Nabors Wins S&P Global Energy Award, Capping a Year of Significant Energy Transition Achievements

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Dec 21, 2022, 16:15 ET

HAMILTON, Bermuda, Dec. 21, 2022 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) was awarded the Energy Transition Award – Upstream at the 24^th Annual Platts Global Energy Awards gala on December 8. Nabors was one of seven finalists in the category.

Judges called Nabors "highly respected and progressive," with one stating, "Nabors has proven that they know how to do carbon." Impressed by the Company's emissions reduction initiatives, the judges recognized Nabors for its broad efforts to lower the carbon intensity of its drilling operations, invest in emerging energy technologies and for continuing to set and achieve aggressive corporate goals.

Anthony Petrello, Chairman, President and CEO of Nabors, said: "Nabors has ventured into exciting, and what is arguably the world's most topical, territory. Energy transition is core to our future strategy as an energy technology company. I am proud of our progress and looking forward to leveraging fully, with the same insight, ingenuity and hard work, the doors we have already opened."

Siggi Meissner, President – Energy Transition and Industrial Automation, said: "Nabors believes hydrocarbons will play a vital role in the energy mix for decades to come. We also know all forms of energy will be required to meet society's ever-growing need for clean, reliable and affordable energy. We are developing technologies that deliver responsible hydrocarbon production while also investing in high-growth potential, clean technologies that broaden and diversify the energy mix."

The award comes exactly one year after Nabors formally announced its energy transition strategy. The Company created a new business line, Nabors Energy Transition Solutions, focused on internally developing technologies for the responsible production and use of hydrocarbons. As part of its strategy, Nabors has also placed investments in companies within the energy transition space with adjacent technologies and potential operational synergies.

Over the past year, the Company has deployed several energy transition solutions on Nabors and non-Nabors rigs across three continents while making significant progress on its own hydrogen and carbon tech R&E.

In addition, the Company has invested in seven clean energy startups concentrating on geothermal, energy storage and emissions monitoring and is currently developing technologies and commercial offerings jointly with several of these companies.

To learn more about our sustainability initiatives, visit Nabors 2021 ESG Report.

About Nabors Industries

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in more than 15 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.

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SOURCE Nabors Industries Ltd.