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US, Canada clear Nabors for Tesco takeover

Industry news

Drilling rig company Nabors has received anti-trust clearance in the US and Canada for its takeover of Houston-based upstream technology firm Tesco Corporation.

Permission from Russia’s monopoly watchdog is expected to come in the next few weeks.

Nabors chief executive Anthony Petrello said: “I am pleased to have obtained anti-trust clearance in two of the key markets.  This clearance leaves the business intact and facilitates our timeline to closing.  The work of the integration team is proceeding and its initial analysis indicates we will achieve the projected synergies. This bolsters our confidence in realizing our targets for Nabors Drilling Solutions for the next three years.”

Tesco chief executive Fernando Assing said: “We are pleased with the progress achieved on the transaction, including securing two of the key regulatory approvals. The Tesco team is excited about and remains committed to the integration with Nabors while maintaining focus on delivering results.”

 

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