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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 28, 2026

 

NABORS INDUSTRIES LTD.

(Exact name of registrant as specified in its charter)

 

Bermuda   001-32657   98-0363970
(State or Other Jurisdiction of
Incorporation or Organization)		   (Commission File Number)   (I.R.S. Employer
Identification No.)

 

Crown House
4 Par-la-Ville Road
Second Floor
Hamilton, HM08 Bermuda		   N/A
(Address of principal executive offices)   (Zip Code)

 

(441) 292-1510

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

Title of each class   Trading Symbol(s)   Name of exchange on which
registered
Common shares   NBR   NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On April 28, 2026, Nabors Industries Ltd. (“Nabors”) issued a press release announcing its results of operations for the three months ended March 31, 2026. A copy of that release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

 

On April 29, 2026, Nabors will hold a conference call at 10:00 a.m. Central Time, regarding the Company’s financial results for the quarter ended March 31, 2026. Information about the call - including dial-in information, recording and replay of the call, and supplemental information - is available on the Investor Relations page of www.nabors.com.

 

The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, of 1934 or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.		   Description
     
99.1   Press Release
     
99.2   Investor Information
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NABORS INDUSTRIES LTD.
   
Date: April 28, 2026 By: /s/ Mark D. Andrews
    Name: Mark D. Andrews
    Title: Vice President & Corporate Secretary

 

 

 

 

 

Exhibit 99.1

 

 

NEWS RELEASE

 

Disciplined Execution, Durable Momentum: Nabors 1Q 2026

 

HAMILTON, Bermuda, April 28, 2026 /PRNewswire/ - Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported first quarter 2026 operating revenues of $784 million. Net loss attributable to Nabors’ shareholders for the quarter was $15 million, compared to net income of $10 million in the fourth quarter. First-quarter adjusted EBITDA was $205 million.

 

Selected Financial Information            
(In millions, except rig activity)            

 

   Three Months Ended 
   March 31,   December 31,   March 31, 
   2026   2025   2025 
Operating revenues  $783.5   $797.5   $736.2 
Adjusted EBITDA  $204.8   $221.6   $206.3 
Adjusted operating income  $48.6   $62.4   $51.7 
Adjusted free cash flow  $(48.2)  $131.8   $(61.2)
Average rigs working:               
Lower 48   65.3    59.8    60.6 
International Drilling   92.6    93.3    85.0 
Average total rigs working   167.9    162.9    153.2 

 

1Q 2026 Highlights

 

oThe SANAD land drilling joint venture deployed one newbuild rig in the Kingdom of Saudi Arabia, bringing total newbuild deployments to 15. Four more are scheduled for 2026. In addition, SANAD reactivated one previously suspended rig, with a second resumption scheduled for the second quarter.
oIn the Lower 48 market, Nabors added four rigs during the first quarter. The Company’s working rig count in this market currently stands at 66, reflecting an increase of eight rigs since November 2025.
oContinuing its debt reduction initiatives, Nabors redeemed the remaining outstanding balance of its notes due in 2028, reducing total debt to $2.1 billion as of March 31, 2026. Since year-end 2024, the Company has reduced its total debt by $386 million. The Company’s next debt maturity is $250 million due in 2029. Its weighted average debt maturity has been extended to more than five years.

 

 1 

 

 

NEWS RELEASE

 

oNabors received three awards at the Oil & Gas Middle East Awards 2026, including Service Partner of the Year, recognizing its reliability, innovation, digital drilling capabilities, and strong operator partnerships.

 

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, “The conflict in the Middle East and its broader implications across global energy markets continue to reinforce the value of Nabors’ portfolio and geographic diversification. While our business in that region was only modestly impacted in the first quarter, we are well positioned to respond to changes in activity levels across our markets, supported by our global fleet and operational flexibility.

 

“Nabors’ first quarter results reflect continued improvement in Lower 48 activity, with another increase in rig count and fleet utilization. We believe we are gaining share in this market as clients increasingly prioritize high-specification rigs, integrated technology, and consistent operational execution in complex drilling environments. Our average rig count in the Lower 48 exceeded our growth expectations for the quarter, reflecting strong customer demand and contract visibility.

 

“In our International Drilling segment, we expanded activity across key markets. In Saudi Arabia we added two rigs. Another two rigs commenced operations in Latin America, one of which was an idle U.S. rig mobilized to Argentina under a long-term contract, demonstrating the flexibility of our asset base. Late in the quarter, we reactivated an offshore platform rig in Mexico, further increasing international utilization.

 

“Drilling Solutions’ (“NDS”) international business delivered sequential growth in the first quarter, with contributions across multiple product lines, including Performance Software, Managed Pressure Drilling, and Surface & Tubulars, which includes drilling equipment rentals. Our focus on NDS’s international markets continues to gain traction. These markets account for approximately 65% of the segment’s EBITDA, up from 31% in the first quarter of 2023, underscoring the increasing scale and profitability of our international footprint.”

 

Segment Results

 

International Drilling adjusted EBITDA was $121 million in the first quarter, compared to $131 million in the fourth quarter of 2025. Average rig count declined slightly, as contract expirations were largely offset by recent startups and new deployments. Daily adjusted gross margin for the first quarter was $16,880, reflecting increased costs in the Middle East related to staffing and logistics, as well as higher operating expenses and activity interruptions in certain markets.

 

The U.S. Drilling segment reported first quarter adjusted EBITDA of $88 million, compared to $93 million in the previous quarter. Results in the Lower 48 improved with average rig count increasing 9% sequentially, reflecting stronger activity and improving fleet utilization. As expected, results from the Offshore and Alaska operations declined sequentially.

