Nabors Industries Ltd. has announced a definitive agreement to acquire Parker Wellbore for approximately $472 million, involving 4.8 million shares of Nabors stock and the assumption of $100 million in net debt. The acquisition, expected to close in early 2025, will add Parker’s leading tubular rental and repair services to Nabors’ portfolio, enhancing its global reach and operational capabilities.
Anthony Petrello, CEO of Nabors, stated, “This acquisition expands our high-margin, capex-light Drilling Solutions business and solidifies our international footprint.” Parker’s offerings, including services through Quail Tools, complement Nabors’ existing operations and are expected to provide substantial synergy benefits.
The deal aims to deliver immediate cash flow and efficiency gains, with Nabors projecting up to $35 million in annualized cost savings. Parker’s established presence in the U.S., Middle East, Latin America, and Asia aligns well with Nabors’ global technology platform, setting the stage for future growth.
With the acquisition, Nabors strengthens its position as a leading provider of advanced energy technology solutions, furthering its commitment to safe, efficient, and sustainable energy production worldwide.
