8-K
Nabors Industries Ltd (NBR)
8-K
2025-09-11
For: 2025-09-02
View Original
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 2, 2025
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)) |
| --- | --- |
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 | RegulationFD Disclosure. |
|---|
On September 3, 2025, Mr. William Restrepo, the Chief Financial Officer of Nabors Industries Ltd., attended the Barclays 39th Annual Energy-Power Conference. Mr. Restrepo participated in a panel discussion on land drilling. On September 2, 2025, the Company published an Investor Presentation on its website, which was used as the basis for those discussions. The Investor Presentation is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The presentation 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 | FinancialStatements and Exhibits. |
|---|
(d) Exhibits
| Exhibit<br><br>No. | Description |
|---|---|
| 99.1 | Presentation |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101) |
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 11, 2025 | By: | /s/ Mark D. Andrews |
| Mark D. Andrews | ||
| Corporate Secretary |
Exhibit 99.1
| September Investor Meetings<br>NYSE: NBR<br>Nabors Industries |
|---|
| NABORS.COM<br>We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual,<br>quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this<br>document that relate to matters that are not historical facts, are “forward-looking statements” within the meaning of the safe harbor<br>provisions of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These “forward-looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans. They<br>are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our<br>expectations.<br>Factors to consider when evaluating these forward-looking statements include, but are not limited to:<br> • geopolitical events, pandemics and other macro-events and their respective and collective impact on our operations as well as oil<br>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 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 amount and nature of our future capital expenditures and how we expect to fund our capital expenditures;<br> • the occurrence of cybersecurity incidents, attacks and other breaches to our information technology systems;<br> • the impact of long-term indebtedness and other financial commitments on our financial and operating flexibility;<br> • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions,<br>availability under our revolving credit facility, and future issuances of debt or equity securities and the global interest rate<br>environment;<br> • our dependence on our operating subsidiaries and investments to meet our financial obligations;<br> • our ability to retain skilled employees;<br> • our ability to realize the expected benefits of our acquisition of Parker Drilling Company (“Parker”) as well as other strategic<br>transactions we may undertake;<br> • changes in tax laws and the possibility of changes in other laws and regulation;<br>Forward-Looking Statements<br>NABORS INDUSTRIES<br>2<br> • global views on and the regulatory environment related to energy transition and our ability to implement our energy transition<br>initiatives;<br> • potential long-lived asset impairments<br> • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes, sanctions or tariffs, by<br>either the U.S. or any other country in which we operate or have supply lines;<br> • general economic conditions, including the capital and credit markets;<br> • potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger;<br> • our ability to retain key personnel of Nabors and Parker;<br> • the significant costs to integrate Parker's operations with our own;<br> • our ability to successfully integrate Parker’s business with our own and to realize the expected benefits of the merger with Parker,<br>including expected synergies; and<br> • the combined company's ability to utilize NOLs;<br>Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production<br>activities. Therefore, sustained lower oil or natural gas prices that have a material impact on exploration, development or production activities<br>could also 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 highlight what we believe are important factors<br>to consider. For a discussion of these factors and 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 Quarterly Reports on Form 10-Q, which are<br>available at the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a<br>result of new information, future events or otherwise, except as otherwise required by law.