Nabors Industries Ltd (NYSE: NBR)

Nabors Industries Ltd operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs in the United States and numerous international markets. The company is deeply involved in the oil and gas industry, offering a comprehensive suite of drilling and drilling-related services for both land-based and offshore oil and natural gas wells. Nabors has a significant presence in over 20 countries, with operations spanning major hydrocarbon basins across the Lower 48 market, Alaska, and various international regions, including the Middle East and Latin America.

Nabors generates revenue through its extensive fleet of drilling rigs and drilling-related equipment, which includes 242 actively marketed rigs for land-based drilling operations and 27 actively marketed rigs for offshore platform drilling operations. The company's revenue streams are further bolstered by its performance software, tubular running services, managed pressure drilling services, and innovative technologies designed to enhance drilling efficiency and reduce emissions. These services cater to a diverse customer base, including major international, national, and independent oil and gas companies.

• U.S. Drilling: Nabors operates a substantial land-based drilling rig fleet in the U.S., with a marketed fleet consisting of 121 land rigs and 13 offshore platform rigs as of December 31, 2025. The company's innovative rig designs, such as the PACE®-X Ultra rig, are tailored to meet the challenges of drilling in various geological formations and environments. Nabors' U.S. operations are active in major hydrocarbon basins across the Lower 48 market and Alaska, as well as offshore in the Gulf of America.

• International Drilling: Nabors' international operations are concentrated in key oil and gas markets, particularly in the Middle East and Latin America, with notable presence in countries like Saudi Arabia, Kuwait, Argentina, Colombia, and Mexico. The company's international fleet as of December 31, 2025, includes 121 land-based drilling rigs and 14 actively marketed platform rigs in international offshore drilling markets. Nabors' rigs are designed to address the unique challenges of working in specific operating environments, such as desert climates, mountainous regions, and tropical zones.

• Drilling Solutions: Nabors Drilling Solutions (NDS) offers specialized drilling technologies, including proprietary drilling-bit steering systems and rig instrumentation software that enhance drilling performance and reliability. Key products and services include ROCKit®, a directional steering control system; SmartNAV™, a collaborative guidance and advisory platform; SmartSLIDE™, an advanced directional steering control system; and RigCLOUD®, a digital infrastructure that integrates applications to deliver real-time insight into operations across the rig fleet. NDS also provides tubular running services (TRS) and managed pressure drilling (MPD) services, which are integrated into the rig to improve efficiencies and reduce costs.

• Rig Technologies: The Rig Technologies segment 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. This segment also provides aftermarket sales and services for the installed base of its equipment, catering to both onshore and offshore drilling rigs.

Nabors Industries Ltd holds a prominent position within the oil and gas drilling industry, leveraging its extensive fleet of modern rigs and advanced drilling technologies to maintain a competitive edge. The company's key competitors include Helmerich & Payne Inc., Patterson-UTI Energy Inc., Cactus Drilling Co., Precision Drilling Corp., and Ensign Energy Services Inc. in the U.S. Drilling segment, as well as NOV Inc., Pason Systems Inc., Baker Hughes Co., Halliburton Co., SLB N.V., Expro Group Holdings NV, and Weatherford International plc. in the Drilling Solutions segment. Nabors' competitive advantages lie in its ability to deliver rigs with new technology and features, its experience operating in similar environments, strong customer relationships, and a comprehensive portfolio of value-added services. The company's strategy focuses on integrating advanced drilling rig designs with surface equipment, software, and downhole tools, supported by operational performance and industry-leading safety standards.

Nabors' customer base includes major international, national, and independent oil and gas companies. Notably, Saudi Aramco is a significant customer, accounting for approximately 30%, 31%, and 26% of Nabors' consolidated operating revenues during the years ended December 31, 2025, 2024, and 2023, respectively. These revenues are primarily included in the results of Nabors' International Drilling reportable segment. The company's contracts with Saudi Aramco are on a per rig basis and are primarily operated through SANAD, a joint venture with Saudi Aramco.