Nabors Closes $370MM Parker Wellbore Acquisition

Nabors Industries Ltd. has closed its acquisition of driller Parker Wellbore in an all-stock transaction valued at roughly $372 million at the time the deal was announced in October.

Nabors said March 12 the deal will be immediately accretive to its free cash flow and estimated recurring synergies of $40 million by the end of 2025. Nabors estimated Parker’s business would produce annualized 2025 adjusted EBITDA of approximately $150 million—before expenses of $110 million, including $40 million of synergies expenses and 2025 post-closing capital expenses of $70 million.

The acquisition adds a large-scale, high performance tubular rental and repairs services operation in the Lower 48 and offshore U.S. to the Nabors portfolio. Parker holds market positions in onshore and offshore tubular running services across the U.S., the Middle East, Latin America and Asia.