 

 2 

 

 

NEWS RELEASE

 

Drilling Solutions adjusted EBITDA was $39 million, compared to $41 million in the fourth quarter of 2025. Growth in international markets was offset by lower third-party activity in the U.S., mainly attributable to the decline in the U.S. third-party rig count.

 

Rig Technologies adjusted EBITDA was less than $1 million, compared to $5 million in the previous quarter. Aftermarket revenue declined sequentially, reflecting lower customer activity. Sales were constrained by logistical challenges in the Middle East.

 

Adjusted Free Cash Flow

 

Consolidated adjusted free cash flow was negative $48 million in the first quarter, compared to negative $61 million in the first quarter of 2025, reflecting a $13 million improvement year-over-year. This was driven primarily by lower cash interest payments.

 

On a sequential basis, adjusted free cash flow declined from the fourth quarter primarily due to typical seasonal activity patterns and timing of receivables and payables, as well as higher cash interest payments in the first quarter. Fourth quarter of 2025 results also benefited from settlements of certain outstanding claims. Historically, the Company generates its strongest free cash flow in the fourth quarter.

 

Miguel Rodriguez, Nabors CFO, stated, “In the first quarter we delivered free cash flow above our expectations. On a consolidated basis, we exceeded our midpoint target by more than $35 million, reflecting consistent execution and stronger working capital performance than planned. This outperformance was primarily related to the Nabors businesses outside of the SANAD joint venture.

 

“Our full-year outlook for rig count in the Lower 48 has strengthened. We now expect to exit the second quarter with approximately 69 rigs running and to sustain that level through year-end 2026. Even with this higher activity, we expect to maintain our measured capital allocation approach, with full-year capital spending in the previously guided range of $730 to $760 million, including $360 to $380 million for the SANAD newbuilds.

 

“Our focus remains on further strengthening the balance sheet, while our consistent growth strategy supports long-term shareholder value creation.”

 

Outlook

 

Nabors expects the following metrics for the second quarter of 2026:

 

U.S. Drilling

 

o   Lower 48 average rig count of 67 - 68 rigs 

o   Lower 48 daily adjusted gross margin of approximately $13,300 

o   Alaska and Gulf of America combined adjusted EBITDA of approximately $15 million

 

 3 

 

 

NEWS RELEASE

 

International

 

o   Average rig count of 93 - 95 rigs 

o   Daily adjusted gross margin of approximately $17,400 - $17,500

 

Drilling Solutions

 

o   Adjusted EBITDA of approximately $39 million

 

Rig Technologies

 

o   Adjusted EBITDA of approximately $3 million

 

Capital Expenditures

 

o   Capital expenditures of $180 - $190 million, including $75 - $80 million for newbuilds in Saudi Arabia

 

Adjusted Free Cash Flow

 

o   Adjusted free cash flow of approximately $10 million, including free cash consumption at SANAD of approximately $10 million 

 

Mr. Petrello concluded, “Looking ahead to the remainder of the year, we see continued growth opportunities across both our U.S. and International Drilling businesses. This outlook is supported by contracted rig additions in each segment, which provide increased visibility into activity levels. Our disciplined approach to improving free cash flow is reflected in our first-quarter results, and we are positioned to deliver further improvements as we execute throughout the year.”

 

 4 

 

 

NEWS RELEASE

 

About Nabors Industries

 

Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

 

Forward-looking Statements

 

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors’ actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management’s estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements. 

 

Non-GAAP Disclaimer

 

This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Adjusted operating income (loss) represents income (loss) before income taxes, interest expense, investment income (loss), gain on disposition of Quail Tools, gain on bargain purchase, and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. Adjusted gross margin represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments.

 

 5 

 

 

NEWS RELEASE

 

Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition-related costs. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP.

 

Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company’s ongoing profitability, performance and liquidity. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA, Segment Gross Margin or Adjusted Free Cash Flow, as the amount and significance of items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful.

 

Investor Contacts:  William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To request investor materials, contact Nabors’ corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com

 

 6 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

            

   Three Months Ended 
   March 31,   December 31, 
(In thousands, except per share amounts)  2026   2025   2025 
Revenues and other income:               
Operating revenues  $783,548   $736,186   $797,529 
Investment income (loss)   2,887    6,596    7,600 
Total revenues and other income   786,435    742,782    805,129 
                
Costs and other deductions:               
Direct costs   493,469    447,300    486,367 
General and administrative expenses   71,760    68,506    76,279 
Research and engineering   13,506    14,035    13,328 
Depreciation and amortization   156,186    154,638    159,188 
Interest expense   43,761    54,326    50,625 
Gain on disposition of Quail Tools   -    -    1,595 
Gain on bargain purchase   -    (112,999)   2,846 
Other, net   (13,393)   44,790    (9,532)
Total costs and other deductions   765,289    670,596    780,696 
                
Income (loss) before income taxes   21,146    72,186    24,433 
Income tax expense (benefit)   16,884    15,007    7,440 
                
Net income (loss)   4,262    57,179    16,993 
Less: Net (income) loss attributable to noncontrolling interest   (19,428)   (24,191)   (6,645)
Net income (loss) attributable to Nabors  $(15,166)  $32,988   $10,348 
                
Earnings (losses) per share:               
Basic  $(1.54)  $2.35   $0.17 
Diluted  $(1.54)  $2.18   $0.17 
                
Weighted-average number of common shares outstanding:               
Basic   14,213    10,460    14,131 
Diluted   14,213    11,671    14,210 
                
Adjusted EBITDA  $204,813   $206,345   $221,555 
                
Adjusted operating income (loss)  $48,627   $51,707   $62,367 

 

