Business
Nabors Announces Sale of Quail Tools to Superior Energy Services for $600 Million
Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today announced it has entered into a definitive agreement to sell Nabors' Quail Tools, LLC ("Quail") subsidiary to Superior Energy Services, Inc. ("Superior"). Net consideration for the sale totals $600 million plus adjustments for net working capital. Consideration is comprised of cash of $375 million and a seller note of $250 million. The Company expects to incur cash taxes on the sale of approximately $5 million, after using net
About this update from Nabors Industries Ltd.
[{"type":"text","content":"Transaction Reduces Nabors Net Debt by More Than 25%","length":52,"tagName":"p","attribs":{}},{"type":"text","content":"HAMILTON, Bermuda, Aug. 20, 2025 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today announced it has entered into a definitive agreement to sell Nabors' Quail Tools, LLC ("Quail") subsidiary to Superior Energy Services, Inc. ("Superior"). Net consideration for the sale totals $600 million plus adjustments for net working capital. Consideration is comprised of cash of $375 million and a seller note of $250 million. The Company expects to incur cash taxes on the sale of approximately $5 million, after using net operating loss carryforwards. The transaction will close today.","length":656,"tagName":"p"},{"type":"text","content":"Quail is a leading provider of high-performance downhole tubulars to the U.S. oil and gas drilling market. Superior also provides rental tubulars, to both the U.S. and international markets. The transaction includes a Preferred Supplier Agreement under which Superior will be the preferred supplier of rental drill pipe and related products to Nabors. ","length":351,"tagName":"p","attribs":{}},{"type":"text","content":"Since the close of the Parker transaction, the performance of Quail has exceeded Nabors' expectations even in challenging market conditions. Nabors currently estimates that Quail will generate adjusted EBITDA of approximately $150 million in 2025, excluding any synergies that Superior may realize.","length":302,"tagName":"p","attribs":{}},{"type":"text","content":"Anthony Petrello, Chairman, President & CEO of Nabors, commented, "In Superior, we believe Dave Lesar and his talented team will enable Quail to achieve even greater success. The combined company will be the premier provider in both the U.S. land and offshore tubular rental space, and there are substantial additional synergy opportunities.","length":350,"tagName":"p","attribs":{}},{"type":"text","content":""This deal is your textbook win-win for both parties.","length":58,"tagName":"p","attribs":{}},{"type":"text","content":""We are retaining the balance of the portfolio that we acquired from Parker Wellbore, which includes tubular running services in the U.S. and Middle East, drilling rigs, and rig operations and man...