Exhibit 99.1

NEWS RELEASE

Nabors Announces Third Quarter 2022 Results

HAMILTON, Bermuda, October 25, 2022 /PRNewswire/ -- Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported third quarter 2022 operating revenues of $694 million, an increase of approximately 10%, compared to operating revenues of $631 million in the second quarter of 2022. The net loss attributable to Nabors shareholders for the quarter was $14 million, or $1.80 per share. This compares to a loss of $83 million, or $9.41 per share, in the second quarter. The third quarter results included a non-cash gain of $34 million, or $3.74 per share, related to mark-to-market treatment of Nabors’ warrants, while the second quarter results included a non-cash charge for the warrants of $22 million, or $2.42 per share. Third quarter adjusted EBITDA was $191 million, a 21% increase compared to $158 million in the previous quarter.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, “We had an outstanding third quarter. All of our operating segments grew sequentially. Total adjusted EBITDA increased to pre-pandemic levels, and the U.S. Drilling segment once again delivered strong growth, largely driven by continued dayrate increases in the Lower 48 market. Daily margin and EBITDA also improved in our International segment. In Drilling Solutions, the annual EBITDA run rate exceeded $100 million, and gross margin set another all-time high.

“The Lower 48 remains robust. For some time, leading-edge daily revenue has been significantly higher than our quarterly average. This remains the case today. In the third quarter our average daily revenue increased by more than $3,600 sequentially, or 14%. Meanwhile, leading-edge daily revenue is nearly $10,000 higher than the third quarter’s average.

“High utilization and strong demand in the Lower 48 for high-specification rigs reflect the constructive commodity price environment and our customers’ strong appetite for technologies that deliver high-end drilling performance. We expect additional rig count growth from our largest customers through the end of 2022. The discussions underway for 2023 reinforce our confidence in our target to reach 100% utilization of our high-specification fleet in 2023.

“The growth outlook in our International segment has solidified. In Saudi Arabia, our customer has recently agreed to renew 24 rigs on four-year term contracts at current market rates. As a result, over the past several quarters, 33 of the 43 rigs in the existing SANAD fleet have been extended on four-year term contracts. SANAD expects to redeploy an existing rig and add one more newbuild rig in the current quarter. Early in 2023, the remaining three newbuilds from Saudi Aramco’s initial award should start operations. In Latin America, over the next few quarters we expect to add several units across markets.

“Revenue in our Drilling Solutions segment accelerated in the third quarter, growing sequentially by 11%. This improvement was broad-based, as Nabors U.S. rigs, third-party U.S. rigs, and International all saw faster growth in the quarter.

“We are very encouraged by the progress we have made in our Energy Transition initiatives. On one of our rigs, we recently deployed our innovative energy storage solution using ultracapacitors, instead of lithium batteries. In addition, testing of our hydrogen injection module is now underway on another rig. Finally, we are in the process of installing another seven PowerTAP^TM modules, which allows us to connect these rigs directly and quickly to the grid. We will have 15 units deployed by year end, and another 10 in 2023.”

NEWS RELEASE

Segment Results

The U.S. Drilling segment reported $114.5 million in adjusted EBITDA for the third quarter of 2022, a 31% increase from the prior quarter. Nabors’ average Lower 48 rig count, at 92.1, increased by three rigs. Daily adjusted gross margin in the Lower 48 market averaged $11,165, 28% higher than the prior quarter.

International Drilling adjusted EBITDA totaled $85.9 million, a 4% increase from the prior quarter. Improved performance in Saudi Arabia and Latin America led the growth. The International rig count averaged 74.6. Daily adjusted gross margin for the third quarter averaged $14,589, up slightly from the prior quarter.

Drilling Solutions adjusted EBITDA increased sequentially by 13% to $25.6 million. This improvement reflects increasing activity both in the U.S. and international markets, with higher installations across all product and service categories. Adjusted gross margin as a percentage of revenue in Drilling Solutions was 52%.

In Rig Technologies, adjusted EBITDA increased by 43% in the third quarter. Revenue increased by 12% sequentially, to $50 million, mainly due to higher capital equipment sales.