 7 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

          

   March 31,   December 31, 
(In thousands)  2026   2025 
ASSETS          
Current assets:          
Cash and short-term investments  $500,853   $940,738 
Accounts receivable, net   417,717    391,705 
Other current assets   234,031    219,130 
Total current assets   1,152,601    1,551,573 
Property, plant and equipment, net   2,914,886    2,920,019 
Other long-term assets   318,149    318,065 
Total assets  $4,385,636   $4,789,657 
           
LIABILITIES AND EQUITY          
Current liabilities:          
Current debt  $-   $377,492 
Trade accounts payable   322,837    300,467 
Other current liabilities   262,378    315,042 
Total current liabilities   585,215    993,001 
Long-term debt   2,118,729    2,117,187 
Other long-term liabilities   240,163    241,826 
Total liabilities   2,944,107    3,352,014 
           
Redeemable noncontrolling interest in subsidiary   489,129    482,446 
           
Equity:          
Shareholders’ equity   568,942    590,727 
Noncontrolling interest   383,458    364,470 
Total equity   952,400    955,197 
Total liabilities and equity  $4,385,636   $4,789,657 

 

 8 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

SEGMENT REPORTING

(Unaudited)

 

The following tables set forth certain information with respect to our reportable segments and rig activity: 

           

    Three Months Ended  
    March 31,     December 31,  
(In thousands, except rig activity)   2026     2025     2025  
Operating revenues:                        
U.S. Drilling   $ 241,144     $ 230,746     $ 240,624  
International Drilling     419,496       381,718       423,842  
Drilling Solutions     106,222       93,179       107,879  
Rig Technologies (1)     27,222       44,165       37,747  
Other reconciling items (2)     (10,536 )     (13,622 )     (12,563 )
Total operating revenues   $ 783,548     $ 736,186     $ 797,529  
                         
Adjusted EBITDA: (3)                        
U.S. Drilling   $ 88,065     $ 92,711     $ 93,213  
International Drilling     121,281       115,486       131,262  
Drilling Solutions     38,662       40,853       41,302  
Rig Technologies (1)     505       5,563       4,946  
Other reconciling items (4)     (43,700 )     (48,268 )     (49,168 )
Total adjusted EBITDA   $ 204,813     $ 206,345     $ 221,555  
                         
Adjusted operating income (loss): (5)                        
U.S. Drilling   $ 24,624     $ 31,599     $ 28,556  
International Drilling     40,757       32,958       49,638  
Drilling Solutions     31,872       32,913       34,022  
Rig Technologies (1)     (1,888 )     4,335       1,341  
Other reconciling items (4)     (46,738 )     (50,098 )     (51,190 )
Total adjusted operating income (loss)   $ 48,627     $ 51,707     $ 62,367  
                         
Rig activity:                        
Average Rigs Working: (7)                        
Lower 48     65.3       60.6       59.8  
Other US     10.0       7.6       9.8  
U.S. Drilling     75.3       68.2       69.6  
International Drilling     92.6       85.0       93.3  
Total average rigs working     167.9       153.2       162.9  
                         
Daily Rig Revenue: (6),(8)                        
Lower 48   $ 32,653     $ 34,546     $ 32,938  
Other US     54,646       61,361       66,003  
U.S. Drilling (10)     35,573       37,557       37,582  
International Drilling     50,351       49,895       49,391  
                         
Daily Adjusted Gross Margin: (6),(9)                        
Lower 48   $ 13,177     $ 14,276     $ 13,303  
Other US     19,559       30,374       29,557  
U.S. Drilling (10)     14,024       16,084       15,586  
International Drilling     16,880       17,421       17,630  

 

 9 

 

 

(1) Includes our oilfield equipment manufacturing activities.
   
(2) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment.
   
(3) Adjusted EBITDA represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading “Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)”.
   
(4) Represents the elimination of inter-segment transactions and unallocated corporate expenses.
   
(5) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading “Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)”.
   
(6) Rig revenue days represents the number of days the Company’s rigs are contracted and performing under a contract during the period. These would typically include days in which operating, standby and move revenue is earned.
   
(7) Average rigs working represents a measure of the average number of rigs operating during a given period. For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year.  Average rigs working can also be calculated as rig revenue days during the period divided by the number of calendar days in the period.
   
(8) Daily rig revenue represents operating revenue, divided by the total number of revenue days during the quarter.   
   
(9) Daily adjusted gross margin represents operating revenue less direct costs, divided by the total number of rig revenue days during the quarter.   
   
(10) The U.S. Drilling segment includes the Lower 48, Alaska, and Gulf of Mexico operating areas.

 

 10 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

Reconciliation of Earnings per Share

(Unaudited)

 

   Three Months Ended 
   March 31,   December 31, 
(in thousands, except per share amounts)  2026   2025   2025 
BASIC EPS:               
Net income (loss) (numerator):               
Income (loss), net of tax  $4,262   $57,179   $16,993 
Less: net (income) loss attributable to noncontrolling interest   (19,428)   (24,191)   (6,645)
Less: deemed dividends to SPAC public shareholders   —    —    (250)
Less: distributed and undistributed earnings allocated to unvested shareholders   —    (1,177)   (301)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary   (6,683)   (7,184)   (7,344)
Numerator for basic earnings per share:               
Adjusted income (loss), net of tax - basic  $(21,849)  $24,627   $2,453 
                
Weighted-average number of shares outstanding - basic   14,213    10,460    14,131 
Earnings (losses) per share:               
Total Basic  $(1.54)  $2.35   $0.17 
                