<br>Non-GAAP Financial Measures<br>This presentation refers to certain “non-GAAP” financial measures, such as adjusted EBITDA, net debt, and adjusted gross margin. The<br>components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles<br>generally accepted in the United States of America (“GAAP”). Other companies in our industry may compute these metrics differently. These<br>measures have limitations and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. |
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| Most Robust Technology Portfolio in the Industry<br>300+<br>Land and Offshore<br>Rigs Globally<br>In Markets<br>Comprising<br>65%<br>Of Global Petroleum<br>and Other Liquids<br>Production<br>15+<br>Countries and a<br>Diversified<br>Customer Base<br>~14,000<br>Employees representing<br>85+ nationalities<br>A Leader in the Energy Space<br>NABORS INDUSTRIES |
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| NABORS.COM<br>Operating 157 Owned Rigs in Four Key Regions<br>Nabors & Parker Active Rigs Worldwide<br>4<br>68 USA<br>52 KSA<br>21 LATAM<br>16 EH<br>Active rigs in the U.S., with almost half in<br>West and South Texas, another quarter in<br>the Bakken and a growing fleet in Alaska.<br>A key growth region with 52 active<br>rigs operated by SANAD, our JV with<br>Saudi Aramco.<br>Argentina is the leading rig growth market in<br>the region. Meaningful footprint in Colombia,<br>as well as Mexico offshore.<br>A critical region for success, with rigs in<br>Algeria, India, Kazakhstan, Kuwait and Oman.<br>Notes: Rig counts as of 8/29/2025<br>Includes 7 rigs from Parker Wellbore |
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| NABORS.COM<br>3<br>0<br>%<br>4<br>8<br>%<br>17<br>%<br>5<br>%<br>H1 2025<br>Revenue by Segment<br>U.S. Drilling International Drilling<br>Drilling Solutions Rig Technologies<br>5<br>The Industry’s Most Innovative Technology<br>NABORS INDUSTRIES<br>Vertically Integrated<br>Drilling and Technology<br>Solutions<br>Drilling<br>Operations<br>Rig<br>Technologies<br>Drilling<br>Solutions<br>Aligned to drive advanced<br>drilling performance<br>U.S. & INTERNATIONAL |
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| NABORS.COM<br>Recent Highlights<br>NABORS INDUSTRIES<br>6<br>In 2Q, International Drilling daily adj. gross margin of >$17,500;<br>L48 daily adj. gross margin of ~$13,900<br>Acquired Parker Wellbore in late 1Q; integration on track; expected<br>to deliver run-rate adj. EBITDA of >$70 million by 4Q’25<br>In 3Q, deployed 1 rig each in Colombia, India and Kuwait; Nabors expecting 1 deployment in Saudi Arabia<br>In 2Q, Drilling Solutions adj. gross margin of ~53%;<br>contributed 25% of total adj. EBITDA from operations<br>Note: For the reconciliation of adjusted gross margin to the most comparable non-GAAP measures see non-GAAP<br>reconciliations in Appendix<br>Sold Quail Tools for consideration of $600 million, plus $25 million<br>adjustment for working capital |
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| NABORS.COM<br>Two High-Impact Transactions in 2025<br>NABORS INDUSTRIES<br>7<br>Acquisition of Parker<br>Total consideration:<br>$274 million<br>Consisting of:<br>4.8 mm NBR shares<br>$93 mm net debt assumed<br>1.4x EV/EBITDA with estimated<br>synergies<br>Divestiture of Quail<br>Net proceeds:<br>$625 million<br>Consisting of:<br>$375 mm in cash<br>$250 mm seller note maturing in<br>May 2026<br>4.2x EV/EBITDA<br>Additional upside<br>Nabors retains the balance of<br>Parker Wellbore business • Tubular running services<br> • Drilling rigs<br> • O&M services<br>Projected annualized 4Q EBITDA of<br> >$70 mm from retained businesses<br>On track to deliver $40 mm of<br>synergies in 2025<br>Planned use of proceeds: • Reduce net debt by >25%<br> • Annual interest savings of >$50 mm<br>1<br>2 |
