Nabors Indsustries Stock Price, News & Analysis

Nabors Industries Ltd. (NYSE: NBR) announced that its subsidiary, Nabors Industries, Inc. (NII), has priced $225 million in 1.750% exchangeable senior unsecured notes due 2029. The offering is targeting qualified institutional buyers under Rule 144A of the Securities Act. The notes will yield a semi-annual interest, starting December 15, 2023, and are exchangeable for Nabors' common shares at an initial exchange rate of 4.7056 shares per $1,000 principal. Nabors plans to use the proceeds to redeem outstanding 9.00% senior notes due February 2025 and for general corporate purposes. The closing of the offering is expected on February 14, 2023.

Nabors Industries Ltd. (NYSE: NBR) announced the commencement of a private offering of $200 million in exchangeable senior unsecured notes due 2029, via its subsidiary, Nabors Industries, Inc. (NII). The notes, guaranteed by Nabors, will aim to redeem outstanding 9.00% senior priority guaranteed notes due February 2025. Interest on the notes will be paid semi-annually, with exchange options available for holders during specified periods. The offering is subject to market conditions and exemptions under the Securities Act. Additionally, an option for initial purchasers to buy an extra $30 million in notes is expected.

Nabors Industries reported fourth quarter 2022 operating revenues of $760 million, marking a 10% increase from the third quarter. However, the net loss attributable to shareholders rose to $69 million or $7.87 per share, compared to a $14 million loss in the previous quarter. Excluding a $36 million non-cash charge related to warrants, the net loss improved by $15 million. The adjusted EBITDA reached $230 million, a 21% increase sequentially. The company anticipates generating over $400 million in adjusted free cash flow for 2023, indicating robust growth and operational efficiency.

Nabors Industries Ltd. invites stakeholders to its fourth-quarter 2022 earnings discussion on February 8, 2023, at 1:00 p.m. CST. Earnings will be released after market close on February 7, 2023. The call will be hosted by CEO Anthony G. Petrello and CFO William Restrepo, with the opportunity to ask questions. Participants can join via toll-free numbers and listen to a replay until February 15, 2023. For those preferring a webcast, it will be available on Nabors' Investor Relations page.

Nabors Industries has launched the Canrig Red Zone Robotics (RZR) Rig Floor Module, aimed at automating drilling activities and enhancing safety. The RZR module was successfully retrofitted onto an existing rig, X29, which drilled multiple horizontal wells for ExxonMobil in the Permian Basin. This upgrade significantly reduces costs compared to newbuild rigs and allows for quick improvements in drilling performance. The RZR system is powered by SmartROS™, enabling hands-free operations and addressing high-risk areas in drilling. The collaboration with ExxonMobil continues to evolve, focusing on advancing drilling automation.

Nabors Industries reported a strong third quarter 2022, with operating revenues of $694 million, up 10% from the previous quarter. The net loss shrank to $14 million or $1.80 per share, significantly improved from a loss of $83 million in Q2. Adjusted EBITDA rose 21% to $191 million. Key segments showed growth, especially in U.S. Drilling, with an average daily margin increase of 28%. The company expects further improvements, projecting solid fourth-quarter metrics and a focus on reducing net debt below $2 billion by year-end.

Nabors Industries Ltd. (NYSE: NBR) will discuss its third-quarter operating results on October 26, 2022, at 1:00 p.m. CDT. Earnings will be released after the market closes on October 25, 2022. Interested parties can join via a conference call or a live audio webcast on the company's website. The call will also be available for replay until November 2, 2022. For more information on energy technology leadership, visit Nabors.com.

Nabors Industries reported second quarter 2022 operating revenues of $631 million, an 11% increase from Q1 2022. The company posted a net loss of $83 million, compared to a loss of $184 million in Q1. Adjusted EBITDA rose 21% to $158 million. Key U.S. Drilling segment adjusted EBITDA increased 18%, driven by improved performance in the Lower 48 market, where average daily revenue rose by over $2,500. The firm anticipates further growth with projected rig additions and higher dayrates. Free cash flow reached $57 million, while net debt decreased to $2,184 million.