Nabors Announces Filing of SPAC Registration Statement

Rhea-AI Summary

Nabors Industries Ltd. (NYSE: NBR) announced the filing of a Registration Statement on Form S-1 by Nabors Energy Transition Corp. (NETC), its newly formed SPAC, for a proposed IPO aiming to raise $250 million. NETC plans to list on the NYSE under the symbol NETC.U and will consist of shares and warrants. The strategic goal is to identify business opportunities in the energy transition sector by leveraging Nabors' extensive experience and technology. Citigroup and Wells Fargo Securities are the joint book-running managers for the offering.

Positive

• NETC aims to raise $250 million through its IPO.
• NETC focuses on the promising energy transition space.
• Nabors' management team brings extensive experience in energy and technology.

Negative

• No assurance that the proposed offering will be completed as anticipated.
• Risks and uncertainties could impact the proposed offering.

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.

FAQ

What is the purpose of Nabors Energy Transition Corp. (NETC)?

NETC is a SPAC formed to execute a business combination in the energy transition sector.

How much is NETC planning to raise in its IPO?

NETC intends to raise $250 million through its initial public offering.

What will be included in the NETC units for the IPO?

Each NETC unit will consist of one share of Class A common stock and one-third of a redeemable warrant.

Who are the joint book-running managers for NETC's IPO?

Citigroup and Wells Fargo Securities are the joint book-running managers for the proposed offering.

What is the ticker symbol for NETC on the NYSE?

NETC plans to list its units on the NYSE under the symbol NETC.U.