Nabors Industries to acquire Parker Wellbore

Nabors Industries and Parker Wellbore announced a definitive agreement under which Nabors will acquire all of Parker’s issued and outstanding common shares in exchange for 4.8M shares of Nabors common stock, subject to a share price collar. Parker provides drilling services across global energy markets. Through its Quail Tools subsidiary, Parker is the leading rental provider of high-performance downhole tubulars in the U.S. market. Internationally, Parker provides tubular rentals and repair services, with state-of-the-art facilities located in key geographies. Parker offers differentiated, casing and tubular running services in the U.S., the Middle East, Latin America, and Asia. Its portfolio also includes a fleet of 17 drilling rigs in the U.S. and international markets, as well as Operations & Maintenance services primarily in Canada and Alaska. The transaction is expected to result in immediate accretion to Nabors’ free cash flow. It is further expected to be increasingly accretive to valuation metrics as expense and revenue synergies are progressively realized. The transaction has been approved by the Nabors and Parker Boards of Directors. Nabors will acquire Parker for 4.8 million shares and the assumption of net debt totaling approximately $100 million. The transaction is expected to close in early 2025, subject to customary closing conditions, as well as shareholder and regulatory approvals.