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2017-08-15 10:30:00

NABORS - TESCO ACQUISITION

NABORS - TESCO ACQUISITION

NABORS - Nabors Industries Ltd. ("Nabors") (NYSE: NBR) is pleased to announce that the company has signed an Arrangement Agreement ("Agreement") to acquire all of the issued and outstanding common shares of Tesco Corporation ("Tesco") (NASDAQ: TESO), with each outstanding share of common stock of Tesco being exchanged for 0.68 common shares of Nabors. 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.

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.

This transaction values Tesco common stock at $4.62 per share based on the closing price of Nabors shares on the New York Stock Exchange on August 11, 2017, which represents a 19% premium of the closing value of Tesco shares on the NASDAQ Stock Market on August 11, 2017. The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter.

"The addition of Tesco to our company represents another step forward for both our rig equipment and Nabors Drilling Solutions business. Tesco is respected for the quality of their product offerings and aftermarket service levels. I am eager to realize the benefits to our combined customers and shareholder groups that this combination will provide," said Nabors Chairman, President and Chief Executive Officer Anthony G. Petrello.

Michael W. Sutherlin, Tesco's Non-Executive Chairman of the Board, said, "With this transaction, Tesco will now have an expanded platform, which will allow for acceleration of its strategy and increase the potential for market share gains around key industry trends. The combination will provide significant value to Tesco shareholders by participating in a stronger and broader offering of complementary rig equipment product lines and tubular services."

Fernando Assing, Tesco's President and Chief Executive Officer, commented, "This is a very exciting opportunity to combine two world class companies that are highly focused on delivering best-in-class services to the oil and gas industry. This combination will further reinforce Nabors position as a leading rig equipment and drilling automation provider by integrating Tesco's advanced tubular services technology and products into the Nabors global rig footprint and NDS services. The new expanded platform also creates significant career opportunities for Tesco's employees as part of a much larger international organization."

Mr. Petrello concluded, "This transaction accelerates the strategy I presented at our Analyst Day in November of 2016. Several years ago we concluded that the drilling rig will serve as the delivery platform for future rig services. The early success of our service integrations efforts are substantiating this strategy. Now, with the largest land drilling fleet and with the automation features of our Rigtelligence® operating system, Nabors is uniquely positioned to further deploy Tesco's premium casing running tools and automation technologies globally. Additionally, the combination of our complementary rig equipment product lines and technologies will deliver enhanced value to both our customers and our shareholders. Finally, the incremental cash flow and the realization of expected synergies combined with Tesco's solid balance sheet will further strengthen our financial position. First year operating synergies are expected to approach $20 million with full run-rate operating synergies of $30 to $35 million. In addition, we expect to realize capital savings from facility rationalization and the planned build out of our casing running operation. We are excited about Tesco's respected management team and highly skilled employees joining Nabors and helping to deliver the benefits of this combination to our customers and shareholders."

The transaction has been approved by the boards of directors of both companies and is subject to approval by Tesco shareholders and the satisfaction of customary closing conditions and regulatory approvals. Intrepid Partners served as exclusive financial advisor to Nabors. Milbank, Tweed, Hadley, & McCloy LLP and Stikeman Elliott LLP served as legal advisors to Nabors.

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Earlier:

NABORS:

 

 

 

 

 

 TESCO:

 

 NABORS NET LOSS $282 MLN
2017, August, 3, 09:21:00

NABORS NET LOSS $282 MLN

Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) reported second quarter 2017 operating revenues of $631 million, compared to operating revenues of $563 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $117 million, or $0.41 per diluted share, compared to a loss of $149 million, or $0.52 per diluted share, in the first quarter of 2017. 

 

 

         TESCO NET LOSS $25.8 MLN
2017, August, 9, 09:51:04

TESCO NET LOSS $25.8 MLN

TESCO reported a U.S. GAAP net loss of $12.1 million, or $(0.26) per share, in the second quarter of 2017. Adjusted net loss for the quarter was $11.6 million, or $(0.25) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $13.7 million, or $(0.29) per diluted share, in the first quarter of 2017, and a U.S. GAAP net loss of $18.9 million, or (0.47) per diluted share, in the second quarter of 2016. 

 

 NABORS NET LOSS $149 MLN
2017, May, 2, 16:00:00

NABORS NET LOSS $149 MLN

Nabors Industries Ltd. reported first quarter 2017 operating revenue of $563 million, compared to operating revenue of $539 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $149 million, or $0.52 per share, compared to a loss of $331 million, or $1.17 per share, in the fourth quarter of 2016. The first quarter results include $7.8 million in net after-tax charges, or $0.03 per share, representing premiums incurred in open market purchases of near-term debt.

