HAMILTON, Bermuda, Dec. 2, 2021 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR), a leading
provider of advanced technology for the global energy industry,
today announced elements of its energy transition strategy.
A video summarizing Nabors' energy transition efforts
is also available.
Addressing Decarbonization Pledges of the Oil and Gas
Industry and Beyond
Nabors and companies across the oil and gas value chain have set
aggressive decarbonization goals; now the industry needs the
tools to achieve them. Accordingly, Nabors is pleased to
introduce Nabors Energy Transition Solutions (NETS), a
fast-growing portfolio of technologies designed to drive energy
efficiency and emissions reductions for the Company and third-party
customers.
To date, the line-up includes proprietary emissions reporting
and analytics software, engine management controls, energy storage
systems, hydrogen injection catalysts, carbon capture technology
and fuel enhancing additives, as well as traditional high-line
power and dual-fuel offerings, all of which are intended to
establish Nabors' fleet as the cleanest and most efficient in the
industry.
Looking ahead, the Company expects to extend these technologies
beyond drilling to the broader upstream segment. Nabors is also
exploring opportunities to extend certain solutions beyond oil and
gas to other industries, such as to the hundreds of thousands of
engines used today in maritime applications and power
generation.
Building Lower Carbon, Energy Transition Businesses
Given Nabors' large number of relationships with suppliers and
customers driving the transition to clean energy, the Company has
engaged in venture investment opportunities to enter several high
growth potential segments in these emerging lower carbon markets.
Initial targets include alternative energy sources such as
geothermal and hydrogen, energy storage and carbon capture,
including utilization and sequestration technologies. These efforts
fall within the Nabors Energy Transition Ventures (NETV) group.
To date, the Company has partnered with three leading-edge
geothermal companies, Geo-X Energy, SAGE Geosystems and Quaise Inc,
to deepen its existing geothermal experience and evaluate new
commercial business models. Nabors is leveraging its global
footprint, extensive knowledge of subsurface conditions and
expertise in well construction to advance and accelerate geothermal
technologies and projects globally.
Finally, Nabors continues to assess a significant number of
energy transition opportunities for its portfolio. Notably, on
November 16, Nabors Energy Transition
Corp. (NETC), a recently formed special purpose acquisition company
and an affiliate of Nabors, raised $276
million in an initial public offering and is trading on
the New York Stock Exchange under the symbol "NETC.U".
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.
Management Comments
Anthony G. Petrello, Nabors
Chairman, CEO and President, said: "Our people and technologies
have enabled the energy industry to achieve ambitious goals and
deliver substantial operational efficiency gains. Now, as society
faces its most daunting challenges – simultaneously addressing
climate change, decarbonizing the economy and accessing
responsibly, more affordable, reliable energy than ever before –
we're doing our part and innovating the future of energy."
William Restrepo, Nabors Chief
Financial Officer, stated: "As we enhance our business portfolio by
reaching for new energy transition opportunities, we remain firmly
committed to responsible capital discipline and debt reduction. Our
continual focus on drilling automation and digitalization is fully
aligned with the objectives of improving today's energy landscape
as well as responding to the world's increasing sustainability
concerns. We anticipate continued growth and innovation in our
current business. At the same time, we view the current expansion
to our overall strategy as an exciting opportunity to generate
compelling incremental returns for Nabors."
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced
technology for the energy industry. With operations in
approximately 20 countries, Nabors has established a global network
of people, technology and equipment to deploy solutions that
deliver safe, efficient and responsible energy production. By
leveraging its core competencies, particularly in drilling,
engineering, automation, data science and manufacturing, Nabors
aims to innovate the future of energy and enable the transition to
a lower carbon world. Learn more about Nabors and its energy
technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking statements. The
forward-looking statements contained in this press release reflect
management's estimates and beliefs as of the date of this press
release. Nabors does not undertake to update these forward-looking
statements.
Media Contact
Brian Brooks
+1 281-775-4370
brian.brooks@nabors.com
Investor Contacts
William C. Conroy
+1 281-775-2423
william.conroy@nabors.com
Kara Peak
+1 281-775-4954
kara.peak@nabors.com
View original
content:https://www.prnewswire.com/news-releases/nabors-industries-announces-energy-transition-initiatives-301435886.html
SOURCE Nabors Industries Ltd.