07:15 AM EDT, 03/12/2025 (MT Newswires) -- Nabors Industries ( NBR ) said Wednesday it has completed its acquisition of Parker Wellbore.

The deal includes Quail Tools, which rents high-performance tubulars in the US and internationally, along with Parker's land and barge rigs and other services.

Nabors said the Parker unit is expected to generate about $150 million in adjusted EBITDA and $40 million in annual cost savings by the end of next year.

Capital spending tied to the acquisition is estimated at $70 million, Nabors said.

The company's shares were up over 2.3% in recent Wednesday premarket activity.