8-K
Nabors Industries Ltd (NBR)
8-K
2021-09-29
For: 2021-09-28
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Added on
April 08, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 28, 2021
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
| Bermuda | 001-32657 | 98-0363970 |
|---|---|---|
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |
| Crown House<br>4 Par-la-Ville Road<br>Second Floor<br>Hamilton, HM08 Bermuda | N/A | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
(441) 292-1510
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which<br><br> registered |
|---|---|---|
| Common shares | NBR | NYSE |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure. |
|---|
Nabors Industries Ltd. (“Nabors”) expects to make presentations on and after September 27, 2021 to certain institutions and prospective investors. The materials related to these investor presentations, a copy of which is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K, have been posted on the Company’s website on the Investor Relations page of www.nabors.com.
The investor presentation slides referenced above contain forward-looking statements within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are subject to risks and uncertainties, as disclosed from time to time in the Company’s filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit<br> No. | Description |
|---|---|
| 99.1 | Presentation |
| 104 | Cover Page<br> Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NABORS INDUSTRIES LTD. | ||
|---|---|---|
| Date: September 28, 2021 | By: | /s/ Mark D. Andrews |
| Mark D. Andrews | ||
| Corporate Secretary |
Exhibit 99.1
| NABORS INDUSTRIES LTD.<br>September 2021<br>Investor Presentation<br>NABORS |
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| Forward Looking Statements<br> • our ability to complete, and realize the expected benefits, of strategic transactions;<br> • changes in tax laws and the possibility of changes in other laws and regulation;<br> • the possibility of political or economic instability, civil disturbance, war or acts of terrorism<br>in any of the countries in which we do business;<br> • the possibility of changes to U.S. trade policies and regulations including the imposition of<br>trade embargoes or sanctions; and<br> • general economic conditions, including the capital and credit markets.<br>Our businesses depend, to a large degree, on the level of spending by oil and gas companies for<br>exploration, development and production activities. Therefore, sustained lower oil or natural gas<br>prices that have a material impact on exploration, development or production activities could also<br>materially affect our financial position, results of operations and cash flows.<br>The above description of risks and uncertainties is by no means all-inclusive, but is designed to<br>highlight what we believe are important factors to consider. For a discussion of these factors and<br>other risks and uncertainties, please refer to our filings with the Securities and Exchange<br>Commission ("SEC"), including those contained in our Annual Reports on Form 10-K and<br>Quarterly Reports on Form 10-Q, which are available at the SEC's website at www.sec.gov.<br>Non-GAAP Financial Measures<br>This presentation refers to certain “non-GAAP” financial measures, such as adjusted EBITDA, net<br>debt and free cash flow. The components of these non-GAAP measures are computed by using<br>amounts that are determined in accordance with accounting principles generally accepted in the<br>United States of America (“GAAP”). A reconciliation of adjusted EBITDA to income (loss) from<br>continuing operations before income taxes, net debt to total debt, and freecashflowtonetcash<br>provided by operating activities, which are their nearest comparable GAAP financial measures, as<br>provided in the Appendix at the end of this presentation.<br>We often discuss expectations regarding our future markets, demand for our products and<br>services, and our performance in our annual, quarterly, and current reports, press releases, and<br>other written and oral statements. Such statements, including statements in this document that<br>relate to matters that are not historical facts, are “forward-looking statements” within the meaning<br>of the safe harbor provisions of Section 27A of the U.S. Securities Act of 1933 and Section 21E<br>of the U.S. Securities Exchange Act of 1934. These “forward-looking statements” are based on<br>our analysis of currently available competitive, financial and economic data and our operating<br>plans. They are inherently uncertain, and investors should recognize that events and actual<br>results could turn out to be significantly different from our expectations.