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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 26, 2026
Nabors Industries Ltd.
(Exact Name of Registrant as Specified in
its Charter)
Commission
File Number: 001-32657
| Bermuda |
|
|
|
98-0363970 |
| (State of Incorporation) |
|
|
|
(IRS Employer
Identification No.) |
Crown House
4 Par-la-Ville Road
Second Floor
Hamilton, HM08 Bermuda |
| (Address of principal
executive offices) (zip code) |
(441) 292-1510
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Title of each class |
|
Trading Symbol(s) |
|
Name of exchange on which
registered |
| Common shares |
|
NBR |
|
NYSE |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 3.02
Unregistered Sales of Equity Securities.
On August 26, 2026, Nabors Industries Ltd., a Bermuda exempted company
(“Nabors” or the “Company”), entered into a Series B Preferred Stock Purchase Agreement (the “Purchase Agreement”)
with Quaise Energy, Inc., a Delaware corporation (“Quaise”), pursuant to which Nabors, through its designee, Nabors Energy
Transition Ventures LLC (“NETV”), a Delaware limited liability company and wholly owned indirect subsidiary of Nabors, purchased
5,425,515 shares of Series B-1 Preferred Stock of Quaise, $0.0001 par value per share (the “Preferred Stock”), at a price
of $6.4510 per share. As consideration for the Preferred Stock, Nabors issued 391,944 common shares of Nabors, $0.05 par value per share
(the “Nabors Shares”), to Quaise (collectively, the “Transaction”).
The number of Nabors Shares issued as consideration was determined
by dividing $35 million by the volume-weighted average trading price per common share of Nabors on the New York Stock Exchange (“NYSE”)
for the three NYSE trading days ending immediately prior to the date of the Purchase Agreement. In addition, the Purchase Agreement contains
certain registration rights pursuant to which Nabors has agreed to file with the Securities Exchange Commission (the “SEC”)
a prospectus supplement pursuant to Rule 424(b)(7) under the Securities Act of 1933, as amended (the “Securities Act”), registering
the resale of the Nabors Shares promptly following the closing of the Transaction (such prospectus supplement, the “Resale Prospectus”).
The Company has filed the Resale Prospectus with the SEC concurrently with the filing of this Current Report.
The Purchase Agreement includes a collar mechanism pursuant to which
in the event that the aggregate market value of the Nabors Shares sold by Quaise during the 20 consecutive trading days following delivery
of such shares (the “Collar Measurement Period”), calculated using the VWAP over such period, is less than $33.25 million
(the “Downside Protection Level”), Nabors at its discretion, will either issue Quaise additional common shares or pay Quaise
an amount of cash in either case sufficient to cause the aggregate market value of the Nabors Shares to be no less than the Downside Protection
Level. If the aggregate market value of the Nabors Shares sold by Quaise during the Collar Measurement Period exceeds $36.75 million (the
“Upside Level Cap”), Quaise shall pay Nabors in cash an amount equal to the excess value above the Upside Level Cap. The Downside
Protection Level and Upside Level Cap shall be adjusted pro-rata in the event of partial sales by Quaise of the Nabors Shares during the
Collar Measurement Period. In the event that Nabors issues Quaise additional common shares pursuant to the collar mechanism, the Purchase
Agreement obligates Nabors to promptly register the additional common shares for resale.
Each of the Preferred Stock and the Nabors Shares were issued in a
private placement pursuant to Section 4(a)(2) of the Securities Act.
Item 7.01
Regulation FD Disclosure.
On August 27, 2026, Nabors issued a press release announcing the closing
of the Transaction, a copy of which is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.
The information contained in this Item 7.01, and
the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information
be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, regardless of the general incorporation
language of any such filing, except as shall be expressly set forth by specific reference in such filing.
Item 8.01
Other Events.
A copy of the opinion of Conyers Dill & Pearman Limited, Bermuda
counsel for the Company, relating to the legality of the issuance of the Nabors Shares, is attached as Exhibit 5.1 hereto.
Cautionary Statement Regarding Forward-Looking Statements
The information included in this Current Report includes forward-looking
statements within the meaning of the Securities Act and the Exchange Act. 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 Current Report reflect management’s estimates and beliefs as of the
date of this Current Report. Nabors does not undertake to update these forward-looking statements.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description |
| 5.1 |
Opinion of Conyers Dill & Pearman Limited. |
| 23.1 |
Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1). |
| 99.1 |
Press Release, dated August 27, 2026. |
| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
NABORS INDUSTRIES LTD. |
| |
|
| Date: August 27, 2026 |
By: |
/s/ Mark D. Andrews |
| |
Name: |
Mark D. Andrews |
| |
Title: |
Vice President & Corporate Secretary |
Exhibit 99.1
Nabors Expands
Geothermal Growth Platform with $35 Million Strategic Investment in Quaise Energy
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, August 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
Industries Ltd. • www.nabors.com
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
Industries Ltd. • www.nabors.com
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
###
Nabors
Industries Ltd. • www.nabors.com
