Nabors Closes Acquisition of Parker Wellbore and Announces Updated Investor Presentation

Core Viewpoint - Nabors Industries Ltd. has successfully completed the acquisition of Parker Wellbore, enhancing its leadership in drilling and related services [1][3]. Group 1: Acquisition Details - Parker Wellbore's portfolio includes Quail Tools, a leading provider of high-performance downhole tubulars in the U.S. and internationally [2]. - The acquisition is expected to strengthen Nabors' Drilling Solutions business and expand its market reach [8]. Group 2: Financial Outlook - Nabors anticipates that Parker's business will generate approximately $150 million in annualized adjusted EBITDA for 2025 before realizing expense synergies [4]. - Estimated expense synergies from the acquisition are projected to be$40 million by the end of 2025, with post-closing capital expenses for 2025 estimated at $70 million [4][8]. Group 3: Strategic Benefits - The acquisition is expected to provide immediate accretion to free cash flow and enhance scale and leverage metrics for Nabors [8]. - The integration of both companies is aimed at capturing projected synergies and improving customer service [3][8].