Houston-based Nabors Industries Ltd. said it entered into a multi-year contract with Caturus Energy for the PACE-X Ultra X33 rig.
Caturus Energy collaborated with Nabors to leverage the rig, which is designed to deliver more power in the “toughest drilling environments,” Nabors said in a news release.
The rig features a one-million-pound mast rating, racking capacity of up to 35,000 feet, and three 2,000-horsepower mud pumps capable of 10,000 psi mud pressure. Additionally, by substituting natural gas for diesel, the X33 rig enables improved fuel efficiency and emissions reduction, lowering both cost and carbon intensity, according to the release.
The collaboration will support Caturus Energy’s commitment to safely and efficiently ramping production and goal to grow net production to 1 billion cubic feet (Bcf) of gas equivalent per day by 2029, Nabors said.
Caturus Energy is known for its ability to drill long laterals and deep, high-pressure wells in technically complex subsurface environments, particularly within the prolific Eagle Ford and Austin Chalk formations of Texas. Earlier in the year, technical modeling had identified the need for a more powerful rig to increase drilling certainty and efficiency, Nabors stated.
Eric Kolstad, executive vice president of wells for Caturus Energy, said, “The integration of this leading-edge technology represents the highest standard of power and performance in the industry and, just as importantly, demonstrates our continued commitment to safe and sustainable operations while improving drilling cycle times. By combining these advanced capabilities with our highly disciplined approach, Caturus Energy will continue ensuring that we meet the world’s energy needs through responsible and competitive growth”.
Siggi Meissner, president of global drilling and energy transition for Nabors, said, “The PACE-X Ultra rig is a significant milestone that showcases what strong collaboration can achieve. Working together with Caturus Energy, we combined innovative engineering with ambitious operational goals to deliver the industry’s most capable rig, purpose-built for the demands of modern unconventional drilling”.
Caturus Energy, formerly Kimmeridge Texas Gas, describes itself as an upstream producer with 650 million cubic feet equivalent per day of net production across 200,000 acres in Texas.
Earlier in the month, Nabors said it had given a notice of redemption of $150 million face value of its 7.375 percent senior priority guaranteed notes due in 2027. The redemption price is 101.844 percent of the principal amount of securities to be redeemed, plus accrued and unpaid interest.
Nabors Chairman, President and CEO Anthony Petrello said, “The reduction of debt is one of our key value drivers. We are committed to using the proceeds from the sale of Quail Tools in our business to help accomplish that reduction. This redemption comes after we already repaid the outstanding balance on our revolving credit facility, which was drawn earlier to repay the term loan assumed from Parker Wellbore. The redemption marks another concrete step in this process”.
In August, Nabors divested its subsidiary Nabors Quail Tools LLC, which provides downhole tubulars to the U.S. oil and gas drilling market, to Superior Energy Services, Inc. for $600 million plus adjustments for net working capital.
The consideration consisted of $375 million in cash and a seller note of $250 million, according to an earlier statement.
The transaction includes a preferred supplier agreement under which Superior will be the preferred supplier of rental drill pipe and related products to Nabors, according to the statement. Superior provides rental tubulars to the U.S. and international markets.
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