A Bermuda energy technology company has won a major award for demonstrating a remarkable initiative to develop and employ new, cutting edge applications in its dramatic turn to energy transition.

Bermudian-registered Nabors Industries Ltd, the provider of advanced technology for the energy industry, was awarded the Energy Transition Award – Upstream at the 24th annual Platts Global Energy Awards gala in New York.

Nabors was one of seven finalists in the category, but the judges recognised Nabors as "highly respected and progressive", with one stating: "Nabors has proven that they know how to do carbon."

Impressed by the company's emissions reduction initiatives, the judges recognised its broad efforts to lower the carbon intensity of its drilling operations, invest in emerging energy technologies and for continuing to set and achieve aggressive corporate goals.

Anthony Petrello, chairman, president and CEO of the company, said: "Nabors has ventured into exciting, and what is arguably the world's most topical, territory. Energy transition is core to our future strategy as an energy technology company.

“I am proud of our progress and looking forward to leveraging fully, with the same insight, ingenuity and hard work, the doors we have already opened."

Siggi Meissner, president – energy transition and industrial automation, said: "Nabors believes hydrocarbons will play a vital role in the energy mix for decades to come. We also know all forms of energy will be required to meet society's ever-growing need for clean, reliable and affordable energy.

“We are developing technologies that deliver responsible hydrocarbon production while also investing in high-growth potential, clean technologies that broaden and diversify the energy mix."

The award comes exactly one year after Nabors formally announced its energy transition strategy.

The company created a new business line, Nabors Energy Transition Solutions, focused on internally developing technologies for the responsible production and use of hydrocarbons.

As part of its strategy, Nabors has also placed investments in companies within the energy transition space with adjacent technologies and potential operational synergies.

Over the past year, the company has deployed several energy transition solutions on Nabors and non-Nabors rigs across three continents while making significant progress on its own hydrogen and carbon tech R&E.

In addition, the company said, it has invested in seven clean energy start-ups concentrating on geothermal, energy storage and emissions monitoring and is currently developing technologies and commercial offerings jointly with several of these companies.