<br>Factors to consider when evaluating these forward-looking statements include, but are not limited<br>to:<br> • the Covid-19 pandemic and its impact on oil and gas markets and prices;<br> • fluctuations and volatility in worldwide prices of and demand for oil and natural gas;<br> • fluctuations in levels of oil and natural gas exploration and development activities;<br> • fluctuations in the demand for our services;<br> • competitive and technological changes and other developments in the oil and gas and<br>oilfield services industries;<br> • our ability to renew customer contracts in order to maintain competitiveness;<br> • the existence of operating risks inherent in the oil and gas and oilfield services industries;<br> • the possibility of the loss of one or a number of our large customers;<br> • the impact of long-term indebtedness and other financial commitments on our financial<br>and operating flexibility;<br> • our access to and the cost of capital, including the impact of a further downgrade in our<br>credit rating, covenant restrictions, availability under our unsecured revolving credit<br>facility, and future issuances of debt or equity securities;<br> • our dependence on our operating subsidiaries and investments to meet our financial<br>obligations; our ability to retain skilled employees;<br>2 |
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| Recent<br>Company<br>Highlights<br>Generated FCF of<br>$68M in 2Q 2021<br>After funding $77M in total<br>capital spending<br>2021 YTD FCF of $128M<br>Reduced Net Debt by<br>$58M during 2Q 2021<br>Total debt improved by<br>$76M in the quarter<br>2Q 2021 adjusted<br>EBITDA of $117M<br>Activity strengthened<br>throughout markets<br>Significant progress<br>across strategic<br>initiatives<br>Drilling Solutions<br>growth in new<br>products and Lower-<br>48 market<br>penetration<br>2Q21 adjusted EBITDA of<br>$13M, 12% growth vs 1Q<br>50% revenue growth on<br>third party rigs vs 1Q<br>5 awards received<br>to date by SANAD<br>for newbuild rigs<br>Each rig adds ~$10M/yr<br>adjusted EBITDA<br>2021 newbuild capex of<br>~ $100M, funded by<br>SANAD<br>Energy Transition<br>Initiatives<br>Investments in:<br> • Energy storage<br> • Geothermal space<br> • Carbon capture &<br>hydrogen technology<br> • Fuel management<br>software 3<br>Note: For adjusted EBITDA, FCF and Net Debt see non-GAAP reconciliations<br>in the Appendix<br>3<br>3Q Updates<br>Sold Canada Drilling<br>assets for $94M USD<br>Paid September notes<br>maturity of $82M<br>Reiterate 3Q FCF outlook |
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| Performance<br>excellence in<br>the Lower-48<br>Resilience<br>leading to<br>growth in our<br>International<br>segment<br>Improving<br>outlook for our<br>technology &<br>innovation<br>Progress on our<br>commitment to<br>delever<br>Leading in<br>Sustainability<br>and the Energy<br>Transition<br>4<br>Five Keys to Excellence<br>1 4 3 2 5 |
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| Outperforming the Competition in the Lower-48<br>5<br>Comparing on a like-for-like basis,<br>Nabors’ Lower-48 daily margins top those of our peers<br>(1) Calculated based on reported financials<br>(2) Adjusted for unusual items (see notes on right)<br>(3) Nabors Drilling Solutions margin included<br> $6,000<br> $8,000<br> $10,000<br> $12,000<br>Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2<br>2019 2020 2021<br>Lower-48 daily margins, including NDS<br>(and similar services for peers)<br>NBR Peer 1 Peer 2<br>Scalable business that<br>leads the competition<br> • Nabors’ Lower-48 NDS segment<br>contributed ~$1,500 per day<br> • ~$1,600 per day higher margin vs peers<br>in 2Q’21<br> • Industry leading performance overall for<br>the past +2 years<br>*1Q-2Q20 includes one-time ~$1,200-$6,200 per day of ETF for our peers<br>**1Q21 Peer adjusted for one off item of ~$1,300 per day |
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| Best Share Gain in the Lower-48 through Pandemic<br>6<br>1.1%<br>0.7%<br>-0.2% -1.0% -3.6%<br>-4.0%<br>-3.0%<br>-2.0%<br>-1.0%<br>0.0%<br>1.0%<br>2.0%<br>NBR Peer 1 Peer 2 Peer 3 Peer 4<br>Percent Change in Market Share through Pandemic<br>(3/13/2020 – 9/10/2021)<br>Outpaced peers through the pandemic demonstrating customer preference of<br>Nabors’ value proposition<br>Source: Enverus and company reports |
