Nabors Drilling Solutions has acquired Parker Wellbore, enhancing its leadership position in drilling and related value-added services.

Parker's solutions portfolio includes Quail Tools, a leading rental provider of high-performance downhole tubulars in the US Lower 48 and US Offshore markets. The acquisition also includes land and barge rigs, as well as Operations & Maintenance services.

Anthony Petrello, Chairman, President and CEO of Nabors, commented on the closing of the acquisition: "With the successful completion of the Parker transaction, we are accelerating the growth of our Drilling Solutions business across several important markets, while bolstering our global drilling business. We are excited to welcome a strong and talented organisation to the Nabors team. Our customers will benefit from the best practices that both organisations employ, and we expect to create incremental value for them by combining our offerings. Our immediate priority is to ensure seamless integration, and to capture the synergies we have projected."

Nabors expects the acquisition to deliver robust strategic and financial benefits, including strengthening the business, immediate accretion to free cash flow, enhanced scale, improved leverage metrics, and an estimated recurring synergy realisation of $40 million by the end of 2025.

The Parker business is expected to produce an annualised 2025 adjusted EBITDA of approximately $150 million before expense synergies are realised.