Nabors Industries Announces Energy Transition Initiatives

Thursday 2 December 2021, HAMILTON, Bermuda

• Deploying energy efficiency and emissions reduction technologies to deliver responsible hydrocarbon production
• Exploring opportunities to make new decarbonization offerings available to the broader upstream segment and beyond the oil and gas industry
• Diversifying portfolio through investments in advanced geothermal ventures and lower carbon energy transition businesses

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.

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 tools to achieve them. Therefore, Nabors is pleased to launch the Nabors Energy Transition Solution (NETS), a fast-growing technology portfolio that promotes energy efficiency and emission reductions for companies 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 grow specific solutions beyond oil and gas to other industries, such as 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.

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 good 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 in New York Stock Exchange under the symbol “NETC.U.”

NETC was formed to effect 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.

Source: Nabors Industries Ltd. ( original url )

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