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 mark.andrews@nabors.com.
TESCO Media Contact: Chris
Boone – Chief Financial Officer, Tesco Corporation (713) 359-7000.
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SOURCE Nabors Industries Ltd.