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| NABORS.COM<br>Nabors 3Q Outlook<br>NABORS INDUSTRIES<br>8<br>Lower 48<br>Alaska and U.S. Offshore<br> ⟩ Avg. rig count between 57 and 59<br> ⟩ Daily adjusted gross margin of ~$13,300<br> ⟩ Combined adjusted EBITDA of ~$26 million<br> ⟩ 3Q 2025: $200 - $210 million<br> ⟩ FY 2025: $700 - $710 million<br> ⟩ EBITDA up $2-3 million<br>Drilling Solutions<br>Rig Technologies<br>Outlook on 7/29/2025*<br>Capital Expenses<br>International ⟩ Avg. rig count between 87 and 88<br> ⟩ Daily adjusted gross margin of ~$17,900<br> ⟩ Adjusted EBITDA of ~$76 million<br>Corporate ⟩ Less: Overhead of ~$50 million<br> ⟩ Avg. rig count between 57 and 59<br> ⟩ Daily adjusted gross margin of ~$13,300<br> ⟩ Combined adjusted EBITDA of ~$26 million<br> ⟩ 3Q 2025: $200 - $210 million<br> ⟩ FY 2025: $700 - $710 million<br> ⟩ EBITDA up $2-3 million<br>Updated Outlook<br> ⟩ Avg. rig count between 87 and 88<br> ⟩ Daily adjusted gross margin of ~$17,900<br> ⟩ Adjusted EBITDA of ~$55 million<br> ⟩ Less: Overhead of ~$50 million<br>Reiterate<br>Update<br>Reiterate<br>Reiterate<br>Reiterate<br>Reiterate<br>Reiterate<br>* The date of Nabors 2Q 2025 Earnings Press Release |
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| NABORS.COM<br>Performance<br>excellence in the<br>Lower-48<br>9<br>Expanding &<br>enhancing our<br>International<br>business<br>Key Value Drivers<br>1<br>Advancing<br>technology &<br>innovation with<br>demonstrated<br>results<br>Focused on our<br>commitment to<br>de-lever<br>2 3<br>Reducing carbon<br>intensity<br>4 5 |
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| NABORS.COM<br>$0<br>$10,000<br>$20,000<br>$30,000<br>$40,000<br>$50,000<br>$60,000<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE<br>2022 2023 2024 2025<br>International Drilling<br>Rig Revenue and Adjusted<br>Gross Margin per Day*<br>Daily Rig Revenue Adjusted Daily Gross Margin<br>50<br>55<br>60<br>65<br>70<br>75<br>80<br>85<br>90<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE<br>2022 2023 2024 2025<br>International Drilling<br>Average Rig Count<br>1<br>Focus on Improving International Rig Economics<br>Expanding and Enhancing our International Business<br>10<br>*Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions<br> • Strong market momentum driving deployments across multiple regions<br> • Rig counts and pricing trending higher<br> • SANAD expansion adds 5 newbuild rigs in 2025, and 4 more in 2026<br>HIGHLIGHTS |
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| NABORS.COM<br>3 1<br>3<br>2<br>-1 -1<br>-3 -1 -1 -1 1 1 1<br>2<br>2<br>85 86<br>93<br>Rig Count<br>70<br>75<br>80<br>85<br>90<br>95<br>100<br>105<br>110<br>1<br>Significant Deployments of Additional International<br>Rigs Scheduled through YE 2025<br>11<br>Note: These estimates are based on current market conditions and expectations are based on information received<br>from third parties, which are subject to change. The estimates do not represent guidance or projections.<br>Expanding and Enhancing our International Business<br>Awarded/<br>Restart<br>International Drilling Rig Count<br>Operating<br>End of<br>contract<br>Between<br>Contracts<br>Parker<br>Parker<br>Wind-down<br>Operating |
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| NABORS.COM<br>$0<br>$5,000<br>$10,000<br>$15,000<br>$20,000<br>$25,000<br>$30,000<br>$35,000<br>$40,000<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE<br>2022 2023 2024 2025<br>L48 Drilling<br>Rig Revenue and Adjusted<br>Gross Margin per Day*<br>Daily Rig Revenue Adjusted Daily Gross Margin<br>0<br>10<br>20<br>30<br>40<br>50<br>60<br>70<br>80<br>90<br>100<br>1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE<br>2022 2023 2024 2025<br>L48 Drilling Average<br>Rig Count<br>2<br>Delivering Strong Results in a Challenging Market<br>Performance Excellence In The Lower-48<br>12<br>*Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions<br> • Gas markets showing early signs of recovery<br> • Oil markets stabilizing<br> • Leading edge pricing demonstrating resilience over multiple quarters<br>HIGHLIGHTS |
