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HAMILTON, Bermuda - Nabors Industries Ltd. (NYSE: NYSE:NBR), a global energy technology company with a market capitalization of $529 million and currently trading near $55, has announced a business combination agreement between its special purpose acquisition company, Nabors Energy Transition Corp. II (NASDAQ: NETD), and e2Companies LLC. According to InvestingPro data, Nabors’ stock has experienced significant volatility, declining over 33% in the past six months. This partnership underscores a strategic move to integrate advanced AI-based power solutions into the energy sector, particularly in mission-critical industries that require reliable on-site power generation and storage. With annual revenues of $2.93 billion and a solid current ratio of 1.88, Nabors maintains strong operational capabilities despite challenging market conditions. For deeper insights into Nabors’ financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis and additional ProTips.
e2Companies, recognized for its AI-driven Virtual Utility®, offers a suite of power solutions that enable isolated grid power, seamless integration with public utilities, instantaneous load shifting, and AI-based cost optimization. These capabilities are designed to address the increasing demand for grid stability and sustainable energy solutions without the need for a grid connection interconnect agreement.
Anthony G. Petrello, Chairman, President, and CEO of Nabors, remarked on the potential of e2’s technology to create value in the oilfield sector and its alignment with the global need for more reliable and efficient energy solutions. He highlighted the previous year’s collaboration between Nabors and e2, which brought integrated power solutions to Nabors’ drilling operations. Petrello anticipates that the business combination will bolster this partnership and pave the way for broader electrification initiatives in the oilfield industry.
Nabors Industries, a leading provider of advanced technology for the energy industry, is positioned to leverage its global expertise and infrastructure to support e2’s growth. e2Companies’ patented R3Di® System and Grove365® platform are expected to play a pivotal role in enhancing grid stability and optimizing energy economics for customers.
The transaction is subject to regulatory approvals and customary closing conditions. Additional details regarding the business combination can be found on the e2 investor page.
This announcement is based on a press release statement and does not constitute an offer to sell securities or a solicitation of any vote or approval. Investors and security holders are advised to read the proxy statement/prospectus/consent solicitation statement and other relevant documents filed with the SEC carefully for important information about the business combination when they become available. For a complete understanding of Nabors’ financial position and future prospects, investors can access detailed Pro Research Reports and real-time analytics through InvestingPro, which provides comprehensive analysis of 1,400+ US stocks, including NBR.
In other recent news, Nabors Industries Ltd. has been addressing shareholder concerns regarding its impending merger with Parker Drilling Company. The company has received 13 demand letters alleging deficiencies in the proxy statements provided to shareholders. In response, Nabors and Parker have chosen to voluntarily amend and supplement the definitive proxy statement, despite asserting that their original statements fully comply with applicable laws. This move is not an admission of the need for additional disclosures, but a step to avoid the potential costs and distractions of litigation.
The merger, initially agreed upon in October 2024, will result in Parker becoming a wholly owned subsidiary of Nabors. The supplemental disclosures now include detailed financial projections for Nabors and expanded prospective financial information for Parker. The updated information is intended to provide shareholders with all necessary details to make an informed decision at the forthcoming special general meeting. These recent developments underline the companies’ commitment to transparency in the merger process.
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