Nabors and TESCO Announce Transaction Status Update

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Nov 06, 2017, 17:27 ET

HAMILTON, Bermuda and HOUSTON, Nov. 6, 2017 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR), and Tesco Corporation ("Tesco") (NASDAQ:TESO), today jointly provided a status update of the previously announced acquisition of Tesco Corporation by Nabors Industries Ltd. The two companies have recently received anti-trust clearance from the U.S. Department of Justice and the Canada Competition Bureau. In addition, the approval process with the Federal Antimonopoly Service of the Russian Federation was initiated, with its determination expected in the next few weeks.

The companies further stated that a joint integration team has been working since early September to plan the integration of Tesco and Nabors and assure rapid realization of the anticipated synergies. The team remains committed to yielding the transaction synergies estimated at the time of the announcement.

Nabors Chairman, President and CEO Anthony G. Petrello, commented, "I am pleased to have obtained anti-trust clearance in two of the key markets. This clearance leaves the business intact and facilitates our timeline to closing. The work of the integration team is proceeding and its initial analysis indicates we will achieve the projected synergies. This bolsters our confidence in realizing our targets for Nabors Drilling Solutions for the next three years."

Tesco President and CEO Fernando Assing commented, "We are pleased with the progress achieved on the transaction, including securing two of the key regulatory approvals. The Tesco team is excited about and remains committed to the integration with Nabors while maintaining focus on delivering results."

About Nabors: Nabors Industries (NYSE: NBR) owns and operates the world's largest land-based drilling rig fleet and is a leading provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides drilling equipment, directional drilling services, performance software, and other value added 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.

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.

Nabors Media Contact: 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 [email protected].

TESCO Media Contact: Chris Boone – Chief Financial Officer, Tesco Corporation (713) 359-7000.

SOURCE Nabors Industries Ltd.