 

         TESCO NET LOSS $13.7 MLN
2017, May, 11, 18:00:00

TESCO NET LOSS $13.7 MLN

TESCO reported a U.S. GAAP net loss of $13.7 million, or $(0.29) per share, in the first quarter of 2017. Adjusted net loss for the quarter was $13.4 million, or $(0.29) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, in the fourth quarter of 2016, and a U.S. GAAP net loss of $56.8 million, or $(1.45) per diluted share, in the first quarter of 2016. 

 

 NABORS NET LOSS $1 BLN
2017, March, 21, 18:35:00

NABORS NET LOSS $1 BLN

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) reported full-year 2016 operating revenue of $2.2 billion, compared to operating revenue of $3.9 billion in the prior year, which included $366 million in revenue from the Completion and Production Services segment (NCPS), a business line that merged with C&J Energy Services, Inc. (CJES) on March 24, 2015 and ceased to be consolidated with Nabors on that date. Net income from continuing operations for the year was a loss of $1.0 billion, or $3.58 per share, compared to a loss of $330 million, or $1.14 per share, in FY 2015. 

 

         TESCO NET LOSS $117.9 MLN
2017, March, 16, 18:30:00

TESCO NET LOSS $117.9 MLN

TESCO reported a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, for the fourth quarter ended December 31, 2016. Adjusted net loss for the quarter was $13.3 million, or $(0.28) per share, excluding special items, consisting primarily of several charges related to receivables and restructuring costs. This compares to a U.S. GAAP net loss of $22.1 million, or $(0.48) per diluted share in the third quarter of 2016, and a U.S. GAAP net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter of 2015. 

 

 WEATHERFORD & NABORS ALLIANCE
2017, February, 3, 18:40:00

WEATHERFORD & NABORS ALLIANCE

Weatherford International plc (NYSE: WFT) and Nabors Industries Ltd. (NYSE: NBR) announced today they have signed a non-binding Memorandum of Understanding (MOU) to form an alliance focused on delivering enhanced drilling solutions to the oil and gas land market in the lower 48 states of the United States.

 

         TESCO NEED MONEY
2016, June, 9, 18:30:00

TESCO NEED MONEY

Tesco Corporation (the "Company") (NASDAQ: TESO) today announced that it has priced its underwritten public offering of 7,000,000 common shares of the Company at a price to the public of $7.00 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,050,000 common shares at the offering price (less the underwriting discounts). 

 

 SAUDI & NABORS AGREEMENT
2016, November, 1, 18:55:00

SAUDI & NABORS AGREEMENT

Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.

 

         TESCO CORPORATION DOWN 57%
2015, November, 5, 18:55:00

TESCO CORPORATION DOWN 57%

Fernando Assing, TESCO's Chief Executive Officer, commented, "We continue to be impacted by market conditions that reduced drilling activity and pricing. We are positioning our business under the assumption that the market will be lower for longer. 

 

 NABORS CHANGES
2014, April, 17, 18:54:00

NABORS CHANGES

Nabors passes sweeping corporate governance changes, including proxy access

 

         TESCO NAMED THE NEW BOSS
2014, August, 25, 18:00:00

TESCO NAMED THE NEW BOSS

Tesco appoints new president, chief executive officer

 

 NABORS INDUSTRIES: TOMORROW NEVER DIES
2014, April, 17, 18:51:00

NABORS INDUSTRIES: TOMORROW NEVER DIES

NABORS INDUSTRIES published 4th Quarter and Full Year 2013 results

 

         TESCO  CORPORATION: DIE  ANOTHER  DAY
2014, March, 3, 16:38:00

TESCO CORPORATION: DIE ANOTHER DAY

TESCO CORPORATION published 4th Quarter and Full Year 2013 results.

 

 NABORS WILL BE LOWER
2014, March, 25, 07:00:00

NABORS WILL BE LOWER

Nabors Expects Lower 1Q 2014 Earnings per Share Relative to Mean Estimates

         TESCO SOLD. WHO WANTS TO BUY?
2014, February, 6, 16:38:00

TESCO SOLD. WHO WANTS TO BUY?

Top 5 Companies in the Oil & Gas Equipment & Services Industry with the Best Relative Performance.

 

 

Tags: NABORS, INDUSTRIES, TESCO, CORPORATION

Chronicle:

NABORS - TESCO ACQUISITION
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

NABORS - TESCO ACQUISITION
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

NABORS - TESCO ACQUISITION
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

NABORS - TESCO ACQUISITION
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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