NABORS TO ACQUIRE TESCO CORPORATION
Nabors Industries announced that the company has signed an Arrangement Agreement to acquire all of the issued and outstanding common shares of Tesco Corporation. This transaction will create a leading rig equipment and drilling automation provider by combining Canrig, Nabors rig equipment subsidiary, with Tesco’s rig equipment manufacturing, rental and aftermarket service business. Additionally, Tesco operates a tubular services business in numerous key regions globally, which will immediately benefit Nabors Drilling Solutions’ operation.
TESCO operates around the world, with experience in every major petroleum-producing region. As the largest supplier of rental Top Drive Drilling Systems, TESCO also provides top drive sales and after-market sales for parts and services. TESCO is the acknowledged leader in the commercialization of its patented CASING DRILLING process and the resulting Casing Running services. Additionally, TESCO designs and manufactures a variety of drilling rigs, drilling machinery and related equipment.
Nabors is uniquely positioned to automate and integrate tubular services into its global rig footprint. By combining its complementary products, tools and technologies, they will be able to offer customers more fit-for-purpose products, services and solutions. This expanded capability will enable them to further improve operational efficiency, accelerate and scale its development of new and innovative equipment on its new generations of rigs as well as upgrade older classes of rigs for a new age of drilling. (Source: Nabors)
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