Nabors Expands Geothermal Growth Platform with $35 Million Strategic Investment in Quaise Energy

Rhea-AI Summary

Nabors (NYSE: NBR) has completed a $35 million strategic equity investment in Quaise Energy, becoming Quaise’s largest shareholder with 14% fully diluted ownership. According to Nabors, the funding forms part of Quaise’s Series B round and extends Nabors’ technology-enabled growth strategy into next-generation superhot geothermal drilling.

Nabors paid for the investment by issuing approximately 392,000 Nabors common shares. Quaise’s hybrid platform combines conventional rotary drilling with high‑power millimeter‑wave technology to access deeper, hotter geothermal resources. Nabors already has a PACE®‑B rig drilling at Quaise’s Project Obsidian in Oregon, whose initial phase targets 50 MW of reliable power and later phases up to 1 GW of additional capacity. The investment also establishes a strategic framework with an exclusivity arrangement for Nabors to provide drilling services on Quaise’s geothermal projects and creates potential future opportunities in drilling‑system integration, rig engineering, automation, and global project development.

Positive

• $35 million strategic equity investment in Quaise Energy
• Becomes Quaise’s largest shareholder with 14% fully diluted ownership
• Investment funded via issuance of about 392,000 NBR shares
• Exclusive drilling-services framework for Quaise geothermal projects
• Nabors PACE-B rig drilling Project Obsidian targeting 50 MW initially
• Subsequent Obsidian phases target up to 1 GW additional capacity

Negative

• Payment via 392,000 newly issued shares implies shareholder dilution

Market Context

PDS's -1.52% move in the peer snapshot provides a sector comparison for this geothermal investment. ...

Analysis

PDS's -1.52% move in the peer snapshot provides a sector comparison for this geothermal investment. The active S-3ASR shelf adds financing context, and execution toward commercial deployment remains the key article-stated consideration.

Key Figures

Strategic investment: $35 million Fully diluted ownership: 14% Shares issued: approximately 392,000 shares +3 more

6 metrics

Strategic investment $35 million Quaise Series B financing

Fully diluted ownership 14% Nabors ownership of Quaise

Shares issued approximately 392,000 shares Nabors common stock issued to fund investment

Initial power target 50 megawatts Planned first phase of Project Obsidian

Additional capacity target up to one gigawatt Subsequent phases of Project Obsidian

Operating footprint approximately 20 countries Nabors operations

Historical Context

4 past events · Latest: Jul 28 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 28	Q2 earnings	Positive	+4.8%	Reported Q2 revenue, EBITDA, free cash flow and improved 2026 outlook.
Jul 01	Earnings conference	Neutral	+0.6%	Announced Q2 earnings release and conference-call schedule for July 29.
Apr 28	Q1 earnings	Positive	+11.3%	Reported Q1 results, debt reduction and quarterly operating guidance.
Mar 24	Earnings conference	Neutral	+1.7%	Announced Q1 earnings release and conference-call schedule for April 29.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

NBR's prior earnings announcements had positive 24-hour reactions, while conference-call notices produced smaller positive reactions despite neutral content.

Key Terms

fully diluted ownership, series b financing round, millimeter-wave technology, waveguide, +1 more

5 terms

fully diluted ownership financial

"with a fully diluted ownership of 14%"

The share of a company calculated as if every possible claim to stock were converted into common shares at once — including outstanding options, warrants, convertible debt and restricted stock units — so the total number of shares reflects all potential dilution. It matters to investors because it shows the ownership percentage one would hold after every convertible right is exercised, like measuring a slice of cake if all reserved extra slices were baked and added to the whole.

series b financing round financial

"part of Quaise's Series B financing round"

A Series B financing round is an early-stage growth investment where a company raises a larger sum of money from venture capitalists or institutional investors after initial seed and Series A funding. Think of it as a second major fuel injection that helps a business scale operations, hire key staff, and expand markets; for investors, it signals the company has moved beyond initial proof of concept but still carries risk and affects existing owners’ shares and future valuation.

millimeter-wave technology technical

"with high-power millimeter-wave technology designed to reach deeper"

Millimeter-wave technology uses very high-frequency radio waves (roughly 30–300 GHz, with wavelengths around 1–10 millimeters) to send and receive data. Like a multi-lane highway that carries a lot of traffic over short distances, it enables extremely fast wireless links and high capacity but is limited by shorter range and sensitivity to obstacles, so it drives demand for new equipment, network upgrades, and spectrum planning that matter to investors.

waveguide technical

"transmitted downhole through a waveguide"

A waveguide is a physical channel—like a hollow tube or a thin strip of material—that directs electromagnetic energy such as microwaves, radio waves or light from one point to another with minimal loss. For investors, waveguides matter because their design and quality directly affect the speed, efficiency, size and cost of products in telecom, radar, sensors and medical imaging; improvements can make devices faster, smaller or cheaper, boosting a supplier’s competitiveness.

downhole technical

"reducing reliance on complex downhole equipment"

The area and equipment located below the ground inside a drilled well or borehole, including the pipe, tools, sensors and the rock or reservoir around them. Think of it as the engine room of a well where production, measurements and problems actually occur. Investors care because what happens downhole—flow rates, damage, repairs or new finds—directly determines a project's output, costs and revenue potential.

