Nabors forms another acquisition company for energy transition

Nabors Industries filed a registration statement with the US Securities and Exchange Commission (SEC) for Nabors Energy Transition Corp. II (NETD), a newly formed special purpose acquisition company.

“NETD intends to leverage Nabors’ particular energy transition experience and its expertise developing and deploying discrete, mobile assets, advanced technologies and applications globally, as well as the commercial, operation and financial expertise and industry relationships of NETD’s directors and executive officers to effectively identify and execute on investment opportunities,” Nabors said in a statement.

NETD was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. It intends to facilitate, improve or complement the ongoing global energy sector’s shift from fossil-based systems of energy production and consumption to renewable energy sources.

The new company will be managed by a subset of Nabors’ management team, including Anthony G. Petrello, Nabors’ Chairman, CEO and President; William Restrepo, Nabors’ CFO; and Guillermo Sierra, Nabors’ Vice President of Strategic Initiatives – Energy Transition, who collectively have extensive expertise in the areas of energy, technology, strategy, operations, marketing and finance.

NETD intends to raise $300 million in the proposed offering.