Nabors Industries Completes Its Most Impactful Energy Transition Investment to Date

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Dec 19, 2023, 07:01 ET

Welcomes Vast to its Portfolio of Clean, Renewable, Scalable, Dispatchable Energy Technology Investments

HAMILTON, Bermuda, Dec. 19, 2023 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR, "Nabors") issued the following statement today from Chairman, President and CEO Anthony G. Petrello regarding the closing of the previously announced business combination between Nabors Energy Transition Corporation ("NETC"), the special purpose acquisition company (SPAC) sponsored by Nabors, and Vast Renewables Limited ("Vast"). The combined company now trades on the NASDAQ exchange under the ticker symbol "VSTE."

"The challenge for traditional solar power is the need to provide 24/7, baseload dispatchable power safely and cost effectively. Vast solves these issues with its advanced concentrated solar thermal power (CSP) v3.0 technology. Nabors sponsored NETC as a capital efficient way to pursue significant investment opportunities supporting the energy transition. We are pleased that the business combination between NETC and Vast has been completed.

"Vast's innovative and proven CSP energy systems deliver clean, dispatchable power and heat for utility-scale power generation, green fuels production and industrial process heat applications. Overcoming the traditional challenges of renewables, Vast holds the potential to deliver clean baseload power and decarbonize aviation, heavy industry and other hard-to-abate sectors.

"With the addition of Vast to Nabors' broader technology portfolio, we believe we are closer to the vision for clean, renewable, scalable, affordable and dispatchable energy – the type of energy the world needs. (Watch the Video)

Vast has received significant support from the Australian Renewable Energy Agency (ARENA), which recently announced approval for up to AUD $65 million in grant funding to support the construction of Vast Solar 1, a 30MW CSP plant with 288 MWh of thermal storage located in Port Augusta, South Australia. VS1 will be co-located with Vast's follow-on project, Solar Methanol 1, a world-first green methanol demonstration plant which has been selected to receive AUD $19.48 million and EUR €13.2 million of grant funding from a collaboration between the Australian and German Governments, respectively.

Most importantly, Vast received a Euro 10 million commitment from EDF Australia in connection with the parties' entry into a joint development agreement to develop Australian CSP projects to further transition Australia to a clean-energy economy. The EDF Group is a major player in the energy transition and one of the world's largest diversified clean energy producers, In addition, Vast has received a $7 million investment from Canberra Airport Group to support Vast's pursuit of sustainable aviation fuel projects.

Nabors, together with its affiliates, holds a significant minority ownership position in Vast.

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.

Building Momentum for 2024 and Beyond

Nabors announced its energy transition strategy in 2021 and has made significant strides towards its goal of delivering "Energy Without Compromise." Anthony Petrello concluded by saying:

"Our strategy to manage the energy transition is to embrace energy innovation over energy exclusion. We support socially responsible hydrocarbons and renewable energy. We focus on using technology to overcome the challenges to ultimately realize a diverse energy mix that is affordable, reliable and clean. While we pursue technologies to scale clean renewable technology, we remain focused on our core business and enabling responsible hydrocarbon production."

"For example, we established an expansive product line designed to reduce emissions at the wellsite. Fuel enhancers, AI-based engine management automation, rig electrification solutions, energy storage and hydrogen injection systems now in testing, are just a few technologies Nabors uses to lower fuel consumption and emissions. This portfolio has been deployed across three continents and used in onshore and offshore drilling operations and completion jobs.

"In addition to Vast, and in pursuit of clean, renewable, scalable and dispatchable energy solutions, Nabors has invested in geothermal, alternative energy storage, emissions monitoring, hydrogen and advanced materials."

For more information about these initiatives, please visit our technology and venture investment webpages.

About Nabors Industries

Nabors 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 failure to realize the anticipated benefits of the transaction; the outcome of any legal proceedings that may be instituted against NETC or Vast in connection with the transaction; 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.

Investor Contacts:

William C. Conroy
+1 281-775-2423
[email protected]

Kara K. Peak
+1 281-775-4954
[email protected]

Media Contact:

Brian Brooks
+1 281-775-4370
[email protected]

SOURCE Nabors Industries Ltd.