Nabors Announces Filing of SPAC Registration Statement

HAMILTON, Bermuda, June 22, 2023 /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. II ("NETD"), 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 (the "SEC") in connection with a proposed initial public offering of its units. NETD intends to list its units on the Nasdaq Global Market under the symbol "NETDU." Each unit will consist of one Class A ordinary share of NETD and one-half of one redeemable warrant to purchase one Class A ordinary share of NETD.

NETD was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. NETD intends to facilitate, improve or complement the ongoing global energy sector's shift from fossil-based systems of energy production and consumption to renewable energy sources.

NETD intends to leverage Nabors' particular energy transition experience and its expertise developing and deploying discrete, mobile assets, advanced technologies and applications globally as well as the commercial, operation and financial expertise and industry relationships of NETD's directors and executive officers to effectively identify and execute on investment opportunities.

NETD will be managed by a subset of Nabors' management team, including Anthony G. Petrello, Nabors' Chairman, CEO and President, William Restrepo, Nabors' CFO, 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.

NETD intends to raise $300 million in the proposed offering through the sale of units consisting of ordinary shares and warrants to purchase ordinary shares.

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 NETD, 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.

Investor Contacts:  William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com

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SOURCE Nabors Industries Ltd.