"Energy Without Compromise" Vision to Guide Energy Transition
Strategy
HAMILTON, Bermuda, Feb. 14,
2023 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors"
or the "Company") (NYSE: NBR) issued the following statement today
from Chairman, President and CEO Anthony G.
Petrello regarding the entry into a business combination
agreement between the special purpose acquisition company (SPAC)
Nabors formed in 2021, Nabors Energy Transition Corporation (NYSE:
NETC, NETC.U, NETC.WS), and Vast Pty Ltd ("Vast"):
"We welcome Vast as Nabors' ninth and largest
energy transition investment to date. Vast's next-generation
concentrated solar power platform complements and enhances our
existing portfolio of companies similarly pursuing clean,
renewable, dispatchable and scalable energy solutions.
"Nabors has consistently focused our energy
transition investments on technologies with material tangencies to
Nabors' technology platform. We are developing solutions to
decarbonize and electrify our own operations. These technologies
are totally transferrable to other industries and position us to
lead in the new energy space. Our demonstrated strengths in
innovation fully support our sustainability initiatives."
Nabors today also unveiled a new vision to guide its energy
transition efforts—Energy Without Compromise—that unites the
Company's sustainability efforts from its core business and its new
clean energy initiatives. Petrello said:
"Building a sustainable economy requires
affordable, reliable and responsible energy. Unfortunately, today
there is no single source that can consistently deliver all three.
So while we should embrace multiple sources of energy, the industry
must focus on removing the existing trade-offs inherent in the
existing energy alternatives. Oil and gas provide affordable and
reliable energy, but we understand we must overcome the emissions
burden associated with their production and consumption.
"Renewables offer cleaner power, but supporting
the future economy requires eliminating intermittency while
balancing cost, efficiency and supply chain trade-offs. Delivering
on 'Energy Without Compromise' will take a relentless focus on
innovation and best-in-class performance of our existing drilling
business, as well as steady and consistent execution from our
emerging clean energy initiatives.
"Our investment in Vast allows Nabors to
participate in an exciting and relatively untapped source of
renewable, clean and dispatchable energy, while at the same time
helping our new partner scale its technology to deliver a
meaningful contribution to the world's need for power. Vast's
decision to join forces with Nabors validates the efforts we have
made in developing our energy transition strategy."
Further details, materials and information about the transaction
are available on the respective company websites,
https://www.vastsolar.com/investors and
https://www.nabors-etcorp.com.
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced
technology for the energy industry. With presence in more than 20
countries, Nabors has established a global network of people,
technology and equipment to deploy solutions that deliver safe,
efficient and responsible energy production. By leveraging its core
competencies, particularly in drilling, engineering, automation,
data science and manufacturing, Nabors aims to innovate the future
of energy and enable the transition to a lower-carbon world. Learn
more about Nabors and its energy technology leadership:
www.nabors.com.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. These risks
include, but are not limited to, general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the inability of the parties to successfully
or timely consummate the proposed transactions or to satisfy the
conditions to the closing of the proposed transactions, including
satisfaction of the minimum proceeds condition and the risk that
any required regulatory approvals are not obtained, are delayed or
are subject to unanticipated conditions that could adversely affect
the combined company; the risk that the approval of the
stockholders of NETC for the proposed transactions is not obtained;
the failure to realize the anticipated benefits of the proposed
transactions, including as a result of a delay in consummating the
proposed transaction or difficulty in, or costs associated with,
integrating the businesses of NETC and Vast; the amount of
redemption requests made by NETC's stockholders; the outcome of any
legal proceedings that may be instituted against NETC or Vast
following announcement of the transaction; the occurrence of events
that may give rise to a right of one or both of NETC and Vast to
terminate the definitive agreements related to the proposed
business combination; difficulties or delays in the development of
Vast's concentrated solar power facilities; the risks related to
the rollout of Vast's business and the timing of expected business
milestones; the risks that Vast's products will not be commercially
attractive; the risks that Vast's marketing efforts and expansion
strategies will be unsuccessful; the effects of competition from
other forms of energy generation including both fossil-fuels and
renewables on Vast's future business. As a result of these factors,
Nabors' actual results may differ materially from those indicated
or implied by such forward-looking statements. The forward-looking
statements contained in this press release reflect management's
estimates and beliefs as of the date of this press release. Nabors
does not undertake to update these forward-looking statements.
Important Information for Stockholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval.
In connection with the proposed business combination, Vast Solar
Pty Ltd ("Vast") will file with the Securities and Exchange
Commission (the "SEC") a registration statement on Form F-4 (the
"Registration Statement"), which will include (i) a preliminary
prospectus of Vast relating to the offer of securities to be issued
in connection with the proposed business combination and (ii) a
preliminary proxy statement of Nabors Energy Transition Corp
("NETC") to be distributed to holders of NETC's capital stock in
connection with NETC's solicitation of proxies for vote by NETC's
shareholders with respect to the proposed business combination and
other matters described in the Registration Statement. NETC and
Vast also plan to file other documents with the SEC regarding the
proposed business combination. After the Registration Statement has
been declared effective by the SEC, a definitive proxy
statement/prospectus will be mailed to the stockholders of NETC.
INVESTORS AND SECURITY HOLDERS OF NETC AND VAST ARE URGED TO READ
THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS
CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS
COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus and other documents
containing important information about NETC and Vast once such
documents are filed with the SEC, through the website maintained by
the SEC at http://www.sec.gov. In addition, the documents filed by
NETC may be obtained free of charge from NETC's website at
www.nabors-etcorp.com or by written request to NETC at 515 West
Greens Road, Suite 1200, Houston,
TX 77067.
Participants in the Solicitation
NETC, Nabors, Vast and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of NETC in connection with the
proposed business combination. Information about the directors and
executive officers of NETC is set forth in NETC's Annual Report on
Form 10-K for the year ended December 31,
2021, filed with the SEC on March 28,
2022. To the extent that holdings of NETC's securities have
changed since the amounts printed in NETC's Annual Report on Form
10-K for the year ended December 31,
2021, such changes have been or will be reflected on
Statements of Change in Ownership on Form 4 filed with the SEC.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials to be
filed with the SEC when they become available. You may obtain free
copies of these documents as described in the preceding
paragraph.
Investor Contacts:
William C. Conroy
+1 281-775-2423
william.conroy@nabors.com
Kara K. Peak
+1 281-775-4954
kara.peak@nabors.com
Media Contact:
Brian Brooks
+1 281-775-4370
brian.brooks@nabors.com
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SOURCE Nabors Industries Ltd.
