Nabors completes $35 million stock-funded investment in geothermal firm Quaise Energy
Nabors, through subsidiary NETV, bought Series B-1 preferred stock of Quaise Energy for $35 million, paid with 391,944 newly issued Nabors common shares, and now holds a 14% fully diluted stake, making it Quaise's largest shareholder. The deal includes a collar that can require Nabors to issue more shares or pay cash if Quaise's resale value falls below $33.25 million, and lets Nabors receive cash if value exceeds $36.75 million, and it sets up an exclusivity arrangement for drilling services.
Key points
- Nabors paid $35 million for 5,425,515 Series B-1 preferred shares of Quaise at $6.4510 per share, closed August 27, 2026
- Nabors issued 391,944 common shares as consideration, with resale registration to be filed under Rule 424(b)(7)
- Collar: Nabors may issue additional shares or pay cash if resale value falls below $33.25 million; Quaise pays Nabors any value above $36.75 million
- A Nabors PACE-B rig is drilling at Quaise's Project Obsidian in Oregon, with a first phase targeting 50 megawatts
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 27, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.