Nabors Industries Ltd., a provider of advanced technology for the global energy industry has announced elements of its energy transition strategy. including Nabors Energy Transition Solutions (NETS), a fast-growing portfolio of technologies designed to drive energy efficiency and emissions reductions for the company and third-party customers.

To date, the line-up includes proprietary emissions reporting and analytics software, engine management controls, energy storage systems, hydrogen injection catalysts, carbon capture technology and fuel enhancing additives, as well as traditional high-line power and dual-fuel offerings, all of which are intended to establish Nabors’ fleet as the cleanest and most efficient in the industry.

Looking ahead, the company expects to extend these technologies beyond drilling to the broader upstream segment. Nabors is also exploring opportunities to extend certain solutions beyond oil and gas to other industries, such as to the hundreds of thousands of engines used today in maritime applications and power generation.

Anthony G. Petrello, Nabors chairman, CEO and president, said the company is doing its part in "innovating the future of energy" as the society faces a daunting task ahead of addressing climate change, decarbonizing the economy and ensuring access to affordable, reliable energy.

Building lower carbon, energy transition businesses

Nabors has in the past invested in opportunities to enter several high growth potential markets in emerging lower carbon markets. Initial targets include alternative energy sources such as geothermal and hydrogen, energy storage and carbon capture, including utilization and sequestration technologies. These efforts fall within the Nabors Energy Transition Ventures (NETV) group.

Nabors has partnered with three leading-edge geothermal companies, Geo-X Energy, SAGE Geosystems and Quaise Inc., to deepen its existing geothermal experience and evaluate new commercial business models. Nabors is leveraging its global footprint, extensive knowledge of subsurface conditions and expertise in well construction to advance and accelerate geothermal technologies and projects globally.

Nabors also continues to assess a significant number of energy transition opportunities for its portfolio. Last month, Nabors Energy Transition Corp., a recently formed special purpose acquisition company and an affiliate of Nabors, raised $276 million in an initial public offering.

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