Adjusted Free Cash Flow

Adjusted free cash flow totaled $35 million in the third quarter. This result was primarily driven by higher financial results across all segments, strong collections, and disciplined capital spending. Capital expenditures for the third quarter totaled $96 million, including $14 million for the SANAD newbuilds.

In the third quarter, net debt was $2.16 billion, a $23 million reduction as compared to the second quarter. Free cash flow generated in the quarter drove the improvement in net debt.

William Restrepo, Nabors CFO, stated, “Third quarter results were significantly better than we anticipated. Across the company, we continued to experience strong pricing momentum coupled with higher activity levels, more than offsetting cost pressure in certain markets. Favorable pricing and activity trends continue to improve across the globe. We expect fourth quarter results for all segments to increase materially over those of the third quarter.

“The pace of dayrate increases has been particularly brisk in the Lower 48, where we have recently started to sign contracts with revenue per day approaching $40,000. This benchmark does not include additional revenue for Drilling Solutions. Utilization for our high-specification rigs now stands at 86% and as utilization for the industry continues to increase, we expect to see higher dayrates through the end of this year and into 2023. Clearly, our decision to keep most of our fleet on short term contracts has paid off. We are now adding some term onto our portfolio of contracts. At these leading edge dayrates, we believe it makes sense to contract a portion of our Lower 48 fleet on longer term.

“We have undertaken significant multi-year investments to enhance the quality of our Lower 48 fleet, expand our footprint in Saudi Arabia, develop our automation and robotics capabilities, grow our NDS offering, and launch our clean energy strategy. Even with these investments, we have achieved significant reductions in our net debt. We now expect to close the year with net debt just above $2 billion, which translates into Net Debt to Adjusted EBITDA of about 3x. We have accomplished this in a challenging environment. Reducing leverage remains one of our main strategic goals. Given the current environment and assuming favorable commodity prices persist, we are forecasting approximately $400 million in net debt reduction during 2023.”

NEWS RELEASE

Outlook

Nabors expects the following quarterly metrics:

U.S. Drilling

International

Drilling Solutions

Rig Technologies

Capital Expenditures

Adjusted Free Cash Flow

Mr. Petrello concluded, “We are proud of our third quarter results. As we look ahead, the commodity price environment remains positive, globally, for both oil and gas. Several of our strategic initiatives – building the drilling performance software portfolio, targeting the third-party rig market, and modularizing our technology – are gaining momentum. These set us in a unique position to capitalize on the favorable market. With that, we anticipate even stronger results in the fourth quarter.”

NEWS RELEASE

About Nabors Industries

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

Forward-looking Statements

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements. 

Non-GAAP Disclaimer

This press release presents certain “non-GAAP” financial measures.  The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments.

Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets.  Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. 

Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore 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 segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. 

Investor Contacts:  William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail [email protected], or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email [email protected]. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail [email protected]

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

SEGMENT REPORTING  

(Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:  

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES  

RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT

(Unaudited)

Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization.  

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED GROSS MARGIN BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT 

(Unaudited)

Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS)

(Unaudited)

(1) Adjusted operating income (loss) represents net income (loss) before income (losses) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense,  and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance.  Other companies in this industry may compute these measures differently. 

(2) Adjusted EBITDA represents net income (loss) before income (loss) from discontinued operations, net of tax, income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used 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 make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance.  Other companies in this industry may compute these measures differently.        

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION OF NET DEBT TO TOTAL DEBT

(Unaudited)

Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets.  Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders.  Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures.  Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP.

