Nabors Industries will acquire all of Parker Wellbore’s issued and outstanding common shares in exchange for 4.8 million shares of Nabors common stock, subject to a share price collar. The transaction is expected to close in early 2025 subject to customary closing conditions and shareholder and regulatory approvals.
This acquisition adds a tubular rental and repairs services operation to the Nabors portfolio. Parker’s casing running business complements Nabors’ own tubular services and affords the opportunity to migrate to Nabors’ integrated casing running model.
On a combined company basis, adjusted EBITDA for the first six months of 2024 totaled $527 million. For the full year 2024, Parker expects to generate EBITDA of $180 million. Nabors expects to realize up to $35 million of annualized expense synergies, with the majority achieved during the first 12 months post-closing. The primary drivers of these savings include reductions in both duplicate overhead and operational expenses, as well as savings in procurement.
In addition, Nabors expects to combine its existing drill pipe rental operations in the US with Quail Tools and plans to leverage its global operations footprint to expand Parker’s international business.（2024-10-15）