DILUTED EPS:               
Adjusted income (loss), net of tax - basic  $(21,849)  $24,627   $2,453 
Add: after tax interest expense of convertible notes   —    848    — 
Add: effect of reallocating undistributed earnings of unvested shareholders   —    4    1 
Adjusted income (loss), net of tax - diluted  $(21,849)  $25,479   $2,454 
                
Weighted-average number of shares outstanding - basic   14,213    10,460    14,131 
Add: if converted dilutive effect of convertible notes   —    1,176    — 
Add: dilutive effect of potential common shares   —    35    79 
Weighted-average number of shares outstanding - diluted   14,213    11,671    14,210 
Earnings (losses) per share:               
Total Diluted  $(1.54)  $2.18   $0.17 

 

 11 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

  RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT

  (Unaudited)

 

(In thousands)

 

   Three Months Ended March 31, 2026 
   U.S.
Drilling		   International
Drilling		   Drilling
Solutions		   Rig
Technologies		   Other
reconciling
items		   Total 
Adjusted operating income (loss)  $24,624   $40,757   $31,872   $(1,888)  $(46,738)  $48,627 
Depreciation and amortization   63,441    80,524    6,790    2,393    3,038    156,186 
Adjusted EBITDA  $88,065   $121,281   $38,662   $505   $(43,700)  $204,813 

 

   Three Months Ended March 31, 2025 
   U.S.
Drilling		   International
Drilling		   Drilling
Solutions		   Rig
Technologies		   Other
reconciling
items		   Total 
Adjusted operating income (loss)  $31,599   $32,958   $32,913   $4,335   $(50,098)  $51,707 
Depreciation and amortization   61,112    82,528    7,940    1,228    1,830    154,638 
Adjusted EBITDA  $92,711   $115,486   $40,853   $5,563   $(48,268)  $206,345 

 

   Three Months Ended December 31, 2025 
   U.S.
Drilling		   International
Drilling		   Drilling
Solutions		   Rig
Technologies		   Other
reconciling
items		   Total 
Adjusted operating income (loss)  $28,556   $49,638   $34,022   $1,341   $(51,190)  $62,367 
Depreciation and amortization   64,657    81,624    7,280    3,605    2,022    159,188 
Adjusted EBITDA  $93,213   $131,262   $41,302   $4,946   $(49,168)  $221,555 

 

 12 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED GROSS MARGIN BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT

(Unaudited)

                

   Three Months Ended 
   March 31,   December 31, 
(In thousands)  2026   2025   2025 
Lower 48 - U.S. Drilling               
Adjusted operating income (loss)  $17,405   $18,995   $13,015 
Plus: General and administrative costs   5,324    4,817    4,874 
Plus: Research and engineering   1,143    823    1,199 
GAAP Gross Margin   23,872    24,635    19,088 
Plus: Depreciation and amortization   53,595    53,225    54,123 
Adjusted gross margin  $77,467   $77,860   $73,211 
                
Other - U.S. Drilling               
Adjusted operating income (loss)  $7,219   $12,604   $15,541 
Plus: General and administrative costs   458    405    416 
Plus: Research and engineering   80    62    90 
GAAP Gross Margin   7,757    13,071    16,047 
Plus: Depreciation and amortization   9,846    7,887    10,534 
Adjusted gross margin  $17,603   $20,958   $26,581 
                
U.S. Drilling               
Adjusted operating income (loss)  $24,624   $31,599   $28,556 
Plus: General and administrative costs   5,782    5,222    5,290 
Plus: Research and engineering   1,223    885    1,289 
GAAP Gross Margin   31,629    37,706    35,135 
Plus: Depreciation and amortization   63,441    61,112    64,657 
Adjusted gross margin  $95,070   $98,818   $99,792 
                
International Drilling               
Adjusted operating income (loss)  $40,757   $32,958   $49,638 
Plus: General and administrative costs   17,609    16,378    18,207 
Plus: Research and engineering   1,749    1,414    1,821 
GAAP Gross Margin   60,115    50,750    69,666 
Plus: Depreciation and amortization   80,524    82,528    81,624 
Adjusted gross margin  $140,639   $133,278   $151,290 

 

Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization.

 

 13 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS)

(Unaudited)

              

   Three Months Ended 
   March 31,   December 31, 
(In thousands)  2026   2025   2025 
Net income (loss)  $4,262   $57,179   $16,993 
Income tax expense (benefit)   16,884    15,007    7,440 
Income (loss) before income taxes   21,146    72,186    24,433 
Investment (income) loss   (2,887)   (6,596)   (7,600)
Interest expense   43,761    54,326    50,625 
Gain on disposition of Quail Tools   -    -    1,595 
Gain on bargain purchase   -    (112,999)   2,846 
Other, net   (13,393)   44,790    (9,532)
Adjusted operating income (loss) (1)   48,627    51,707    62,367 
Depreciation and amortization   156,186    154,638    159,188 
Adjusted EBITDA (2)  $204,813   $206,345   $221,555 

 

(1) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  
 
(2) Adjusted EBITDA represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  

 

 14 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION OF NET DEBT TO TOTAL DEBT

(Unaudited)

 

   March 31,   December 31, 
(In thousands)  2026   2025 
Current debt  $-   $377,492 
Long-term debt   2,118,729    2,117,187 
Total Debt   2,118,729    2,494,679 
Less: Cash and short-term investments   500,853    940,738 
Net Debt  $1,617,876   $1,553,941 

 

 15 

 

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED FREE CASH FLOW TO

NET CASH PROVIDED BY OPERATING ACTIVITIES

(Unaudited)

 

   Three Months Ended 
   March 31,   December 31, 
(In thousands)  2026   2025   2025 
Net cash provided by operating activities  $113,339   $87,735   $245,841 
Add: Capital expenditures, net of proceeds from sales of assets   (161,558)   (159,161)   (114,043)
Free cash flow  $(48,219)  $(71,426)  $131,798 
Cash paid for acquisition related costs (1)   -    10,181    - 
Adjusted free cash flow  $(48,219)  $(61,245)  $131,798 

 

(1) Cash paid related to the Parker Drilling acquisition

 

Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP.