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| NABORS.COM<br>0%<br>15%<br>30%<br>45%<br>60%<br>75%<br>0%<br>20%<br>40%<br>60%<br>80%<br>100%<br>U.S. Drilling Int'l Drilling* NDS**<br>Adjusted Gross Margin %<br>Adjusted EBITDA to Cash Conversion<br>H1 2025 Free Cash Conversion<br>Adjusted EBITDA to Cash Conversion*** Adjusted Gross Margin %<br>13<br>NDS Generating Superior Financial Performance<br>Advancing Technology and Innovation with Demonstrated Results<br> • Significant growth opportunities<br> • Highest gross margin in the company<br> • High returns with low capital intensity<br> • High free cash conversion from<br>adjusted EBITDA<br>NDS Enterprise Strategy<br>*Excludes Saudi Arabia newbuilds<br>**Excludes Quail Tools<br>***Adjusted EBITDA less capex divided by adjusted EBITDA for each segment<br>3 |
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| NABORS.COM<br>Broadest Portfolio of Drilling OFS Solutions<br>Advancing Technology and Innovation with Demonstrated Results<br>14<br>Products Pipeline?<br> ● Can compete on third party rigs<br> ● Has the service, but can only use on their own platform<br>Source: Publicly available information<br>Solutions NBR HP PTEN PDS ESI NOV SLB PSI<br>Directional Guidance System<br> ●<br> ●<br> ●<br> ●<br> ● Digital Solutions Digital Rig Activity Plan<br> ●<br> ●<br> ●<br> ●<br> ●<br>Machine Control Operating System<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Process Automation Operating System<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Oscillator<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Top Drive Stick-Slip Mitigation<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>ROP Optimization<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Drill-a-Stand-Down Automation<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Automated Slide Drilling<br> ●<br> ●<br> ●<br> ●<br> ●<br>Automated Engine Management Tool<br> ●<br> ●<br> ●<br> ●<br> ●<br>Surface Data Instrumentation<br> ●<br> ●<br> ●<br>Real-Time Streaming Analytics<br> ●<br> ●<br> ●<br> ●<br>Data Analytics<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br>Edge Platform: Wellsite Activity Integrator<br> ●<br> ●<br> ●<br> ●<br>24/7 Remote Support & Operations Center<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> ●<br> Surface Solutions Automated Tubular Running<br> ●<br>Automated MPD<br> ●<br> Downhole Solutions Automated Wellbore Placement<br> ●<br> ●<br> ●<br>3 |
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| NABORS.COM<br>An Expansive Global Footprint<br>NABORS DRILLING SOLUTIONS<br>15<br>Digital Solutions<br>Surface Solutions<br>Downhole Solutions<br>Canada<br>United States<br>Mexico<br>Colombia<br>Argentina<br>India<br>Kazakhstan<br>Algeria<br>UAE<br>Oman<br>PNG<br>Saudi Arabia<br>Malaysia<br>Indonesia<br>Kuwait<br>Libya<br>United Kingdom<br>Norway<br>3 Advancing Technology and Innovation with Demonstrated Results |
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| NABORS.COM 16<br>Nabors Drilling Solutions<br>Leveraging<br> ‘Rig as a Platform’<br>Managed Pressure Drilling<br>Performance Software<br>Wellbore Placement<br>Automated Casing Running<br>Data Integration /<br>3 Advancing Technology and Innovation with Demonstrated Results |
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| NABORS.COM 17<br>A Framework for Analyzing NDS<br>NDS Enables<br>Smart<br>Operations<br>with Data-Driven<br>Solutions<br>3 Advancing Technology and Innovation with Demonstrated Results<br>Efficiency, consistency<br>and safety<br>Automation and remote<br>operations<br>Well complexity<br>Lateral lengths<br>Addressable<br>Market<br>Growth Drivers<br>Content<br>Penetration<br> • Number of services per rig<br> • Mix of performance<br>solutions and integrated<br>services per rig<br>Value-based pricing<br>$ / RIGS<br>U.S. and international<br>markets<br>Nabors and third-party<br>rigs<br>INDUSTRY RIG COUNT<br> ▲<br> ▲<br> ▲<br> ▲ |
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| NABORS.COM<br>0%<br>15%<br>30%<br>45%<br>60%<br> $-<br> $100<br> $200<br> $300<br> $400<br>NDS Revenue, Adjusted EBITDA & Adjusted Gross Margin %<br>Revenue Adjusted EBITDA Adjusted GM %<br>NDS Margin Reflects the Addition of Retained<br>Parker Businesses<br>Advancing Technology and Innovation with Demonstrated Results<br>18<br>3<br>* YTD 6/30/25 annualized<br>Adjusted gross<br>margin of<br>48%<br>YTD 2025<br>Note: All values adjusted to exclude Quail Tools |
