Nabors Industries sells assets to Ensign Energy Services for $117.5 million

July 30, 2021

On July 29, 2021, Nabors Industries Ltd. (“Nabors”) completed the sale of its fleet of 35 land-based drilling rigs owned by its Canadian subsidiary, as well as related equipment, inventory, and real property to Ensign Energy Services Inc. (“Ensign”) for a purchase price of $117,500,000. Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States, and Internationally.

All closing conditions, including the receipt of a “no-action letter” from the Competition Bureau confirming that the Commissioner of Competition does not intend to challenge the Transaction, were satisfied.

Nabors 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 sustainable energy production.

Miller Thomson advised Nabors on the transaction with a team led by Michael Morcom (Financial Services); and comprised of Bryant Frydberg and Colleen Ma (Corporate Tax); Eric Dufour and Reema Mahbubani (Competition); John-David D’Souza (Corporate/M&A); John Batzel (Employment); Kevin Keyes (Real Estate); Tamara Farber (Environmental); as well as Jenna Zaleski (Financial Services).