 

 16 

 

Exhibit 99.2

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NABORS INDUSTRIES LTD April 2026 1Q 2026 Earnings Presentation

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N A B O R S . C O M We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These “forward-looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our expectations. Factors to consider when evaluating these forward-looking statements include, but are not limited to: • geopolitical events, pandemics and other macro-events and their respective and collective impact on our operations as well as oil and gas markets and prices; • fluctuations and volatility in worldwide prices of and demand for oil and natural gas; • fluctuations in levels of oil and natural gas exploration and development activities; • fluctuations in the demand for our services; • competitive and technological changes and other developments in the oil and gas and oilfield services industries; • our ability to renew customer contracts in order to maintain competitiveness; • the existence of operating risks inherent in the oil and gas and oilfield services industries; • the possibility of the loss of one or a number of our large customers; • the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures; • the occurrence of cybersecurity incidents, attacks and other breaches to our information technology systems; • the impact of long-term indebtedness and other financial commitments on our financial and operating flexibility; • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our revolving credit facility, and future issuances of debt or equity securities and the global interest rate environment; • our dependence on our operating subsidiaries and investments to meet our financial obligations; Forward-Looking Statements NABORS INDUSTRIES 2 • our ability to retain skilled employees; • our ability to realize the expected benefits of strategic transactions we may undertake; • changes in tax laws and the possibility of changes in other laws and regulation; • global views on and the regulatory environment related to energy transition and our ability to implement our energy transition initiatives; • potential long-lived asset impairments • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes, sanctions or tariffs, by either the U.S. or any other country in which we operate or have supply lines; • general economic conditions, including the capital and credit markets; • our ability to utilize NOLs. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities. Therefore, sustained lower oil or natural gas prices that have a material impact on exploration, development or production activities could also materially affect our financial position, results of operations and cash flows. The above description of risks and uncertainties is by no means all-inclusive but is designed to highlight what we believe are important factors to consider. For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which are available at the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Non-GAAP Financial Measures This presentation refers to certain “non-GAAP” financial measures, such as adjusted EBITDA, net debt, adjusted gross margin and adjusted free cash flow. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Other companies in our industry may compute these metrics differently. These measures have limitations and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP.

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N A B O R S . C O M 30% 53% 13% 4% 1Q 2026 Revenue by Segment U.S. Drilling International Drilling Drilling Solutions Rig Technologies 3 The Industry’s Most Innovative Technology NABORS INDUSTRIES Vertically Integrated Drilling and Technology Solutions Drilling Operations Rig Technologies Drilling Solutions Aligned to drive advanced drilling performance U.S. & INTERNATIONAL

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Vertical Integration Drives Significant Value Rig Technologies Rig equipment & technology that enables automation, efficiency and consistency Drilling Solutions (NDS) Using the rig as an integrated platform to deliver differentiated services NABORS INDUSTRIES N A B O R S . C O M 4 U.S. Drilling Operating a fleet of high-spec rigs across key U.S. basins International Drilling Deploying fit-for-purpose rigs in major markets Integration across operations, solutions, and technology allows Nabors to optimize performance, reliability, and customer outcomes.

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N A B O R S . C O M Recent Highlights NABORS INDUSTRIES 5 Growing activity in Latin America – reactivated 1 rig in Argentina and 1 offshore platform rig in Mexico Lower 48 average rig count increased by 5.5 rigs to 65.3, exceeding our guidance range, driven by strong commercial and operational execution. Total of 8 rigs deployed since November 2025 Maintaining operational cadence in the Middle East and grew operational footprint Nabors as SANAD JV added 2 rigs (1 newbuild and 1 reactivation) Drilling Solutions adjusted gross margin of ~46%; contributed 16% of total adjusted EBITDA from operations; NDS delivered 94% free cashflow conversion*, the highest on record Note: For the reconciliation of adjusted free cashflow, adjusted EBITDA and adjusted gross margin or other non-GAAP metrics to the most comparable GAAP measures see non-GAAP reconciliations in Appendix Redeemed the remaining $379M of 2028 notes; extended maturity runway to 2029; Outperformed 1Q free cash flow guidance by ~$35 million * Adjusted EBITDA less capex divided by adjusted EBITDA

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N A B O R S . C O M 6 Key Value Drivers Selective international growth aligned with customer demand and returns 1 Operational excellence in the U.S. Lower 48 2 Technology-led innovation with demonstrated results 3 Disciplined focus on improving capital structure and reducing debt 4 These drivers support value creation through operational performance, disciplined capital allocation, and technology-enabled differentiation.

