Welcome to our dedicated page for Nabors Indsustries news (Ticker: NBR), a resource for investors and traders seeking the latest updates and insights on Nabors Indsustries stock.
Nabors Industries Ltd. reports news on its global drilling and energy technology business, including land-based drilling fleets, offshore platform rigs, drilling solutions and rig technologies. Company updates commonly address operating revenue, adjusted EBITDA, rig activity in the Lower 48 and international markets, and demand for high-specification rigs, automation, engineering and data-driven drilling services.
Nabors news also covers capital-structure actions, debt refinancing, credit rating changes and developments involving its SANAD land drilling joint venture in Saudi Arabia. Recurring announcements include quarterly earnings releases, conference-call notices, note offerings and redemptions, and operational commentary across U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies.
Nabors Industries Ltd. (NYSE: NBR) announced the filing of a Registration Statement on Form S-1 by Nabors Energy Transition Corp. (NETC), its newly formed SPAC, for a proposed IPO aiming to raise $250 million. NETC plans to list on the NYSE under the symbol NETC.U and will consist of shares and warrants. The strategic goal is to identify business opportunities in the energy transition sector by leveraging Nabors' extensive experience and technology. Citigroup and Wells Fargo Securities are the joint book-running managers for the offering.
Nabors Industries Ltd. (NYSE: NBR) announced a warrant distribution to holders of its common shares. Shareholders will receive two-fifths of a warrant per share, enabling them to purchase common shares at an exercise price of $166.66667. Warrants can be exercised with cash or certain company-issued notes and expire on June 11, 2026. This move aims to enhance balance sheet leverage and maximize shareholder value. The distribution will be effective on June 11, 2021, for shareholders recorded by June 4, 2021, with trading expected over-the-counter.
Nabors Industries Ltd. (NYSE: NBR) reported first quarter 2021 operating revenues of $461 million, an increase from $443 million in Q4 2020. Despite this, the company posted a net loss of $141 million, or $20.16 per share, compared to a loss of $112 million, or $16.46 per share, in the prior quarter. Adjusted EBITDA was $108 million, matching the strong Q4 results. Notably, free cash flow reached $60 million, and total debt was reduced by $70 million. The company expects increased drilling activity due to improved commodity prices, particularly in North America and internationally.
Nabors Industries Ltd. (NYSE: NBR) will discuss its first quarter operating results on April 29, 2021, at 1:00 p.m. CT. The earnings release will be available post-market close on April 28, 2021. Participants can join the conference call via dial-in numbers or through a live audio webcast on Nabors' website. The call will also be recorded for replay. Nabors operates one of the largest land-based drilling rig fleets globally and provides various directional drilling services and technologies.
Nabors Industries Ltd. (NYSE: NBR) reported fourth quarter 2020 operating revenues of $443 million, up from $438 million in Q3 2020. The net loss for the quarter was $112 million, or $16.46 per share, despite $162 million in pretax gains from debt transactions. Adjusted EBITDA decreased to $108 million from $114 million in the previous quarter. The company saw improvements in its U.S. drilling segment and a 23% increase in the Lower 48 rig count. Free cash flow reached $66 million, while net debt decreased to $2.5 billion.
Nabors Industries Ltd. (NYSE: NBR) has postponed its fourth quarter 2020 earnings release and conference call due to severe weather conditions and power outages affecting its Houston-area employees. The earnings release is now scheduled for February 23, 2021, after market close, while the conference call will take place on February 24, 2021, at 1:00 PM CT. Participants can join via dial-in or through a live audio webcast on the company's website. Nabors operates one of the largest land-based drilling rig fleets globally, providing a range of services and technologies in the drilling sector.
Nabors Industries Ltd. (NYSE: NBR) will hold a conference call on February 18, 2021, at 1:00 p.m. CT to discuss fourth-quarter earnings results for the period ending December 31, 2020. The earnings release is scheduled for February 17, 2021. Participants can join via telephone or through a live audio webcast available on Nabors' website. Additionally, a recorded version of the call will be accessible for one week post-event. Nabors operates a large drilling rig fleet and provides various drilling services worldwide.
Nabors Industries announced the final results of its Exchange Offers targeting multiple series of its senior notes, including 4.625% and 5.50% notes. As of November 27, 2020, approximately $380.2 million of the old notes were tendered. Nabors expects to issue $175.7 million of new 9.00% senior priority guaranteed notes upon settlement, reducing its senior debt by approximately $269.1 million. The settlement date is expected on December 1, 2020. This exchange was only accessible to qualified institutional buyers and does not involve registration under U.S. securities laws.
Nabors Industries announced early results of its Exchange Offers for various senior notes, with approximately $344.9 million in Old Notes tendered. The company plans to issue up to $300 million in newly issued 9.00% senior priority guaranteed notes due 2025. Eligible Holders will benefit from an extended Early Participation Date to November 27, 2020, allowing them to receive an early tender payment. The total principal amount of senior priority guaranteed notes outstanding would reach roughly $211.3 million after the settlement of the Exchange Offers.
Nabors Industries Ltd. (NBR) reported Q3 2020 operating revenues of $438 million, down from $534 million in Q2. The net loss rose to $161 million ($23.42 per share) compared to a loss of $152 million in the previous quarter. Adjusted EBITDA decreased to $114 million. The global drilling rig count dropped by 11%, mainly due to temporary suspensions and contract cancellations. Despite these challenges, the company achieved a positive revenue adjustment and improved free cash flow of $9 million. Looking ahead, Nabors anticipates Q4 adjusted EBITDA decline but aims for free cash flow of $90-$100 million.