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| Performance<br>excellence in<br>the Lower-48<br>Resilience<br>leading to<br>growth in our<br>International<br>segment<br>Improving<br>outlook for our<br>technology &<br>innovation<br>Progress on our<br>commitment to<br>delever<br>Leading in<br>Sustainability<br>and the Energy<br>Transition<br>7<br>1 4 3 2 5<br>Five Keys to Excellence |
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| -80%<br>-60%<br>-40%<br>-20%<br>0%<br>1Q 2Q 3Q 4Q 1Q 2Q<br>2020 2021<br>Change in Average Rig Counts<br>NBR International<br>NBR Lower 48<br>Lower 48 Market<br> $-<br> $5,000<br> $10,000<br> $15,000<br>1Q 2Q 3Q 4Q 1Q 2Q<br>2020 2021<br>International Margin per day<br>International: Resilient through the Downturn<br>8<br>Nabors financial results bolstered by International margins and rig counts,<br>outperforming the Lower 48<br>Average of $13,344<br>*Nabors L48 represents rigs generating revenue |
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| Line of Sight to Estimated SANAD Growth in International Drilling<br>9<br>$0<br>$20<br>$40<br>$60<br>$80<br>$100<br>$120<br>$140<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q<br>2021 2022 2023 2024 2025<br>EBITDA to nearly double in 4 years<br>With projected SANAD<br>growth alone, visibility for<br>International expansion<br>(In Millions)<br>Based only on projected growth*<br>from SANAD in Saudi Arabia<br> • Rig reactivations<br>(3 in 4Q’21 and 2 in 1H’22)<br> • Newbuild startups commencing in 2022<br>(~5 per annum)<br>* These estimates are based on current market conditions and the<br>projections are based on information received from third parties,<br>which are subject to change. |
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| Significant International Opportunities<br>10<br> • 50 rigs over the next 10 years<br> • Awarded 5 rigs to-date<br> • $100M capex in 2021, internally funded<br>by SANAD<br> • 6-year initial contracts, full payout within<br>5 years, plus 4-year renewal at market<br> • Annual EBITDA of ~$10M per rig<br>$60<br>$65<br>$70<br>$75<br>$80<br>$85<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q<br>2021 2022<br>SANAD Embarking on<br>Newbuild Program<br>Prospects Improving in<br>Other Markets<br>(Millions)<br> • Argentina<br> • Colombia<br> • Kazakhstan<br> • Kuwait<br> •Oman<br>International EBITDA<br>w/Estimated* Growth from<br>SANAD Alone<br>Saudi Arabia<br>* These estimates are based on current market<br>conditions and the projections are based on<br>information received from third parties, which are<br>subject to change. |
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| Performance<br>excellence in<br>the Lower-48<br>Resilience<br>leading to<br>growth in our<br>International<br>segment<br>Improving<br>outlook for our<br>technology &<br>innovation<br>Progress on our<br>commitment to<br>delever<br>Leading in<br>Sustainability<br>and the Energy<br>Transition<br>11<br>1 4 3 2 5<br>Five Keys to Excellence |
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| $-<br> $10<br> $20<br> $30<br> $40<br> $50<br>Q3 Q4 Q1 Q2<br>2020 2021<br>NDS Revenue & Gross Profit<br>Revenue Gross Profit<br>NDS Capitalizing on Growing Rig Count and Higher Penetration<br>12<br>Revenue<br>Up 33%<br>Gross Profit<br>Up 59%<br>% GM<br>39%<br>% GM<br>46%<br>Expanding our low-capital / high-margin / high-value<br>technology services<br> “..the new SmartNAV<br>features in your Smart<br>Suite…aligned with our<br>remote ops vision that give<br>us the opportunity for<br>incremental improvement<br>with consistent execution.”<br>Permian customer<br>September 2021 |
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| Customer Adoption Fueling Rapid NDS Footprint Expansion<br>13<br>Q2 Q3 Q4 Q1<br>35<br>52<br>45<br>58<br>3rd Party<br>Nabors Rigs<br>RigCLOUD® Services<br> -<br> 10<br> 20<br> 30<br> 40<br> 50<br> 60<br> 70<br>Q3 Q4 Q1 Q2<br>2020 2021<br>Number of Installs by Product<br>ROCKitTM<br>SmartDRILLTM<br>NDS products consistently add value on both Nabors’ and Third-party rigs<br>Rallying from the impact of COVID<br>2020 2021 |