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N A B O R S . C O M 1 Improving International Rig Economics Selective International Growth Aligned with Customer Demand and Returns 7 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 '26 International Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin 50 55 60 65 70 75 80 85 90 95 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 '26 International Drilling Average Rig Count Disciplined capital deployment focused on returns and long-term contracts SANAD newbuilds, and redeployments in core markets, progressively at a pricing premium 16% growth since year-end 2023 The rig count in markets where we operate was essentially flat over the same period of time. NABORS INTERNATIONAL RIG COUNT

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N A B O R S . C O M Disciplined capital deployment focused on returns and long-term contracts SANAD newbuilds, and redeployments in core markets, progressively at a pricing premium 1 Improving International Rig Economics Selective International Growth Aligned with Customer Demand and Returns 8 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 2025 1Q'26 International Drilling Average Rig Count $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2021 2022 2023 2024 2025 1Q'26 International Drilling Daily Rig Revenue Daily Rig Revenue Daily Gross Margin 16% growth since year-end 2023 The rig count in markets where we operate was essentially flat over the same period of time. NABORS INTERNATIONAL RIG COUNT

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N A B O R S . C O M 8 1 1 1 1 -3 -1 -1 4 1 1 1 1 85 94 93 101 Rig Count 70 75 80 85 90 95 100 105 110 1 Strategic Growth in International Markets 9 Note: Estimates are based on current market conditions and information received from third parties, which are subject to change. Selective International Growth Aligned with Customer Demand and Returns Awarded/ Restart International Drilling Rig Count Operating End of contract Actively pursuing multiple incremental opportunities with attractive returns

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N A B O R S . C O M 0 10 20 30 40 50 60 70 80 90 100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 '26 L48 Drilling Average Rig Count $0 $10,000 $20,000 $30,000 $40,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 '26 L48 Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin 2 Efficiency and Performance Support Stabilizing Margins in a Challenging Market Operational Excellence in the U.S. Lower 48 10 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions Operational efficiency, performance, pricing and cost discipline enabled by high quality customer portfolio, support stabilizing margins in the Lower 48

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N A B O R S . C O M Operational efficiency, performance, pricing and cost discipline enabled by high quality customer portfolio, support stabilizing margins in the Lower 48 2 Efficiency and Performance Support Stabilizing Margins in a Challenging Market Operational Excellence in the U.S. Lower 48 11 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions $- $8,000 $16,000 $24,000 $32,000 $40,000 Lower 48 Drilling Daily Metrics Daily Rig Revenue Adjusted Daily Gross Margin 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 2025 1Q'26 Lower 48 Drilling Average Rig Count

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N A B O R S . C O M -34% -13% -26% -23% -14% NBR Peer #1 Peer #2 Peer #3 Peer #4 ~20% Decline in Lower-48 Marketed Rigs Operational Excellence in the U.S. Lower 48 12 Year-end marketed rig counts for selected contractors, 2023-2025 Total L48 Marketed Rigs: 600 ڵ 760 (~20% decline) 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Higher utilization will support progressive pricing power 2

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N A B O R S . C O M 13 Nabors Drilling Solutions Leveraging ‘Rig as a Platform’ Managed Pressure Drilling Performance Software Wellbore Placement Automated Casing Running Data Integration / 3 Technology-Led Innovation with Demonstrated Results BOP Rentals

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N A B O R S . C O M 14 NDS – Technology that Enhances Performance Our Portfolio: Solution Performance Software Rockit® and REVit® SmartSuiteTM* RigCLOUD® Integrated Services Casing Running Managed Pressure Drilling Surface Tools Wellbore Placement Function Performance Software Automated drilling optimization Rig-based automation software Real-time and analytics platform Integrated Services Automated sequencing; mechanized pipe handling Fine-tuning formation pressure Drill pipe and BOP rentals Real-time formation and directional data Benefit Performance Software Faster, more consistent ROP, reduced human error Precision control; improved consistency and efficiency Informed decision-making; lower invisible flat time Integrated Services Safer, consistent casing operations; reduced manual labor Commercializes complex wells; improves drilling efficiency A turnkey solution for drilling equipment Better well placement, higher reservoir contact *A suite of over 50 apps including SmartNAV® and SmartSLIDE® – directional guidance steering and automated slide drilling controls 3 Technology-Led Innovation with Demonstrated Results

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N A B O R S . C O M 15 A Framework to Analyze NDS NDS Enables Smart Operations with Data-Driven Solutions 3 Technology-Led Innovation with Demonstrated Results Efficiency, consistency and safety Automation and remote operations Well complexity Lateral lengths Addressable Market Growth Drivers Content Penetration • Number of services per rig • Mix of performance solutions and integrated services per rig Value-based pricing $ / RIGS U.S. and international markets Nabors and third-party rigs INDUSTRY RIG COUNT ▲ ▲ ▲ ▲

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N A B O R S . C O M 0 200 400 600 800 1000 1200 $- $10 $20 $30 $40 $50 $60 $70 $80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 2026 Select country BKR rig count $ millions NDS – International(1) NDS International Revenue BKR Rig Count 0 200 400 600 800 $- $20 $40 $60 $80 $100 $120 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2023 2024 2025 2026 U.S BKR Rig Count $ millions NDS - U.S. NDS U.S. Revenue BKR Rig Count U.S. 16 NDS – Global Market Reach International L48 – Offshore – Alaska (1) Select country rig count per Baker Hughes - countries in which NDS operated >15 Countries ($ millions) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 NDS U.S. Rev. $41.6 $39.4 $40.6 $42.2 $41.1 $39.6 Avg. rig count 586 588 571 540 548 548 ($ millions) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 NDS Int’l Rev. $34.4 $40.3 $67.1 $65.6 $66.7 $66.6 Avg. rig count 807 816 721 935 942 972 3 Technology-Led Innovation with Demonstrated Results Note: NDS-U.S. graphic and table exclude Quail Tools Note: On 8/3/25 Baker Hughes updated its worldwide rig count to reflect more than 230 rigs operating in Saudi Arabia