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Investment increases Nabors' ownership to extend its technology-enabled growth strategy and positions the Company to support the commercialization of next-generation superhot geothermal drilling

HAMILTON, Bermuda, Aug. 27, 2026 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today announced the completion of a $35 million strategic equity investment in Quaise Energy, Inc. ("Quaise"). The transaction positions Nabors as Quaise's largest shareholder with a fully diluted ownership of 14%. The investment deepens the longstanding relationship between Nabors and Quaise, and gives Nabors meaningful potential value creation from Quaise's millimeter-wave drilling platform as it advances toward commercial deployment. The funding is part of Quaise's Series B financing round and underscores Nabors' continued support for Quaise's technology development and expansion efforts.

The transaction advances Nabors' strategy to deploy its differentiated drilling, automation, and well-construction capabilities into attractive adjacent energy markets. Quaise's hybrid platform combines conventional rotary drilling with high-power millimeter-wave technology designed to reach deeper, hotter geothermal resources that are otherwise inaccessible with conventional methods. Upon successful deployment, the technology broadens the addressable market for geothermal power and creates future opportunities for Nabors' rigs, drilling services, engineering, and automation solutions.

"This investment brings together strategic commitment and one of the most compelling opportunities in geothermal energy," said Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors. "Quaise's technology closely aligns with our core strengths. By pairing its innovation with Nabors' global platform, technical expertise, and field execution capabilities, we believe we can help accelerate industry adoption while creating an attractive pathway for long-term value creation."

Nabors funded the investment through the issuance of approximately 392,000 shares of Nabors common stock.

Carlos Araque, Chief Executive Officer and President of Quaise Energy, said, "Nabors combines world-class drilling, advanced technology, field execution, and a global operating footprint. Its increased investment is a strong endorsement of our technology and growth strategy. We could not be more excited to move forward together as we advance our technology and bring the world's first superhot geothermal power plant to life – a meaningful next step toward deploying geothermal at commercial scale."

Quaise's gyrotron-powered drilling platform is designed to ablate rock using millimeter-wave energy transmitted downhole through a waveguide, reducing reliance on complex downhole equipment in extreme-temperature environments. By integrating this technology with established drilling practices, infrastructure and supply chains, Quaise is pursuing a scalable pathway to access deeper and hotter geothermal resources.

A Nabors PACE®-B rig is currently drilling at Quaise's Project Obsidian in Oregon, providing Nabors with a direct role in the project's field execution. The planned first phase targets 50 megawatts of reliable power, with subsequent phases targeting up to one gigawatt of additional capacity. Project Obsidian is intended to become the first commercial deployment of a superhot enhanced geothermal system.

Nabors' investment in Quaise establishes a strategic framework including an exclusivity arrangement to provide drilling services in support of Quaise's geothermal projects. Following this investment, the companies expect to continue evaluating additional opportunities, including drilling-system integration, rig engineering, field deployment, automation and global project development. These opportunities could extend Nabors' participation beyond its current ownership and support potential future revenue as Quaise progresses toward broader market adoption.

About Nabors Industries

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

About Quaise Energy

Quaise Energy is unlocking the Earth's deep heat to deliver clean, reliable, baseload energy at scale—almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today's most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise's mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere. https://www.quaise.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. 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. 

Nabors Investor Contacts: 

William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, via email william.conroy@nabors.com or Kara Peak, Director of Corporate Development & Investor Relations, via email kara.peak@nabors.com. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda via email mark.andrews@nabors.com

Quaise Media Contact:

Diane Hughes
Vice President, Marketing & Communications, Quaise Energy
press@quaise.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/nabors-expands-geothermal-growth-platform-with-35-million-strategic-investment-in-quaise-energy-302861084.html

SOURCE Nabors Industries Ltd.

FAQ

What is Nabors (NBR) investing in Quaise Energy on August 27, 2026?

Nabors is making a $35 million strategic equity investment in Quaise Energy, becoming its largest shareholder with 14% fully diluted ownership. According to Nabors, the deal supports commercialization of superhot geothermal drilling and expands its presence in adjacent low‑carbon energy markets.

How much ownership in Quaise Energy does Nabors (NBR) gain from the $35 million investment?

The $35 million investment gives Nabors a 14% fully diluted ownership stake in Quaise Energy, making Nabors the largest shareholder. According to Nabors, this meaningful stake aligns incentives and positions the company to benefit from Quaise’s millimeter‑wave geothermal drilling platform as it advances.

How did Nabors (NBR) fund its $35 million Quaise Energy investment?

Nabors funded the $35 million Quaise investment through the issuance of approximately 392,000 shares of Nabors common stock. According to Nabors, paying in equity supports its balance sheet while securing strategic exposure to Quaise’s geothermal technology and related project pipeline.

What is Project Obsidian and how is Nabors (NBR) involved?

Project Obsidian is Quaise’s superhot geothermal project in Oregon, targeting 50 MW initially and up to 1 GW later. A Nabors PACE®‑B rig is currently drilling there, giving Nabors direct field‑execution participation and potential future service and technology opportunities.

What does the exclusivity arrangement with Quaise Energy mean for Nabors (NBR) shareholders?

The deal creates an exclusivity framework for Nabors to provide drilling services to Quaise’s geothermal projects. According to Nabors, this structure positions its rigs, services, engineering, and automation solutions for potential future revenue as Quaise progresses toward broader commercial adoption.

How does the Quaise Energy investment fit Nabors (NBR) low-carbon and geothermal strategy?

The Quaise investment advances Nabors’ strategy to deploy its drilling and automation capabilities into attractive low‑carbon markets. According to Nabors, Quaise’s millimeter‑wave platform could broaden geothermal’s addressable market and create long‑term opportunities for its rigs and technology portfolio.