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| 0<br>5<br>10<br>15<br>20<br>25<br>0<br>100<br>200<br>300<br>400<br>500<br>600<br>700<br>800<br>900<br>1000<br>Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q1'21 Q2'21<br>Footage Drilled in Millions<br>Number of Wells Drilled<br>Cumulative # of Wells Drilled<br>Cumulative Footage Drilled<br> • 900+ Wells Drilled<br> • 20+ Million Feet Drilled<br> • 90% Customer Retention Rate*<br>in Q2 2021<br>SmartDRILLTM Automation<br>Commercialization<br>SmartNAVTM & SmartSLIDETM<br>Solutions Commercialization<br>*Number of active users that continue the service/total number of active users at the beginning of the time period<br>Smart SuiteTM Growth Trajectory Validates Customer Acceptance<br>14 |
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| Platform Powered by<br>SmartROSTM<br>15<br>RigCloud®<br>Industry’s Most Robust App Portfolio<br>50+<br>Smart Apps<br>SmartNAVTM<br>SmartSLIDETM<br>SmartPLANTM<br>SmartDRILLTM<br>SmartCRUISETM<br>RigCLOUD AnalyticsTM<br>myDRILLSTM<br>MWD SuiteTM<br>REVitTM<br>ROCKitTM<br>RigCLOUD MetricsTM<br>Integrated TRS Integrated MPD<br>A broad suite of<br>capabilities in optimization,<br>automation, analytics,<br>planning and more…<br>Future SmartAPPs |
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| Performance<br>excellence in<br>the Lower-48<br>Resilience<br>leading to<br>growth in our<br>International<br>segment<br>Improving<br>outlook for our<br>technology &<br>innovation<br>Progress on our<br>commitment to<br>delever<br>Leading in<br>Sustainability<br>and the Energy<br>Transition<br>16<br>1 4 3 2 5<br>Five Keys to Excellence |
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| $(100)<br> $(50)<br> $-<br> $50<br> $100<br> $150<br> $200<br> $250<br> $300<br> $350<br> $400<br>1H 2H 1H 2H 1H 2H 1H<br>2018 2019 2020 2021<br>Significant Headway toward Financial Goals<br>17<br>Semiannual Free Cash Flow<br> $-<br> $0.5<br> $1.0<br> $1.5<br> $2.0<br> $2.5<br> $3.0<br> $3.5<br> $4.0<br> $4.5<br>Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2<br>2018 2019 2020 2021<br>$B<br>Net Debt<br>$1.4B<br>Semiannual FCF has been trending upward since 1H 2018 (previous downturn)<br>$1.4B Net Debt reduction from previous high in 1Q 2018 |
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| Optimizing our capital<br>allocation with the sale of<br>Canada assets in 3Q for<br>$94M in cash<br>$128M in 1H 2021<br>Expect $10M to $20M in<br>3Q after funding<br>semiannual interest on<br>notes, before Canada<br>asset sale proceeds<br>Improved working capital,<br>primarily DSO, added in<br>excess of ~$50M to FCF<br>in 1H 2021<br>Free Cash Flow<br>Key Delevering Initiatives<br>18<br>Asset Sales<br>Innovative full exercise<br>with notes would delever<br>by approximately $538M<br>Initial exercises have<br>been completed<br>Warrants |
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| Improving<br>outlook for our<br>technology &<br>innovation<br>Performance<br>excellence in<br>the Lower-48<br>Resilience<br>leading to<br>growth in our<br>International<br>segment<br>Progress on our<br>commitment to<br>delever<br>Leading in<br>Sustainability<br>and the Energy<br>Transition<br>19<br>1 4 3 2 5<br>Five Keys to Excellence |
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| Growing Commitment to Operational and Environmental Stewardship<br>20<br>11<br>13 14<br>18<br>YE 2020 1Q'21 2Q'21 Current<br>Increasing Dual-Fuel Rig Count<br>54 Lower 48 rigs with dual-fuel capability<br> • 18 dual-fuel (blended natural gas & diesel)<br> • 2 using biodiesel<br> • 3 w/ advanced energy storage/management system<br> • 3 high-line (grid powered)<br>Operating rigs with the environment as a stakeholder<br>Dedicated to improving the environmental footprint of OFS<br>Driving Lower<br>Carbon Intensity<br>Investing in carbon capture, emissions<br>monitoring/minimization, power storage and power<br>management technologies |
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| Growth Opportunity Capitalizing on Nabors’ Expertise -- Geothermal<br>21<br>An Exciting Adjacency<br>for the Future<br>Nabors and its predecessor entities have been continuously<br>operating in the energy sector for over 100 years<br> • Proven ability to design, commercialize, deploy and operate cutting-edge<br>technology and assets across global markets<br> • Large number of relationships with existing geothermal innovators<br> • Expertise in modular, automation, remote controlled/monitored systems<br> • Established best practices<br>- Geothermal Drilling<br> & Completions<br>- Supercritical Turbine<br>Technology<br>- Millimeter Wave<br>Drilling Technology<br>Why Nabors?<br> • A logical extension of Nabors’ skillset<br> • “America’s untapped energy giant” scalable and disruptive<br> • Universally accessible source of clean, renewable, baseload power<br>Why Geothermal? |
