Nabors Industries Ltd. (NYSE:NBR) has announced that its second blank check company, Nabors Energy Transition Corp. II (NETD), has filed to raise up to $300 million in an initial public offering (IPO) on the Nasdaq under the symbol ‘NETDU'.
The company said in a statement that NETD, a special purpose acquisition company (SPAC), plans to offer 30 million units at $10 each. Citigroup and Wells Fargo Securities are underwriting the IPO.
The new company aims to facilitate, improve or complement the ongoing global energy sector's shift from fossil-based systems of energy production and consumption to renewable energy sources.
“NETD intends to leverage Nabors' particular energy transition experience and its expertise developing and deploying discrete, mobile assets, advanced technologies and applications globally as well as the commercial, operation and financial expertise and industry relationships of NETD's directors and executive officers to effectively identify and execute on investment opportunities,” Nabors said in a statement.
Nabors said NETD will be managed by a subset of its own management team, including chairman, president and CEO Anthony Petrel, CFO William Restrepo and vice president of strategic initiatives Guillermo Sierra.
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