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| NABORS.COM<br> $-<br> $100<br> $200<br> $300<br> $400<br>2016 2017 2018 2019 2020 2021 2022 2023 2024 H1'25*<br>$ Millions<br>NDS - U.S. Revenue<br> $-<br> $50<br> $100<br> $150<br> $200<br> $250<br>2016 2017 2018 2019 2020 2021 2022 2023 2024 H1'25*<br>$ Millions<br>NDS - International Revenue<br>NDS Portfolio Demonstrating Value, Globally<br>Advancing Technology and Innovation with Demonstrated Results<br>19<br>3<br>* YTD 6/30/25 annualized<br>Revenue Growth since Inception<br>U.S.<br>43% International<br>57%<br>H1 2025 Revenue<br>Note: All values adjusted to exclude Quail Tools |
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| NABORS.COM<br>x At closing in March, Parker had $178 million of gross debt and $85 million in<br>cash<br>x Post-close, transitioned the Parker debt to Nabors’ revolving credit facility,<br>resulting in immediate savings by eliminating a higher interest rate loan<br>x In August, sold Quail Tools subsidiary for $625 million; cash of $375 million<br>plus a seller note for $250 million<br>x Immediately paid down balance on Nabors RCF<br>x Evaluating options, with plans to refinance 2027 notes at least one year in<br>advance of maturity date<br>Executing on Leverage Optimization<br>Focused on our Commitment to De-lever<br>20<br>4 |
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| NABORS.COM<br>696<br>379<br>250<br>650<br>550<br>178<br>$0<br>$200<br>$400<br>$600<br>$800<br>$1,000<br>2025 2026 2027 2028 2029 2030 2031<br>Million<br>21<br>Actively Bringing Down Debt with Proceeds from<br>Sale of Quail<br>Notes Revolving Credit Facility<br>Focusing on the<br>maturities due in 2027<br>and 2028<br>Paid down $178 million<br>on the RCF<br>After receipt of $625 million in total consideration:<br>4 Focused on our Commitment to De-lever |
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| NABORS.COM<br>Transaction Strengthens the Balance Sheet, Adds<br>Incremental Adjusted EBITDA and Reduces Interest<br>Focused on our Commitment to De-lever<br>22<br>4<br>Nabors<br>Pre-transactions<br>Parker Welbore<br>Synergies<br>Quail<br>Nabors<br>Post-transactions<br>(Millions)<br>$-<br>$200<br>$400<br>$600<br>$800<br>$1,000<br>$1,200<br>Full-Year 2025 Adjusted EBITDA*<br>* Full-year adjusted EBITDA expected at the time of the Parker acquisition on 3/11/25<br>Nabors Net Debt<br>as of 6/30/25<br>Cash from<br>Sale of Quail<br>Nabors Net Debt<br>as of 6/30/25<br>adjusted for total<br>proceeds from<br>sale of Quail<br>(Billions)<br>$-<br>$0.5<br>$1.0<br>$1.5<br>$2.0<br>$2.5<br>Net Debt |
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| NABORS.COM<br>Our Energy Transition and Sustainability Strategy<br>Reducing Carbon Intensity<br>23<br>Improve<br>Nabors’<br>environmental<br>footprint<br>Collaborate<br>with peers to<br>reduce carbon<br>output in our<br>industry<br>Partner in<br>adjacent<br>markets that<br>leverage our<br>talent and<br>technologies<br>Invest in<br>companies<br>developing<br>green<br>technologies<br>5 |
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| NABORS.COM<br>Energy Transition – Areas of Focus<br>Reducing Carbon Intensity<br>24<br>Energy & Emissions<br>Management<br>Rig electrification<br>Load sharing and optimization<br>Emissions monitoring<br>Peak shaving<br>Energy Storage<br>Batteries<br>Supercapacitors<br>Hydrides<br>Fuels<br>Hydrogen Technologies<br>Hydrogen electrolyzer<br>Fuel cells<br>Hydrogen injection catalysts<br>Bridging fuel technologies<br>Geothermal & Solar<br>Strategic investments in<br>exploration and technology<br>development companies<br>Natural partner for drilling<br>Hexite Applications<br>Concrete<br>Lubricants/Coolants<br>Conductive materials<br>Fuel additives<br>Composites/Coatings<br>Battery & Supercapacitors<br>5 |
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| NABORS.COM<br>Footnotes,<br>Financial Definitions<br>and Disclaimer<br>25 |
