Nabors Industries completed a $35 million strategic equity investment in Quaise Energy, making Nabors the geothermal drilling technology company’s largest shareholder with a fully diluted stake of 14%, the companies said 27 August 2026. The funding, part of Quaise’s Series B financing round, was made through the issuance of approximately 392,000 shares of Nabors common stock.
Quaise’s hybrid drilling platform combines conventional rotary drilling with millimeter-wave technology to reach deeper and hotter geothermal resources than conventional methods allow. A Nabors PACE-B rig is currently drilling at Quaise’s Project Obsidian in Oregon, which is intended to become the first commercial deployment of a superhot enhanced geothermal system. The project’s planned first phase targets 50 MW of power, with later phases targeting up to 1 GW of additional capacity.
The investment establishes a strategic framework between the companies that includes an exclusivity arrangement for Nabors to provide drilling services in support of Quaise’s geothermal projects. Nabors and Quaise said they expect to continue evaluating further collaboration in drilling-system integration, rig engineering, field deployment and automation as the technology moves toward broader commercial adoption.
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