Nabors closes Parker Drilling acquisition; expects $150M adjusted EBITDA, $40M synergies

NABORS INDUSTRIES LTD

Merger consideration: up to 4.8M Nabors shares plus $562K cash for Parker stockholders.
Parker Term Loan of $178.1M at 13% maturing Sept. 2025 assumed; change of control triggered, Nabors intends to refinance.
Parker expected to generate annualized 2025 adjusted EBITDA of ~$150M; expense synergies of $40M by end of 2025.
Post-closing 2025 capex for Parker estimated at $70M; acquisition expected to be accretive to free cash flow.
Prior Parker ABL credit facility terminated; $16.7M in letters of credit replaced under Nabors facilities.

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