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Nabors Industries Ltd. (NYSE: NBR) is a global leader in advanced drilling technology and energy sector innovation. This page serves as the definitive source for official company announcements, financial disclosures, and operational developments impacting the oil & gas services market.
Access real-time updates including earnings reports, strategic partnerships, and technological advancements in automation and sustainable drilling practices. Our curated news collection helps stakeholders track material events affecting NBR's market position and operational capabilities across 20+ countries.
Key updates cover rig fleet expansions, international contract awards, and innovations in data-driven drilling solutions. Bookmark this page for direct access to SEC filings, investor presentations, and analysis of Nabors' industry-leading safety initiatives and ESG progress.
Monitor critical developments in land-based and offshore operations through verified sources. Return regularly for comprehensive coverage of Nabors Industries' role in shaping efficient energy extraction technologies worldwide.
Nabors Industries (NYSE: NBR) has announced a definitive agreement to acquire Parker Wellbore, a global drilling services provider. The acquisition involves exchanging 4.8 million Nabors common shares for all of Parker's outstanding common shares, subject to a share price collar. Parker's portfolio includes Quail Tools, the leading U.S. provider of high-performance downhole tubulars, international tubular rentals and repair services, casing and tubular running services, and a fleet of 17 drilling rigs.
The acquisition is expected to strengthen Nabors' Drilling Solutions business, expand its geographical footprint, and be immediately accretive to free cash flow. Nabors anticipates realizing up to $35 million in annualized expense synergies within the first 12 months post-closing. The combined company's adjusted EBITDA for the first half of 2024 totaled $527 million, with Parker expecting to generate $180 million EBITDA for the full year 2024.
The transaction is projected to close in early 2025, subject to customary conditions and approvals.
Nabors Industries (NYSE: NBR) has announced its 3rd Quarter 2024 Earnings Conference Call, scheduled for October 23, 2024, at 2:00 p.m. Central Time. The company will release its earnings after market close on October 22, 2024. Chairman, President, and CEO Anthony G. Petrello, along with CFO William Restrepo, will lead the discussion on operating results for the quarter ended September 30, 2024.
Interested parties can join via phone using toll-free numbers for the US and Canada, or an international line. The call will be recorded and available for replay until October 30, 2024. Additionally, a live audio webcast will be accessible on the company's website, www.nabors.com, under the Investor Relations section.
Nabors Industries (NYSE: NBR), a leading energy technology provider, announced its participation in Pareto Securities' 31st Annual Energy Conference on September 11-12, 2024. William Restrepo, Chief Financial Officer, will present on September 11, showcasing Nabors' role in the energy industry.
The company, known for its advanced technology solutions in over 20 countries, focuses on drilling, engineering, automation, data science, and manufacturing. Nabors aims to innovate energy production while promoting safety, efficiency, and environmental responsibility. The investor presentation will be available on Nabors' website under the Investor Relations section.
Nabors Industries (NYSE: NBR) announced its participation in the Barclays 38th Annual Energy-Power Conference on September 3-4, 2024. Chief Financial Officer William Restrepo will deliver a presentation on Nabors and join a panel discussion on land drilling on September 4. The investor slide deck for the presentation is available on the Nabors website in the Investor Relations section.
Nabors Industries is a leading provider of advanced technology for the energy industry, operating in over 20 countries. The company focuses on drilling, engineering, automation, data science, and manufacturing to innovate energy production and support the transition to a lower-carbon world. Nabors aims to deploy solutions for safe, efficient, and responsible energy production through its global network of people, technology, and equipment.
Nabors Industries (NYSE: NBR) reported Q2 2024 operating revenues of $735 million, slightly up from $734 million in Q1. The net loss narrowed to $32 million ($4.29 per diluted share) from $34 million in Q1. Adjusted EBITDA was $218 million, down from $221 million in Q1.
Key highlights include:
- International drilling segment growth with rig additions in Algeria and Saudi Arabia
- Lower 48 rig count decreased to 69 from 72 in Q1
- Drilling Solutions and Rig Technologies segments showed improved performance
- 19 international rig deployments scheduled over the next 18 months
- Adjusted free cash flow of $57 million in Q2
- Full-year 2024 adjusted free cash flow target maintained at $100-$200 million
Nabors Industries (NYSE: NBR) announced that its subsidiary, Nabors Industries, Inc. (NII), has priced a $550 million offering of senior guaranteed notes due 2031. The notes will bear an annual interest rate of 8.875% and are being offered at 100% of par. The sale is expected to close on July 22, 2024, generating approximately $540.7 million in net proceeds.
The notes will be guaranteed by Nabors and its subsidiaries that guarantee the 7.50% senior guaranteed notes due 2028. Nabors plans to use the proceeds, along with cash on hand, to redeem all of its 7.25% senior guaranteed notes due 2026. Any excess funds will be used for general corporate purposes, including potential repayment of other outstanding debt.
Nabors Industries (NYSE: NBR) has announced that its subsidiary, Nabors Industries, Inc. (NII), is offering $550 million in senior guaranteed notes due 2031. These notes will be fully guaranteed by Nabors and its subsidiaries that guarantee the existing 7.50% senior notes due 2028. The new notes will rank equally with NII's existing senior obligations.
Nabors plans to use the proceeds, along with cash on hand, to redeem all of its 7.25% senior guaranteed notes due 2026. Any excess funds will be used for general corporate purposes, potentially including repayment of other outstanding debt. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.
Nabors Industries (NYSE: NBR) has released preliminary operating results for Q2 2024, ending June 30. The company reports operating revenue of approximately $735 million, income (loss) before taxes between ($5) million and $5 million, adjusted EBITDA of about $218 million, and adjusted free cash flow between $55 million and $60 million. Nabors averaged 68.7 rigs in the Lower 48 with an average gross margin of $15,598 per rig day, and 84.4 rigs internationally with an average gross margin of $16,050 per rig day. These results highlight ongoing international expansion and stable U.S. market activity. Full Q2 financial results will be released on July 23, 2024, followed by an earnings call on July 24.
Nabors Industries (NYSE: NBR) will host a conference call on July 24, 2024, at 10:00 a.m. CT to discuss its Q2 2024 operating results. The earnings report will be released after market close on July 23, 2024. The call will feature CEO Anthony G. Petrello and CFO William Restrepo.
Dial-in numbers include US Toll Free (888) 317-6003, Canada Toll Free (866) 284-3684, and International (412) 317-6061, with the participant entry number 0574690. Please call 10-15 minutes early to ensure connection.
A recording will be available until July 31, 2024, via (877) 344-7529 or (412) 317-0088 with replay entry number 4068685. Additionally, a live audio webcast will be accessible on the Nabors website under Investor Relations > Events Calendar.
Nabors Industries (NYSE: NBR) provided an update for the second quarter of 2024. During a conference held on June 18, 2024, CFO William Restrepo discussed the company's performance and future prospects. He highlighted that the International Drilling segment and the U.S. Drilling segment in the Lower 48 are performing as expected. The Drilling Solutions segment is also projected to grow, driven by international markets and non-Nabors rigs. The company is maintaining its 2024 capital expenditure forecast at approximately $590 million. Nabors continues to leverage its advanced technology in the energy sector across more than 20 countries, focusing on safe, efficient, and responsible energy production.
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