a major mining drill bit supplier; directly comparable to Ulterra's mining segment via Sandvik Mining and Rock Solutions, with similar PDC-for-mining technology overlap as SoftDrive/Rippa.

Emerging players

• Boart Longyear: Drilling services and products provider for mining and energy - adjacent peer that overlaps Ulterra's mining drilling product line and competes with PDC bits against traditional rotary tooling in drill & blast.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ulterrabits
• Facebookfacebook.com/ulterra
• LinkedInlinkedin.com/company/ulterra-drilling-technologies-l-p-

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ulterra