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Nabors Energy Transition Corp. (NYSE: NETC) announced an extension of its deadline to complete a business combination with Vast Solar Pty Ltd from February 18, 2023, to May 18, 2023. This three-month extension allows NETC additional time for the proposed business merger. To facilitate this, affiliates Nabors Lux and Greens Road have deposited $2.76 million into NETC's trust account, ensuring funds are available for the extension. If the merger is successfully completed, these loans may be repaid or converted into warrants. The company focuses on energy transition solutions that reduce carbon emissions while meeting global energy demands.
Nabors Industries reported fourth quarter 2021 operating revenues of $544 million, up from $524 million in Q3 2021. The net loss was $114 million, or $14.60 per share, improving from a loss of $122 million in the previous quarter. Adjusted EBITDA rose to $132 million.
U.S. Drilling showed strong growth with adjusted EBITDA of $69.2 million, while Drilling Solutions increased by 25%. Free cash flow reached $50 million amidst rising rig dayrates. The company anticipates a robust 2022, driven by favorable commodity prices and operational improvements.
Nabors Energy Transition Corp. closed its initial public offering (IPO) of 27,600,000 units at $10.00 per unit, raising a total of $276 million. This includes the full exercise of an option by underwriters for an additional 3,600,000 units. Each unit consists of one Class A common stock share and half a redeemable warrant. The securities will trade on the NYSE under the symbols NETC.U for units, NETC for common stock, and NETC.WS for warrants. Citigroup and Wells Fargo Securities were the joint book-running managers for the offering.