From our Independent Lead Director
Dear Fellow Shareholders,
On behalf of the Board of Directors of Nabors Industries Ltd., I am pleased to present our 2026 Proxy Statement. In 2025, the Board remained closely engaged with management to strengthen Nabors’ competitive position, enhance its financial resilience, and advance the Company’s long-term value for shareholders.
Board Oversight and Strategic Priorities
Throughout the year, the Board maintained active oversight of the Company’s strategy, capital allocation priorities, and enterprise risk management. Our focus remains to ensure Nabors is positioned to compete effectively across industry cycles, improve returns, strengthen the balance sheet, and expand the Company’s differentiated capabilities in international markets and technology-enabled drilling solutions.
Strategic Execution and Portfolio Management
During 2025, Nabors advanced several strategic priorities under the Board’s oversight, in particular:
The integration of Parker Wellbore, which strengthened Nabors’ global drilling and services platform and enhanced the Company’s ability to deliver integrated solutions to customers.
The divestiture of Parker’s Quail Tools business, which optimized our business portfolio. The Board worked closely with management to evaluate this transaction and to oversee the disciplined deployment of proceeds.
Capital Discipline and Balance Sheet Strength
A central priority for the Board in 2025 was continued progress in improving the Company’s capital structure. Proceeds from the Quail Tools divestiture were largely used to reduce outstanding debt, supporting a meaningful reduction in leverage and enhancing financial flexibility.
The Board believes that maintaining a robust balance sheet is essential to supporting Nabors’ long-term strategy, enabling the Company to pursue opportunities that drive durable earnings growth and improved investment returns over time. We will continue to oversee capital allocation decisions with a focus on strengthening the Company’s financial profile and creating value for shareholders.
International Growth and Technology Leadership
International markets remain a key driver of Nabors’ long-term strategy. During 2025, the SANAD joint venture with Saudi Aramco continued to expand its rig fleet under long-term contracts in the Kingdom of Saudi Arabia. These deployments support one of the most active and stable drilling markets globally and are expected to contribute increasingly to Nabors’ earnings and cash flow in the years ahead.
The Board also maintained oversight of the Company’s continued investment in advanced drilling technologies and automation. Nabors Drilling Solutions’ expanding platform and Nabors’ Canrig equipment innovations continue to differentiate the Company’s service offering by improving drilling efficiency, consistency, and safety. We believe these technologies represent an important competitive advantage as the industry continues to emphasize performance and capital efficiency.
Strong Governance and Shareholder Alignment
The Board remains committed to maintaining high standards of governance, transparency, and accountability. Our independent directors provide active oversight of management and regularly review the Company’s strategy, financial performance, and risk management practices.
During the year, the Board and its committees continued to focus on executive compensation alignment, succession planning, and Board composition. Specifically, during 2025, we added a new independent director, David Tudor. David’s addition brings decades of leadership and expertise in power generation, distribution and energy storage that will strengthen the strategic decision-making and risk oversight capabilities of the Board. In addition, we also appointed a new Chief Financial Officer, Miguel Rodriguez, in
