Nabors Industries Ltd
F:NBI1
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Nabors Industries Ltd
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Nabors Industries Ltd
Nabors Industries builds and operates land drilling rigs for oil and gas producers and also sells the hardware, software, and services that help those rigs drill more efficiently. Its customers are mainly exploration and production companies that need wells drilled, plus other drilling contractors that buy or use Nabors equipment and controls. The company makes money by renting out rigs, providing drilling services, and selling technology and equipment tied to well construction. A big part of Nabors’ role is on the drilling side of the energy value chain: it helps get a well started before production can begin. It is not primarily a fuel producer itself; instead, it earns fees for running rigs and service jobs and for supplying drilling automation, downhole tools, and related products. That mix gives it both a service business and a technology-enabled equipment business, which sets it apart from pure drilling contractors.
Nabors Industries builds and operates land drilling rigs for oil and gas producers and also sells the hardware, software, and services that help those rigs drill more efficiently. Its customers are mainly exploration and production companies that need wells drilled, plus other drilling contractors that buy or use Nabors equipment and controls. The company makes money by renting out rigs, providing drilling services, and selling technology and equipment tied to well construction.
A big part of Nabors’ role is on the drilling side of the energy value chain: it helps get a well started before production can begin. It is not primarily a fuel producer itself; instead, it earns fees for running rigs and service jobs and for supplying drilling automation, downhole tools, and related products. That mix gives it both a service business and a technology-enabled equipment business, which sets it apart from pure drilling contractors.
Beat: Nabors reported adjusted EBITDA of $222 million, above expectations, and said every reporting segment came in ahead of guidance.
U.S. momentum: Lower 48 activity improved, with five rigs added in the quarter and pricing moving higher; management expects leading-edge daily revenue to reach or exceed the mid-$30,000s by late 2026.
International strength: Saudi Arabia, Kuwait, Oman and Argentina all contributed to strong international performance, with SANAD continuing to add rigs and return suspended units to work.
Guidance raised: Full-year EBITDA guidance was increased to $920 million to $930 million, and full-year adjusted free cash flow guidance was raised to $20 million to $30 million.
Capital discipline: Full-year capital spending guidance was lowered slightly to $710 million to $730 million, mainly because some SANAD milestones shifted into early 2027.
Technology growth: NDS and Rig Technologies both expanded, with management highlighting stronger customer adoption of automation, software and integrated rig solutions.