Exhibit 99.2

NABORS INDUSTRIES LTD. October 25, 2022 3Q 2022 Earnings Presentation

NABORS.COM We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements . Such statements, including statements in this document that relate to matters that are not historical facts, are “forward - looking statements” within the meaning of the safe harbor provisions of Section 27 A of the U . S . Securities Act of 1933 and Section 21 E 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 are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our expectations . Factors to consider when evaluating these forward - looking statements include, but are not limited to: • actual and potential political or economic instability, civil disturbance, war or acts of terrorism involving any of the countries in which we do business; • the Covid - 19 pandemic and its impact on oil and gas markets and prices; • fluctuations and volatility in worldwide prices of and demand for oil and natural gas; • fluctuations in levels of oil and natural gas exploration and development activities; • fluctuations in the demand for our services; • competitive and technological changes and other developments in the oil and gas and oilfield services industries; • our ability to renew customer contracts in order to maintain competitiveness; • the existence of operating risks inherent in the oil and gas and oilfield services industries; • the possibility of the loss of one or a number of our large customers; • the impact of long - term indebtedness and other financial commitments on our financial and operating flexibility; • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our revolving credit facility, and future issuances of debt or equity securities; 2 Forward Looking Statements • our dependence on our operating subsidiaries and investments to meet our financial obligations; • our ability to retain skilled employees; • our ability to complete, and realize the expected benefits of, strategic transactions; • changes in tax laws and the possibility of changes in other laws and regulation; • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes or sanctions; and • general economic conditions, including inflation and the capital and credit markets. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities . Therefore, sustained lower oil or natural gas prices that have a material impact on exploration, development or production activities could also materially affect our financial position, results of operations and cash flows . The above description of risks and uncertainties is by no means all - inclusive but is designed to highlight what we believe are important factors to consider . For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our Annual Reports on Form 10 - K and Quarterly Reports on Form 10 - Q, which are available at the SEC's website at www . sec . gov . Non - GAAP Financial Measures This presentation refers to certain “non - GAAP” financial measures, such as adjusted EBITDA, net debt and adjusted free cash flow . The components of these non - GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) . Reconciliations of adjusted EBITDA to net income (loss), net debt to total debt, and adjusted margin to operating income (loss), which are their nearest comparable GAAP financial measures, are provided in the Appendix at the end of this presentation .

NABORS.COM 3 9/30/2022 Rig Utilization and Availability RIG FLEET (1)(2) 328 RIGS ON REVENUE (1) 177 UTILIZATION AT 9/30/2022 54% TOTAL U.S. OFFSHORE 12 3 25% 16 4 25% ALASKA INTERNATIONAL 133 75 56% 111 94 85% U.S. LOWER - 48 HIGH SPEC (2) (1) As of September 30, 2022 (2) Excludes non - high spec rigs in the Lower 48 (3) Excludes one operating non - high spec rig (3)

NABORS.COM Improving liquidity and leverage Reduced net debt by $2 3 M in 3Q’22 Adjusted free cash flow of $35M 3Q 2022 adjusted EBITDA of $191M Strong improvement in all segments Revenue growth of 10% Adjusted EBITDA margin (1) of 28% Drilling Solutions growth and market penetration 3Q’22 adjusted EBITDA of $25.6M, 12.6% growth vs 2Q’22 Adjusted gross margin % (3) reached an all - time high of 52% in 3Q’22 International improving 1 st SANAD newbuild commenced early 3Q’22; one legacy reactivation and 2 nd newbuild expected in late 4Q’22 Recently agreed to renew 24 rigs in Saudi Arabia, on 4 - year terms at current market rates Our advanced, fit - for - purpose rig started in Papua New Guinea in 3Q’22 ESG Focus Reducing our own environmental footprint Capitalizing on adjacent opportunities Investing strategically in leading - edge companies with clear adjacencies Recent Highlights Note: For adjusted EBITDA, adjusted gross margin, n et d ebt and adjusted free cash flow see non - GAAP reconciliations in the Appendix Continued improvement in L48 profitability High utilization driving significant improvement in dayrates L48 Drilling adjusted daily gross margin increased $2,459 to $11,165 (2) We expect 4Q’22 Drilling adjusted gross margin of $13,400 to $13,600 per day (1) Adjusted EBITDA margin represents adjusted EBITDA divided by operating revenues (2) A djusted daily gross margin represents adjusted gross margin (operating revenue less direct costs), divided by the total number of rig revenue days during the quarter. Rig revenue days represents the number of days the Company’s rigs are contracted and performing under a contract during the period. (3) Adjusted gross margin percent represents adjusted gross margin divided by total revenue

NABORS.COM Performance excellence in the Lower - 48 Expanding & enhancing our International segment Advancing technology & innovation with demonstrated results Progress on our commitment to de - lever Leading in Sustainability and the Energy Transition Five Keys to Excellence 2 3 4 5 1

