Nabors Energy Transition II registered with the SEC to offer 30 million units at $10 each. A unit consists of one Class A ordinary share and one-half of a warrant.
The energy transition SPAC was formed by Nabors Industries, which owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs and related services in the United States and several international markets, according to the S-1 filing.
The SPAC will focus on companies engaged in the global energy sector’s shift from fossil-based systems of energy production and consumption—including oil, natural gas and coal—to renewable energy sources such as geothermal energy or hydrogen.
Citigroup and Wells Fargo Securities are joint bookrunners for the offering.
Nabors II intends to apply for a Nasdaq listing under the symbol NETDU.
Management’s first Nabors Energy Transition SPAC has a deal pending with Vast Solar Pty Ltd. Announced in February, the deal carries an implied pro forma equity value between $305 million and $586 million, depending on redemptions. Read more.
