HAMILTON, Bermuda, May 27, 2021 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today
announced that its Board of Directors has declared a distribution
to holders of the Company's common shares ("Common Shares") of
warrants to purchase its Common Shares.
Holders of Nabors Common Shares will receive two-fifths of a
warrant per Common Share held as of the record date (rounded down
for any fractional warrant). Each warrant will entitle the holder
to purchase Common Shares at an exercise price of $166.66667 per share. Warrants submitted for
exercise may be eligible to receive up to an additional 1/3 Common
Share if the volume-weighted average price ("VWAP") per Common
Share on the trading day prior to the exercise date is higher than
the trailing three-day VWAP.
The exercise price may be paid with cash, or with certain of the
Company's and its subsidiaries' issued and outstanding notes – as
designated by the Company – at face value.
The warrants will expire June 11,
2026; provided, that Nabors may terminate the
warrants at any time with 20 business days' prior public
notice.
Nabors will distribute the warrants on June 11, 2021 to shareholders of record as of
June 4, 2021. The warrants are
expected to trade over-the-counter. There will be certain
limitations on holders who beneficially own or, upon exercise of
the Warrants, would own, more than 4.9% of the Common
Shares.
Anthony G. Petrello, Nabors
Chairman, CEO and President, commented, "Nabors' Board of
Directors is committed to improving balance sheet leverage,
strengthening the capital structure and maximizing shareholder
value. This distribution is the latest in a series of actions
targeted to achieve those goals. It is structured to create a path
for shareholders to capture value in a nondilutive warrant
distribution. The deleveraging process permits shareholders to
receive warrants in proportion to their shareholdings and provides
the opportunity to participate in the transaction. This transaction
does not limit any other capital markets options for the
Company."
About Nabors
Nabors (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several
international markets. Nabors also provides directional drilling
services, tubular services, performance software, and innovative
technologies for its own rig fleet and those of third parties.
Leveraging advanced drilling automation capabilities, Nabors highly
skilled workforce continues to set new standards for operational
excellence and transform the industry.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included in this press release that address activities, events, or
developments that we expect, believe, or anticipate will or may
occur in the future are forward-looking statements. The words
"anticipate," "assume," "believe," "budget," "estimate," "expect,"
"forecast," "intend," "plan," "project," "will," and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are based on assumptions and
analyses made by the Company in light of its experience and its
perception of historical trends, current conditions, expected
future developments, and other factors that the Company believes
are appropriate under the circumstances. These statements are
subject to a number of known and unknown risks and uncertainties,
which may cause the Company's actual results and performance to be
materially different from any future results or performance
expressed or implied by the forward-looking statements. Some of
these risks are described in the Company's Annual Report on Form
10-K for the year ended December 31,
2020 and Quarterly Report on Form 10-Q for the period ended
March 31, 2021. Forward-looking
statements are not guarantees of future performance and actual
results or performance may be materially different from those
expressed or implied in the forward-looking statements. The
forward-looking statements in this press release speak as of the
date of this press release. The forward-looking statements
contained in this press release reflect management's estimates and
beliefs as of the date of this press release. The Company does not
undertake to update these forward-looking statements.
Media Contacts:
William C. Conroy, Vice President
of Corporate Development & Investor Relations, +1 281-775-2423,
or Kara Peak, Director of Corporate
Development & Investor Relations, +1 281-775-4954.
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SOURCE Nabors Industries Ltd.