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News Details

( 07 Nov 2017)
Nabors and TESCO announce transaction status update

Nabors Industries and Tesco Corporation in a joint statement 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 US 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."