Nabors Industries Ltd. - NBR STOCK NEWS

Nabors Industries Ltd. (NYSE: NBR) will release its first quarter 2023 operating results on April 24, 2023, after market close. A conference call with CEO Anthony G. Petrello and CFO William Restrepo is scheduled for April 25, 2023, at 1:00 PM CT (2:00 PM ET) to discuss these results. The conference call can be accessed via US Toll Free number (888) 317-6003, and an international dial-in is available at (412) 317-6061. The call will also be available as a recorded session for one week. Additionally, a live audio webcast can be accessed on Nabors' website, alongside the electronic earnings release. This announcement underlines Nabors’ ongoing commitment to transparency and investor relations.

Nabors Industries (NYSE: NBR) announced the successful redemption of approximately $210 million of 9% senior priority guaranteed notes due in 2025. This redemption was financed through the issuance of $250 million of 1.75% exchangeable senior unsecured notes due 2029. The move extends the debt maturity and is projected to save Nabors about $16 million annually in interest payments. This proactive debt management strategy is aimed at enhancing financial flexibility and de-leveraging, which may benefit investors across all capital structures.

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.