$NBR (NABORS INDUSTRIES) — 8-K: Nabors takes 14% stake in Quaise Energy with $35 million equity investment

Nabors completed a $35 million strategic equity investment in Quaise Energy, becoming its largest shareholder with fully diluted ownership of 14%. The investment was funded through issuance of approximately 392,000 shares of Nabors common stock. It deepens the companies’ relationship around Quaise’s millimeter-wave drilling platform for superhot geothermal resources. A Nabors PACE-B rig is currently drilling at Quaise’s Project Obsidian in Oregon, whose first phase targets 50 megawatts of power.

Nabors completed a $35 million strategic equity investment in Quaise Energy, becoming its largest shareholder with fully diluted ownership of 14%. The investment was funded through issuance of approximately 392,000 shares of Nabors common stock. It deepens the companies’ relationship around Quaise’s millimeter-wave drilling platform for superhot geothermal resources. A Nabors PACE-B rig is currently drilling at Quaise’s Project Obsidian in Oregon, whose first phase targets 50 megawatts of power.