Nabors Industries Ltd, the Bermudian-based energy driller, has entered into a business combination agreement between the special-purpose acquisition company that it formed in 2021, Nabors Energy Transition Corporation, and Australian-headquartered Vast Pty Ltd.

Anthony G. Petrello, chairman, president and chief executive of Nabors, said: "We welcome Vast as Nabors' ninth and largest energy transition investment to date. Vast's next-generation concentrated solar power platform complements and enhances our existing portfolio of companies similarly pursuing clean, renewable, dispatchable and scalable energy solutions.

"Nabors has consistently focused our energy transition investments on technologies with material tangencies to Nabors' technology platform. We are developing solutions to decarbonise and electrify our own operations. These technologies are totally transferable to other industries and position us to lead in the new energy space. Our demonstrated strengths in innovation fully support our sustainability initiatives."

Nabors also unveiled a new vision to guide its energy transition efforts — Energy Without Compromise — that unites the company's sustainability efforts from its core business and its new clean energy initiatives.

Mr Petrello said: "Building a sustainable economy requires affordable, reliable and responsible energy. Unfortunately, today there is no single source that can consistently deliver all three. So while we should embrace multiple sources of energy, the industry must focus on removing the existing trade-offs inherent in the existing energy alternatives. Oil and gas provide affordable and reliable energy, but we understand we must overcome the emissions burden associated with their production and consumption.

"Renewables offer cleaner power, but supporting the future economy requires eliminating intermittency while balancing cost, efficiency and supply chain trade-offs. Delivering on 'Energy Without Compromise' will take a relentless focus on innovation and best-in-class performance of our existing drilling business, as well as steady and consistent execution from our emerging clean energy initiatives.

"Our investment in Vast allows Nabors to participate in an exciting and relatively untapped source of renewable, clean and dispatchable energy, while at the same time helping our new partner scale its technology to deliver a meaningful contribution to the world's need for power.

“Vast's decision to join forces with Nabors validates the efforts we have made in developing our energy transition strategy."