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| 22<br>Investment<br>Thesis<br>Driving the evolution of<br>energy production<br>technology with the<br>leading position in<br>automation and<br>digitalization, largest<br>international footprint,<br>and commitment to<br>advancing the energy<br>transition<br>NABORS |
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| Appendix<br>23 |
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| Three Months Ended<br>June 30, Sep 30, Dec 31, March 31, June 30,<br>2020 2020 2020 2021 2021<br>Adjusted EBITDA $153,825 $114,222 $108,114 $107,730 $117,322<br>Depreciation and Amortization (211,120) (206,862) (208,658) (177,276) (174,775)<br>Adjusted Operating Income (loss) (57,295) (92,640) (100,540) (69,546) (57,453)<br>Investment Income (loss) 2,036 (742) 3,342 1,263 (62)<br>Interest Expense (51,206) (52,403) (47,943) (42,975) (41,741)<br>Other, net 30,795 425 151,377 (4,863) (6,587)<br>Impairments and other charges (57,852) (5,017) (71,328) (2,483) (59,868)<br>Income (loss) from continuing <br>operations before income taxes ($133,522) ($150,377) ($65,092) ($118,604) ($165,684)<br>(In Thousands)<br>Reconciliation of Adjusted EBITDA to Income (Loss)<br>from Continuing Operations before Income Tax<br>24<br>Adjusted EBITDA represents income (loss) from continuing operations before income taxes, interest expense, depreciation and amortization, earnings (losses) from<br>unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Adjusted EBITDA is a non-GAAP financial measure and should not be used<br>in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to<br>make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA,<br>because it believes that this financial measure accurately reflects the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as<br>one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute this measures differently. A reconciliation of this non-<br>GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided below. |
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| June 30,<br>2021<br>Long‐Term Debt $2,823,125<br>Current Debt ‐<br>Total Debt $2,823,125<br>Less: Cash & Short‐term <br>Investments $399,897<br>Net Debt $2,423,228<br>(In Thousands)<br>Reconciliation of Net Debt to Total Debt<br>25<br>Net debt is computed by subtracting the sum of cash, cash equivalents and short term investments from total debt. This non-GAAP measure has limitations and therefore<br>should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating<br>segments and the consolidated Company based on several criteria, including net debt, because it believes that this financial measure accurately measures the Company’s<br>liquidity. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze the company’s performance. Other companies in this<br>industry may compute this measure differently. A reconciliation of net debt to total debt, which is the nearest comparable GAAP financial measure, is provided in the table<br>below. |
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| Three Months Ended Six Months Ended<br>June 30, March 31, June 30,<br>2021 2021 2021<br>Net cash provided by operating activities $133,713 $79,490 $213,203<br>Less: Net Cash used for investing activities (65,800) (19,119) (84,919)<br>Free cash flow $67,91 3 $60,371 $128,284<br>(In Thousands)<br>Reconciliation of Free Cash Flow to Net Cash Provided by<br>Operating Activities<br>26<br>Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after<br>required spending to maintain or expand our asset base. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows<br>with the cash flows of other companies. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in<br>accordance with GAAP. However, management evaluates the performance of the consolidated Company based on several criteria, including free cash flow, because it believes<br>that these financial measures accurately reflect the Company's ongoing profitability and performance. A reconciliation of this measure to net cash provided by operating activities<br>is provided below. |
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| NABORS.COM<br>NABORS CORPORATE SERVICES<br>515 W. Greens Road<br>Suite 1200<br>Houston, TX 77067-4525<br>Contact Us:<br>William C. Conroy<br>VP - Corporate Development and Investor<br>Relations<br>William.Conroy@nabors.com<br>Kara K. Peak<br>Director - Corporate Development and<br>Investor Relations<br>Kara.Peak@nabors.com<br>NABORS.COM |
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