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N A B O R S . C O M 0% 20% 40% 60% 80% 100% $- $100 $200 $300 $400 $500 NDS Revenue, Adjusted EBITDA* and Free Cashflow Conversion** Revenue Adjusted EBITDA FCF Conversion NDS Expansion from Greater Adoption and Improving Service-line Mix Technology-Led Innovation with Demonstrated Results 17 3 NOTE: All values on this slide exclude Quail Tools * 1Q 2026 revenue and adjusted EBITDA are annualized ** FCF conversion is calculated as adjusted EBITDA less capex divided by adjusted EBITDA ** Software services driving strong free cash flow conversion** 94% 1Q 2026 *

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N A B O R S . C O M 18 3 Technology-Led Innovation with Demonstrated Results — Eric Kolstad, EVP of Wells of Caturus Energy The integration of this leading-edge technology represents the highest standard of power and performance in the industry and, just as importantly, demonstrates our continued commitment to safe and sustainable operations while improving drilling cycle time. PACE-X Ultra : The Next-Generation, High-Spec Rig PACE PACE-X Ultra ®-X Mast Rating 800,000 lbs. 1,000,000 lbs. Racking Capacity 25,000 ft 35,000 ft of 5-7/8” drill pipe C500 High-Torque or Sigma 65,000+ ft/lbs. 500 Ton AC 51,400 ft/lbs. Canrig Top Drive 6 x CAT 3512C with Smart EMS and DGB2 Engines/Generators 4 x CAT 3512C 3 x 2,000 HP 10,000 PSI Mud Pressure 3 x 1,600 HP 7,500 PSI Mud Pressure Mud Pumps The Most Capable Drilling System in the Lower 48 Expanding Next-Gen Fleet Built for Longer, Deeper, More Complex Wells Premium Dayrates and Term Full-Service Model Driving Market Premium >$40k All-In Daily Revenue (Including ancillary and NDS services)

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N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q'26 Net Leverage (x) 1.7x 2.3x 2.6x 2.3x 1.8x 2.1x 2.2x 3.0x 5.3x 6.7x 4.1x 3.6x 4.4x 4.7x 2.9x 2.3x 2.4x 1.7x 1.8x Net Debt ($ billion) $3.2 $2.8 $3.6 $4.1 $3.6 $3.4 $3.8 $3.4 $3.3 $3.7 $3.1 $2.9 $2.5 $2.3 $2.1 $2.1 $2.1 $1.6 $1.6 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Net Leverage Billion Net Debt and Net Leverage Net Leverage (x) Net Debt ($ billion) Gross Leverage Reduced to Lowest Level Since 2013 Disciplined Focus on Improving Capital Structure and Reducing Debt 19 4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q'26 Gross Leverage (x) 2.0x 3.2x 3.2x 2.6x 2.2x 2.4x 2.5x 3.3x 5.8x 7.5x 4.8x 4.2x 5.3x 6.8x 3.6x 3.5x 2.9x 2.8x 2.3x Gross Debt ($ billion) $3.8 $3.9 $4.4 $4.6 $4.4 $3.9 $4.3 $3.7 $3.6 $4.0 $3.6 $3.3 $3.0 $3.3 $2.5 $3.1 $2.5 $2.5 $2.1 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 Gross Leverage Billion Gross Debt and Gross Leverage Gross Leverage (x) Gross Debt ($ billion) * Gross Leverage is year end gross debt divided by TTM Adjusted EBITDA *

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N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q'26 Net Leverage (x) 1.7x 2.3x 2.6x 2.3x 1.8x 2.1x 2.2x 3.0x 5.3x 6.7x 4.1x 3.6x 4.4x 4.7x 2.9x 2.3x 2.4x 1.7x 1.8x Net Debt ($ billion) $3.2 $2.8 $3.6 $4.1 $3.6 $3.4 $3.8 $3.4 $3.3 $3.7 $3.1 $2.9 $2.5 $2.3 $2.1 $2.1 $2.1 $1.6 $1.6 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Net Leverage Billion Net Debt and Net Leverage Net Leverage (x) Net Debt ($ billion) Significant Headway toward ~1x Net Leverage Goal Disciplined Focus on Improving Capital Structure and Reducing Debt 20 4 * Net Leverage is year end net debt divided by TTM Adjusted EBITDA *

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N A B O R S . C O M - - 250 650 550 700 700 390 $0 $200 $400 $600 $800 2026 2027 2028 2029 2030 2031 2032 Million 21 Actively Managing Maturity Profile Notes Gross Debt Management After redemption of 2028 notes completed in 1Q 2026: 4 Disciplined Focus on Improving Capital Structure and Reducing Debt Extinguished the 2028 Notes As of 3/31/26 As of 12/31/25 As of 12/31/24 ($ millions) Gross Debt $2,505 $2,495 $2,119 Cash* $397 $941 $501 Net Debt $2,108 $1,554 $1,618 Extended maturity by 5 years * Cash includes short-term investments

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N A B O R S . C O M • Nabors businesses outside SANAD generate FCF that supports debt reduction • SANAD capital needs funded by its operating cash flow, with no upstream cash from the shareholders 22 Nabors Free Cash Flow Accruing to the Benefit of Nabors Shareholders SANAD JV fully self-funding and does not constrain Nabors’ Free Cash Flow and deleveraging 4 Disciplined Focus on Improving Capital Structure and Reducing Debt • SANAD projected to reach FCF inflection with deployment of 29th newbuild rig (approximately late 2028) $(100) $(50) $- $50 $100 $150 $200 $250 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 E Million Nabors Adjusted Free Cash Flow excluding SANAD JV partner's portion NBR excluding SANAD SANAD Note: The blue and green bars combined represent consolidated adjusted free cash flow