NABORS.COM 0 10 20 30 40 50 60 70 80 90 100 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 L48 Drilling Average Rig Count $0 $50 $100 $150 $200 $250 $300 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 L48 Drilling Revenue and Adjusted Gross Margin Operating Revenue Adjusted Gross Margin 6 Improving revenue and margins on growing rig activity 1 Performance Excellence In The Lower - 48 Strong Momentum in Rig Count and Margin

NABORS.COM Performance excellence in the Lower - 48 Expanding & enhancing our International segment Advancing technology & innovation with demonstrated results Progress on our commitment to de - lever Leading in Sustainability and the Energy Transition 2 3 4 5 1 Five Keys to Excellence

NABORS.COM 50 55 60 65 70 75 80 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 International Drilling Average Rig Count $0 $50 $100 $150 $200 $250 $300 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 International Drilling Revenue and Adjusted Gross Margin Operating Revenue Adjusted Gross Margin Increases in rig activity driving margin expansion 8 Strong and Growing International Margins and Rig Counts Resilience Leading to Growth in Our International Segment 2

NABORS.COM 65 70 75 80 85 1QA 2QA 3QA 4QE 1Q 2Q 3Q 4Q 2022 2023E International Average Rig Count Potential Estimated* Growth from SANAD alone 9 Significant Growth Trajectory in Saudi Arabia Resilience Leading to Growth in Our International Segment • 50 rigs over 10 years, awarded 5 rigs to - date • First startup in early July, and second expected in late 4Q • $150M capital expense expected in 2022, funded organically by SANAD • 6 - year initial contracts, payout within 5 years, plus 4 - year renewal at market Newbuild Program Underway • These estimates are based on current market conditions and the projections are based on information received from third parties, which are subject to change. The estimates exclude potential growth from markets outside Saudi Arabia. 2

NABORS.COM Performance excellence in the Lower - 48 Expanding & enhancing our International segment Advancing technology & innovation with demonstrated results Progress on our commitment to de - lever Leading in Sustainability and the Energy Transition 2 3 4 5 1 Five Keys to Excellence

NABORS.COM 30% 35% 40% 45% 50% 55% 60% 65% $- $10 $20 $30 $40 $50 $60 $70 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 NDS Revenue & Adjusted Gross Margin Revenue Adjusted gross margin Adjusted GM % 11 NDS Capitalizing on Growing Rig Count and Higher Penetration Improving Outlook For Our Technology & Innovation Revenue (1) Up 94% Adjusted GM (1) Up 120% Expanding our high - value / high - margin low - capital technology services “ When looking at our automation options, it was very important for us to select a partner that could provide a lot of options, and to be able to integrate them with the rig. When we looked at the services provided by NDS, we found that it had a very robust combination of services that all interacted with each other. Initial results are looking very promising.” Third - Party Customer, Permian Basin September 2022 3 Gross margin of ~52% in 3Q 2022, an all time high (1) Compared to 4Q 2020

NABORS.COM Customer Adoption Fueling Rapid NDS Footprint Expansion 45 52 58 64 71 83 87 92 0 10 20 30 40 50 60 70 80 90 100 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2020 2021 2022 U.S. RigCLOUD® Services Installs Nabors 3rd Party 0 20 40 60 80 100 120 140 160 180 ROCKit SmartDRILL U.S. Performance Software Installs 2020 4Q 2021 1Q 2021 2Q 2021 3Q 2021 4Q 2022 1Q 2022 2Q 2022 3Q 12 Improving Outlook For Our Technology & Innovation NDS technology consistently adds value on both Nabors and Third - party rigs ® 3 ®

NABORS.COM Case Study: F or a major operator in Colombia Savings of > $103,000 per well D rives performance R educes cost Mitigates variability 13 SmartDRILL ® Significantly Improving Performance - 10 20 30 40 Pre-SmartDRILL SmartDRILL Minutes Average Connection Time - 38% SmartNAV® Automated directional guidance system, improves wellbore placement accuracy SmartSLIDE® Directional steering control system, automates slide drilling to optimize performance SmartDRILL® Full - stand automated drilling activity sequencer, executes driller best practices, and reduces unplanned trips Smart Suite TM Improving Outlook For Our Technology & Innovation 3 ® ®

