Nabors Industries Ltd (NYSE: NBR)

Nabors Industries Ltd. owns and operates one of the world’s largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets. The company also supplies performance software tubular running services managed pressure drilling services and innovative technologies for both its own rig fleet and those operated by third parties. In addition Nabors Industries Ltd. manufactures advanced drilling equipment and provides drilling rig instrumentation. The company has developed a portfolio of technologies designed to drive energy efficiency and emissions reductions for both itself and third‑party customers. With operations in over 20 countries Nabors Industries Ltd. is a global provider of drilling and drilling‑related services for land‑based and offshore oil and natural gas wells.

Nabors Industries Ltd. generates revenue primarily from daywork contracts for land‑based and offshore drilling rigs. The company earns fees per day when drilling and lower rates when rigs are moving between locations or when operations are interrupted. Additional revenue comes from footage contracts where payment is based on a rate per foot drilled and turnkey contracts where a fixed price is paid for drilling a well to a specified depth. Nabors Industries Ltd. also offers performance enhancing services such as managed pressure drilling directional drilling rotary steering systems and measurement while drilling which are additive to rig charges. The company sells advanced rig components including top drives catwalks wrenches drawworks robotic systems and downhole tools through its Rig Technologies segment. Nabors Industries Ltd. provides tubular running services managed pressure drilling services and specialized drilling technologies through its Drilling Solutions segment.

The company operates through the following segments: U. S. Drilling International Drilling Drilling Solutions and Rig Technologies.

• U. S. Drilling operates one of the largest land‑based drilling rig fleets in the United States. The segment is active in major hydrocarbon basins across the Lower 48 market and Alaska as well as offshore in the Gulf of America. As of December 31 2025 the marketed U. S. fleet consisted of 121 land rigs and 13 offshore platform rigs. Nabors Industries Ltd. develops and deploys industry‑leading innovations such as the PACE®‑X Ultra rig an upgrade to the PACE®‑X800 rig designed to enable operators to drill their longest most challenging oil and gas wells. The segment also deployed an upgraded version of its Rig Zone Robotics (RZR) rig floor automation module which fully automates tubular handling on the rig removing rig crew from higher‑risk manual operations.

• International Drilling operates in major international oil and gas markets primarily in the Middle East and Latin America most notably Saudi Arabia Kuwait Argentina Colombia and Mexico. Many of the rigs are designed to address challenges of working in specific operating environments such as desert climates mountainous regions and tropical zones. As of December 31 2025 the international fleet consisted of 121 land‑based drilling rigs and 14 actively marketed platform rigs in the international offshore drilling markets.

• Drilling Solutions offers specialized drilling technologies such as proprietary drilling‑bit steering systems and rig instrumentation software that enhance drilling performance and reliability as well as wellbore placement. Impactful products and services include ROCKit® a directional steering control system that increases performance while slide drilling through drill string oscillation and precise toolface control SmartNAV™ a collaborative guidance and advisory platform that delivers automated directional drilling information and instructions to drive consistent decision making transparency and improved performance SmartSLIDE™ an advanced directional steering control system that automates slide drilling to consistently deliver high performance and RigCLOUD® a digital infrastructure that integrates applications to deliver real‑time insight into operations across the rig fleet. The segment also offers a full range of tubular running services (TRS) including casing running tubing running and torque monitoring and managed pressure drilling (MPD) services that expand the capabilities of rigs to drill wells in otherwise challenging formations. Nabors Industries Ltd. integrates its TRS and MPD into the rig eliminating the need for third‑party service providers thereby improving efficiencies and reducing costs.

• Rig Technologies is primarily comprised of Canrig which manufactures and sells advanced rig components including top drives catwalks wrenches drawworks and other drilling related equipment such as robotic systems and downhole tools which are installed on both onshore and offshore drilling rigs. The segment also provides aftermarket sales and services for the installed base of its equipment. Nabors Industries Ltd. makes NDS and Rig Technologies’ portfolio of services and capabilities available to third‑party customers both in domestic and international markets.

Nabors Industries Ltd. holds a strong position in the global drilling industry as one of the largest providers of land‑based drilling rigs. The company competes with firms such as Helmerich & Payne Inc. Patterson‑UTI Energy Inc. Cactus Drilling Co. Precision Drilling Corp. and Ensign Energy Services Inc. in the U. S. Drilling segment. In the International segment Nabors Industries Ltd. faces competition from Helmerich & Payne Inc. as well as numerous contractors with regional or local rig operations. The Drilling Solutions segment competes with services provided by NOV Inc. Pason Systems Inc. Baker Hughes Co. Halliburton Co. SLB N. V. Expro Group Holdings NV Weatherford International plc. as well as several of the company’s drilling competitors and smaller specialized service providers. The Rig Technologies segment competes primarily with NOV Inc. Forum Energy Technologies Inc. Helmerich & Payne Inc. and several smaller rig equipment suppliers. Nabors Industries Ltd. believes its ability to deliver rigs with new technology and features and its experience operating in similar environments in certain international markets are significant factors in the selection of its services. The company’s strategy combines advanced drilling rig designs with integrated surface equipment software and downhole tools with operational performance industry‑leading safety and an innovative technology roadmap.

Nabors Industries Ltd. serves major international national and independent oil and gas companies. One customer Saudi Aramco accounted for approximately 30% 31% and 26% of the company’s consolidated operating revenues during the years ended December 31 2025 2024 and 2023 respectively. These operating revenues are primarily included in the results of the International Drilling reportable segment. The contracts with Saudi Aramco are on a per rig basis and are primarily operated through SANAD the joint venture with Saudi Aramco. Nabors Industries Ltd. also works with other major international national and independent oil and gas companies across its global operations.