HAMILTON, Bermuda, June 8, 2021 /PRNewswire/ -- Nabors Industries
Ltd. ("Nabors" or the "Company") (NYSE: NBR), a leading provider of
advanced technology for the global energy industry, announced today
that Nabors Energy Transition Corp. ("NETC"), a newly formed
special purpose acquisition company and an affiliate of Nabors, has
filed a Registration Statement on Form S-1 (the "Registration
Statement") with the Securities and Exchange Commission ("SEC") in
connection with a proposed initial public offering of its units.
NETC intends to list its units on the New York Stock Exchange under
the symbol "NETC.U". Each unit will consist of one share of NETC's
Class A common stock and one-third of one redeemable warrant to
purchase one share of NETC's Class A common stock.
NETC was formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses or
entities. It intends to pursue an initial business combination
target in the energy transition space.
NETC intends to leverage Nabors' global footprint, and
considerable acquisition experience and history of innovation, as
well as its energy and technology expertise in developing and
deploying advanced technologies, to identify potential targets in
the energy transition space.
NETC will be managed by a subset of Nabors' management team,
including Anthony G. Petrello,
Nabors' Chairman, CEO and President, William Restrepo, Nabors' CFO, Siggi Meissner, Nabors' President of Global
Drilling and Engineering, and Guillermo
Sierra, Nabors' Vice President of Strategic Initiatives –
Energy Transition, who collectively have extensive expertise in the
areas of energy, technology, strategy, operations, marketing and
finance.
NETC intends to raise $250 million
in the proposed offering through the sale of units consisting of
common stock and warrants to purchase common stock.
Citigroup and Wells Fargo Securities are acting as joint
book-running managers for the proposed offering. NETC expects to
grant the underwriters an option to purchase up to an additional
15% of the units in the proposed offering.
The offering will be made only by means of a prospectus. A copy
of the preliminary prospectus, when available, may be obtained free
of charge by visiting EDGAR on the SEC's website
at www.sec.gov or from Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800)
831-9146, or Wells Fargo Securities, Attention: Equity Syndicate
Department, 500 West 33rd Street, New
York, NY, 10001, or by telephone at (800) 326-5897, or by
e-mail at cmclientsupport@wellsfargo.com.
There can be no assurance the public filing of a registration
statement on Form S-1 will result in any transaction or other
action by Nabors. Nabors does not intend to comment on or provide
updates regarding these matters unless and until it determines that
further disclosure is appropriate or required based on the
then-current facts and circumstances.
A registration statement, including a prospectus, which is
preliminary and subject to completion, relating to these securities
has been filed with the SEC but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted,
prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security, nor shall there be
any sales of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any jurisdiction.
Cautionary Statement Concerning Forward-Looking
Statements
This press release includes forward-looking
statements, including statements relating to the proposed initial
public offering of NETC, including the terms thereof. There is no
assurance that the proposed offering will be completed as
anticipated or at all, and there are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein, including risks
relating to unanticipated developments that prevent, delay or
negatively impact the proposed offering and other risks and
uncertainties disclosed by Nabors from time to time in its filings
with the SEC. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors expressly disclaims any
obligation 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.