Yahoo Finance Nabors (NBR) to Sell Canadian Drilling Assets to Ensign Energy
Nabors Industries Ltd. NBR recently inked a deal with Calgary-based oilfield services company Ensign Energy Services Inc. According to the terms of the agreement, Ensign will purchase Hamilton-based Nabors' fleet of 35 land-based drilling rigs in Canada along with supporting equipment and real estate. The deal is contingent on pending approvals and certain closing conditions and Ensign will finance the acquisition price using cash on hand as well as available credit facilities.
Ensign's President and COO Robert Geddes stated that, "The acquisition of Nabors' assets in Canada provides Ensign an expanded fleet of high-spec drilling rigs along with highly technically trained crews while expanding Ensign's client base and providing cost synergies.”
Furthermore, he believes that Nabors' deeper high-spec fleet in Canada is outfitted with automated drilling controls systems, similar to Ensign's high-spec fleet. Ensign will be able to expedite the adoption of more advanced drilling control systems that will continue to promote innovation, create value for its clients and reduce net emissions, courtesy of this technological alignment at the drilling rig level.
About Nabors
Incorporated in 1978, Nabors is one of the largest land-drilling contractors in the world, conducting oil, gas and geothermal land drilling operations. The American multinational company – active across 24 countries – primarily provides land-based and offshore drilling rigs that serves the oil and gas industry. The company has full ownership of a venture in Saudi Arabia called Nabors Arabia, which actively markets rigs.
Earlier this month, management announced that its newly-found special purpose acquisition company (SPAC) Nabors Energy Transition Corp. filed a registration statement with the Securities and Exchange Commission (SEC) regarding an initial public offering of its units in a bid to raise capital. Notably, Nabors Energy, a subsidiary of the company, aims to list its units on the New York Stock Exchange under the symbol NETC.
Zacks Rank & Key Picks
Nabors currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are PetroChina Company Limited PTR, SilverBow Resources Inc. SBOW and Oasis Petroleum Inc. OAS, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nabors Industries Ltd. (NBR) : Free Stock Analysis Report
PetroChina Company Limited (PTR) : Free Stock Analysis Report
Oasis Petroleum Inc. (OAS) : Free Stock Analysis Report
SilverBow Resources Inc. (SBOW) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