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| NABORS.COM 26<br>Non-GAAP Definitions<br>We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA or Segment Adjusted Gross Margin, as the amount and<br>significance of items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.<br>These special items could be meaningful<br>x<br>A<br>dju<br>ste<br>d gro<br>s<br>s m<br>argin represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and<br>depreciation and amortization.<br>x<br>A<br>dju<br>ste<br>d E<br>BIT<br>D<br>A represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on bargain<br>purchase, other, net and depreciation and amortization.. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a<br>substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is<br>obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several<br>criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the<br>Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the<br>Company’s performance. Other companies in this industry may compute these measures differently.<br>x<br>N<br>et d<br>e<br>bt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure has<br>limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management<br>evaluates the performance of its operating segments and the consolidated Company based on several criteria, including net debt, because it believes<br>that this financial measure accurately measures the Company’s liquidity. In addition, securities analysts and investors use this measure as one of the<br>metrics on which they analyze the Company’s performance. Other companies in this industry may compute this measure differently. |
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| NABORS.COM<br>Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to<br>U.S. Drilling Segment Adjusted Operating Income<br>27<br>Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and<br>depreciation and amortization.<br>June 3<br>0, March 31, June 3<br>0,<br>2024 2025 2025<br>L<br>o<br>w<br>er 4<br>8 - U.S. - Drillin<br>g<br>Adjusted operating income 32,841 $ 18,995 $ 21,515 $<br>Plus: General and administrative costs 4,390 4,817 4,481<br>Plus: Research and engineering 909 823 888<br>GAAP Gross Margin 38,140 24,635 26,884<br>Plus: Depreciation and amortization 53,225 59,332 52,080<br>A<br>dju<br>ste<br>d gro<br>s<br>s m<br>argin<br>$ 9 7,4<br>7<br>2<br>$ 7 7,8<br>6<br>0<br>$ 7<br>8,9<br>6<br>4<br>Oth<br>er - U.S. - Drillin<br>g<br>Adjusted operating income 12,244 $ 12,604 $ 18,273 $<br>Plus: General and administrative costs 306 405 896<br>Plus: Research and engineering 45 62 64<br>GAAP Gross Margin 12,595 13,071 19,233<br>Plus: Depreciation and amortization 7,887 9,602 9,953<br>A<br>dju<br>ste<br>d gro<br>s<br>s m<br>argin<br>$ 2 2,19<br>7<br>$ 2<br>0,9<br>5<br>8<br>$ 2 9,18<br>6<br>U.S. - Drillin<br>g<br>Adjusted operating income 45,085 $ 31,599 $ 39,788 $<br>Plus: General and administrative costs 4,696 5,222 5,377<br>Plus: Research and engineering 954 885 952<br>GAAP Gross Margin 50,735 37,706 46,117<br>Plus: Depreciation and amortization 61,112 68,934 62,033<br>A<br>dju<br>ste<br>d gro<br>s<br>s m<br>argin<br>$ 119,6<br>6<br>9<br>$ 9 8,818<br>$ 10<br>8,15<br>0<br>(In th<br>o<br>u<br>s<br>a<br>n<br>d<br>s)<br>T<br>hre<br>e M<br>o<br>nth<br>s E<br>n<br>d<br>e<br>d |
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| NABORS.COM<br>Reconciliation of International Drilling Segment Adjusted Gross<br>Margin to International Drilling Segment Adjusted Operating Income<br>28<br>Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and<br>depreciation and amortization.<br>June 3<br>0, March 31, June 3<br>0,<br>2<br>0<br>2<br>4<br>2<br>0<br>25 2<br>0<br>25<br>Intern<br>atio<br>n<br>al Drillin<br>g<br>Adjusted operating income 23,672 $ 32,958 $ 36,051 $<br>Plus: General and administrative costs 15,435 16,378 17,867<br>Plus: Research and engineering 1,404 1,414 1,499<br>GAAP Gross Margin 40,511 50,750 55,417<br>Plus: Depreciation and amortization 82,528 82,699 81,607<br>A<br>dju<br>ste<br>d gro<br>s<br>s m<br>argin<br>$ 12<br>3,210<br>$ 13<br>3,2<br>7<br>8<br>$ 1 3<br>7,0<br>2<br>4<br>T<br>hre<br>e M<br>o<br>nth<br>s E<br>n<br>d<br>e<br>d<br>(In th<br>o<br>u<br>s<br>a<br>n<br>d<br>s) |
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| NABORS INDUSTRIES LTD.<br>NABORS.COM<br>NABORS CORPORATE SERVICES<br>515 W. Greens Road<br>Suite 1200<br>Houston, TX 77067-4525<br>@naborsglobal<br>Contact Us:<br>William C. Conroy, CFA<br>VP - Corporate Development and<br>Investor Relations<br>William.Conroy@nabors.com<br>Kara K. Peak<br>Director - Corporate Development and<br>Investor Relations<br>Kara.Peak@nabors.com |
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