Nabors Industries has announced the closing of its acquisition of Parker Wellbore, advancing Nabors’ leadership position in drilling and related, value-added services.

 

Parker’s solutions portfolio includes Quail Tools,the leading rental provider of high-performance downhole tubulars in the US Lower 48 and US Offshore markets. Quail provides similar rental services internationally in key markets. Parker holds significant market positions in onshore and offshore tubular running services, across the US, the Middle East, Latin America, and Asia. Additionally, Parker’s contract drilling services include land and barge rigs, as well as Operations & Maintenance services.

 

Anthony Petrello, Chairman, President and CEO of Nabors, commented on the closing of the acquisition, “With the successful completion of the Parker transaction, we are accelerating the growth of our Drilling Solutions business across several important markets, while bolstering our global drilling business. We are excited to welcome a strong and talented organisation to the Nabors team. Our customers will benefit from the best practices that both organisations employ, and we expect to create incremental value for them by combining our offerings. Our immediate priority is to ensure seamless integration, and to capture the synergies we have projected.”

 

“I would like to thank both teams for their dedication to the integration planning process, while maintaining outstanding customer service. The teams have worked exceedingly well together during this period, giving reason for optimism as we move forward. I also want to thank Sandy Esslemont, Parker’s President and CEO, for his leadership and to wish him continued success.”

 

Nabors expects the acquisition to deliver robust strategic and financial benefits, specifically:

Nabors expects the Parker business to produce annualised 2025 adjusted EBITDA of approximately $150 million before the realisation of expense synergies. Expense synergies are estimated at $40 million by the end of 2025. Post-closing capital expenses for 2025 are estimated at $70 million. -TradeArabia News Service