NABORS.COM 0 500 1000 1500 2000 2500 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Cumulative Number of Wells Drilled 14 Smart Suite Growth Trajectory Validates Customer Acceptance Improving Outlook For Our Technology & Innovation • 92% Customer Retention Rate* • 2,100 + Wells Drilled • Third - Party Deployment of SmartSLIDE® SmartDRILL ® Automation Commercialization SmartNAV ® & SmartSLIDE ® Solutions Commercialization Third - Party SmartDRILL ® Deployment *The number of active users at 3Q’22 quarter - end continuing use of the service divided by the total number of active users at the beginning of the quarter 3 Third - Party SmartSLIDE ® Deployment

NABORS.COM Performance excellence in the Lower - 48 Expanding & enhancing our International segment Advancing technology & innovation with demonstrated results Progress on our commitment to de - lever Leading in Sustainability and the Energy Transition 2 3 4 5 1 Five Keys to Excellence

NABORS.COM $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2018 2019 2020 2021 2022 Billions Net Debt 16 Significant Headway toward Financial Goals Progress on Our Commitment to De - lever 4 ~ $1.7B Net Debt (1) reduction from previous high in 1Q 2018 $1.7B (1) Net Debt: see non - GAAP reconciliations in the Appendix

NABORS.COM Performance excellence in the Lower - 48 Expanding & enhancing our International segment Advancing technology & innovation with demonstrated results Progress on our commitment to de - lever Leading in Sustainability and the Energy Transition 2 3 4 5 1 Five Keys to Excellence

NABORS.COM Expanding the implementation of solutions on third - party rigs Energy Efficiency & Emission Reduction Technologies Geothermal Development Leveraging IP to create products applicable beyond the rigs, including carbon capture technologies Expansion Beyond Oil & Gas Further differentiating Nabors rigs Developing verticals on identified hydrogen, fuel efficiency and energy storage applications Providing expertise in drilling and engineering services & solutions Adding to the long - term power solution – creating Geothermal 2.0 18 Moving Forward on the Energy Transition Leading in Sustainability and the Energy Transition 5

NABORS.COM 19 Leading in Sustainability and the Energy Transition • Advanced control system optimizes the efficiency of fuel consumption • Deploying energy storage systems on multiple rigs • Introducing innovative fuel enhancer to reduce fuel consumption and GHG emissions • Achieved approximately a 10% reduction in carbon emissions intensity in the Lower 48 in 2021 Operating rigs with the environment as a stakeholder Investing in carbon capture, emissions monitoring/reduction, energy storage, power management technologies and geothermal energy Dedicated to improving the environmental footprint of OFS 5 Growing Commitment to Operational and Environmental Stewardship PowerTAP Ρ highline power transformer module

NABORS.COM Geothermal Market Technology Advancements Ubiquitous Ability to create heat reservoirs by drilling into deep rock formations Technological advancements are enabling wide - scale commercial geothermal development Innovative Drilling Technologies Reducing cost per energy - unit produced by using and combining new technologies Baseload Reliable and available 24/7 Renewable Subsurface heat replenished naturally Nabors and its predecessor entities have been continuously innovating in the energy sector for over 100 years 20 Leading in Sustainability and the Energy Transition 5

NABORS.COM Appendix 21

NABORS.COM Three Months Ended September 30, June 30, September 30, 2021 2022 2022 Net income (loss) ($115,722) ($69,935) ($4,461) (Income) loss from discontinued operations, net of tax 20 0 0 Income (loss) from continuing operations, net of tax ($115,702) ($69,935) ($4,461) Income tax expense (benefit) 2,784 9,353 12,352 Income (loss) from continuing operations before income taxes ($112,918) ($60,582) $7,891 Investment (income) loss (200) (822) (4,813) Interest Expense 42,217 42,899 43,841 Other, net 22,758 14,528 (25,954) Adjusted Operating Income (loss) (48,143) (3,977) 20,965 Depreciation and Amortization 173,375 162,015 169,857 Adjusted EBITDA $125,232 $158,038 $190,822 (In Thousands) 22 Reconciliation of Non - GAAP Financial Measures to Net Income (Loss) Adjusted EBITDA represents net income (loss) before income (loss) from discontinued operations, net of tax, income taxes, inv est ment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non - GAAP financial measure and should not be used in isolation or as a subst itute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evalua tes the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it be lie ves that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on wh ich they analyze the Company’s performance. Other companies in this industry may compute these measures differently. A reconciliation of this non - GAAP measure to net income (los s), which is the most closely comparable GAAP measure, is provided in the table below.

