Tesco Corporation Shareholders Vote to Approve Acquisition by Nabors

HAMILTON, Bermuda and HOUSTON, Dec. 1, 2017 /CNW/ -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR) and Tesco Corporation ("Tesco") (NASDAQ:TESO) today jointly provided a status update of the previously announced acquisition (the "Arrangement") of Tesco by Nabors. 

At a Special Meeting of Shareholders held today (the "Meeting") in Canada, Tesco shareholders approved, by a large majority, the Arrangement pursuant to which Nabors will acquire all of Tesco's common shares in a stock-for-stock transaction.

Tesco President and Chief Executive Officer Fernando Assing, commented, "We are truly pleased with the strong support received from our shareholders which resulted in the approval of both management proposals during today's shareholder meeting. We are excited about the opportunities that the incorporation of Tesco in to Nabors will bring to our shareholders, our employees, and our technologies. We must now focus on the closing process." 

Nabors Chairman, President and CEO Anthony G. Petrello, commented, "We are gratified to have received approval of the transaction by such a large majority of Tesco shareholders and we anticipate closing by year end. The integration plan is substantially complete and ready to implement upon closing.  We are looking forward to welcoming the highly capable members of the Tesco organization to Nabors and effecting the expected synergies." 

The approval process with the Federal Antimonopoly Service of the Russian Federation, which was initiated on October 10, 2017, remains ongoing.  The companies expect the closing of the transaction to occur by year end. 

About Tesco Corporation

Tesco Corporation is a global leader in the design, manufacture and service of technology based solutions for the upstream energy industry. The Company's strategy is to change the way people drill wells by delivering safer and more efficient solutions that add real value by reducing the costs of drilling for and producing oil and natural gas. Tesco^® is a registered trademark in the United States, Canada and the European Union.

About Nabors Industries

Nabors Industries (NYSE: NBR) owns and operates the world's largest land-based drilling rig fleet and is a provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Leveraging our advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform our industry.

Media Contacts: 

Tesco – Chris Boone, Senior Vice President and Chief Financial Officer, +1 713-359-7000

Nabors - Dennis A. Smith, Vice President of Corporate Development & Investor Relations, +1 281-775-8038 or Nick Swyka, Director of Corporate Development & Investor Relations, +1 281-775-2407.   To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at mark.andrews@nabors.com.

Forward-looking Statements

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. Risks and uncertainties related to the Arrangement include, but are not limited to: the risk that the conditions to the closing of the proposed transaction are not satisfied; the risk that regulatory approvals required for the proposed transaction are not obtained or are obtained subject to conditions that are not anticipated; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; uncertainties as to the timing of the proposed transaction; competitive responses to the proposed transaction; costs and difficulties related to the integration of Tesco's businesses and operations with Nabors business and operations; the inability to obtain, or delays in obtaining, cost savings and synergies from the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; litigation relating to the proposed transaction; the inability to retain key personnel; and any changes in general economic and/or industry specific conditions. As a result of these factors, Nabors actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.

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SOURCE Nabors Industries Ltd.; Tesco Corporation