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Appendix 23

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N A B O R S . C O M Reconciliation of Non-GAAP Financial Measures to Net Income (Loss) 24 Adjusted EBITDA represents net income (loss) before, income taxes, investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table below. (In thousands) March 31, December 31 March 31, 2025 2025 2026 Net income (loss) 57,179 $ 16,993 $ 4,262 $ Income tax expense (benefit) 15,007 7,440 16,884 Income (loss) before income taxes 72,186 24,433 21,146 Investment (income) loss (6,596) (7,600) (2,887) Interest Expense 54,326 50,625 43,761 Gain on disposition of Quail Tools - 1,595 - Gain on bargain purchase (112,999) 2,846 - Other, net 44,790 (9,532) (13,393) Adjusted Operating Income (loss) 51,707 62,367 48,627 Depreciation and Amortization 154,638 159,188 156,186 Adjusted EBITDA $ 206,345 221,555 $ 204,813 $ Three Months Ended

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N A B O R S . C O M March 31, December 31, March 31 2025 2025 2026 Lower 48 - U.S. - Drilling Adjusted operating income 18,995 $ 13,015 $ 17,405 $ Plus: General and administrative costs 4,817 4,874 5,324 Plus: Research and engineering 823 1,199 1,143 GAAP Gross Margin 24,635 19,088 23,872 Plus: Depreciation and amortization 54,123 53,225 53,595 Adjusted gross margin $ 77,860 73,211 $ 77,467 $ Other - U.S. - Drilling Adjusted operating income 12,604 $ 15,541 $ 7,219 $ Plus: General and administrative costs 405 416 458 Plus: Research and engineering 62 90 80 GAAP Gross Margin 13,071 16,047 7,757 Plus: Depreciation and amortization 7,887 10,534 9,846 Adjusted gross margin $ 26,581 20,958 $ 17,603 $ U.S. - Drilling Adjusted operating income 31,599 $ 28,556 $ 24,624 $ Plus: General and administrative costs 5,222 5,290 5,782 Plus: Research and engineering 885 1,289 1,223 GAAP Gross Margin 37,706 35,135 31,629 Plus: Depreciation and amortization 61,112 64,657 63,441 Adjusted gross margin $ 98,818 99,792 $ 95,070 $ (In thousands) Three Months Ended Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income 25 Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization.

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N A B O R S . C O M Reconciliation of Net Debt to Total Debt 26 Net debt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including net debt, because it believes that this financial measure accurately measures the Company’s liquidity. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze the company’s performance. Other companies in this industry may compute this measure differently. A reconciliation of net debt to total debt, which is the nearest comparable GAAP financial measure, is provided in the table below. December 31, December 31, March 31, 2024 2025 2026 Current Debt - $ 377,492 $ - $ Long-Term Debt 2,505,217 2,117,187 2,118,729 Total Debt 2,505,217 2,494,679 2,118,729 Cash & Short-term Investments 397,299 940,738 500,853 Net Debt 2,107,918 1,553,941 1,617,876 (In thousands)

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N A B O R S . C O M Three Months Ended March 31, 2026 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 24,624 $ 40,757 $ 31,872 $ (1,888) $ (46,738) $ 48,627 $ Depreciation and amortization 63,441 80,524 6,790 2,393 3,038 156,186 Adjusted EBITDA $ 88,065 121,281 $ 38,662 $ 505 $ (43,700) $ 204,813 $ Three Months Ended December 31, 2025 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 28,556 $ 49,638 $ 34,022 $ 1,341 $ (51,190) $ 62,367 $ Depreciation and amortization 81,624 64,657 7,280 3,605 2,022 159,188 Adjusted EBITDA $ 131,262 93,213 $ 41,302 $ 4,946 $ (49,168) $ 221,555 $ Three Months Ended March 31, 2025 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 31,599 $ 32,958 $ 32,913 $ 4,335 $ (50,098) $ 51,707 $ Depreciation and amortization 61,112 82,528 7,940 1,228 1,830 154,638 Adjusted EBITDA $ 115,486 92,711 $ 40,853 $ 5,563 $ (48,268) $ 206,345 $ Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment 27 (In thousands)

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N A B O R S . C O M Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 Drilling Solutions - U.S. 41,640 $ 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ Drilling Solutions - International 40,347 34,352 67,090 65,581 66,739 66,575 Total Drilling Solutions - operating revenues $ 93,179 75,992 $ 170,283 $ 141,942 $ 107,879 $ 106,222 $ Drilling Solutions - U.S. 41,640 $ 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ Quail Tools (13,429) - (62,582) (34,198) - - Total Drilling Solutions - operating revenues excluding Quail Tools $ 39,403 41,640 $ 40,611 $ 42,163 $ 41,140 $ 39,647 $ Reconciliation of Drilling Solutions Revenue by Geography 28 (In thousands) For the three months ended

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N A B O R S . C O M Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities 29 Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP. Three Months Ended (In thousands) March 31 December 31 March 31 2025 2025 2026 Net cash provided by operating activities 87,735 $ 245,841 $ 113,339 $ Add: Capital expenditures, net of proceeds from sales of assets (159,161) (114,043) (161,558) Free cash flow (71,426) $ 131,798 $ (48,219) $ Cash paid for acquisition related costs $ 10,181 - $ - $ Adjusted free cash flow $ 131,798 (61,245) $ (48,219) $

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NABORS INDUSTRIES LTD. NABORS.COM NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 Houston, TX 77067-4525 @ n a b o r s g l o b a l Contact Us: William C. Conroy, CFA VP - Corporate Development and Investor Relations William.Conroy@nabors.com Kara K. Peak Director - Corporate Development and Investor Relations Kara.Peak@nabors.com