NABORS.COM Three Months Ended September 30, June 30, September 30, 2021 2022 2022 Lower 48 - U.S. - Drilling Adjusted operating income (30,783)$ (937)$ 25,551$ Plus: General and administrative costs 4,606 4,740 4,798 Plus: Research and engineering 1,296 1,611 1,652 GAAP Gross Margin (24,881) 5,414 32,001 Plus: Depreciation and amortization 68,603 65,312 62,583 Adjusted gross margin 43,722$ 70,726$ 94,584$ Other - U.S. - Drilling Adjusted operating income 11,083$ 9,225$ 12,225$ Plus: General and administrative costs 531 307 343 Plus: Research and engineering 120 139 157 GAAP Gross Margin 11,734 9,671 12,725 Plus: Depreciation and amortization 13,229 13,771 14,127 Adjusted gross margin 24,963$ 23,442$ 26,852$ U.S. - Drilling Adjusted operating income (19,700)$ 8,288$ 37,776$ Plus: General and administrative costs 5,137 5,047 5,141 Plus: Research and engineering 1,416 1,750 1,809 GAAP Gross Margin (13,147) 15,085 44,726 Plus: Depreciation and amortization 81,832 79,083 76,710 Adjusted gross margin 68,685$ 94,168$ 121,436$ (In Thousands) 23 Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income Adjusted gross margin by segment represents Adjusted operating income (loss) plus General and administrative costs, Research an d engineering costs and Depreciation and amortization.

NABORS.COM 24 Reconciliation of Net Debt to Total Debt 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 should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the perf orm ance of its operating segments and the consolidated Company based on several criteria, including net debt, because it believes that this financial measure accurately measures th e C ompany’s 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 ind ust ry 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 be low . September 30, June 30, September 30, 2021 2022 2022 Long-Term Debt $3,075,520 $2,601,510 $2,585,517 Cash & Short-term Investments $771,884 $417,978 $425,070 Net Debt $2,303,636 $2,183,532 $2,160,447 (In Thousands)

NABORS.COM (In Thousands) Three Months Ended September 30, 2022 U.S. Drilling Canada Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 37,776$ (9)$ (907)$ 20,099$ 3,412$ (39,406)$ 20,965$ Depreciation and amortization 76,710 - 86,829 5,513 1,406 (601) 169,857 Adjusted EBITDA 114,486$ (9)$ 85,922$ 25,612$ 4,818$ (40,007)$ 190,822$ (In Thousands) Three Months Ended September 30, 2021 U.S. Drilling Canada Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) (19,700)$ 1,371$ (7,297)$ 8,607$ 1,926$ (33,050)$ (48,143)$ Depreciation and amortization 81,832 236 83,508 7,013 1,079 (293) 173,375 Adjusted EBITDA 62,132$ 1,607$ 76,211$ 15,620$ 3,005$ (33,343)$ 125,232$ (In Thousands) Three Months Ended June 30, 2022 U.S. Drilling Canada Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 8,288$ (15)$ 4,605$ 18,260$ 2,127$ (37,242)$ (3,977)$ Depreciation and amortization 79,083 - 77,841 4,491 1,237 (637) 162,015 Adjusted EBITDA 87,371$ (15)$ 82,446$ 22,751$ 3,364$ (37,879)$ 158,038$ 25 Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization.

NABORS.COM 26 Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of pro ceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management a s a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or to return to shareholders th rough dividend payments or share repurchases. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow i s a non - GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP. Three Months Ended September 2022 Net cash provided by operating activities $138,950 Add: Capital expenditures, net of proceeds from sales of assets ($103,591) Adjusted free cash flow $35,359 (In Thousands)

NABORS INDUSTRIES LTD. NABORS.COM NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 Houston, TX 77067 - 4525 @naborsglobal Contact Us: William C. Conroy, CFA VP - Corporate Development and Investor Relations [email protected] Kara K. Peak Director - Corporate Development and Investor Relations [email protected]