Nabors Indsustries - NBR STOCK NEWS

GA Drilling has successfully demonstrated its new deep drilling tool, ANCHORBIT®, in partnership with Nabors Industries (NYSE: NBR) on April 25, 2023. This technology aims to significantly reduce the costs of deep geothermal drilling by doubling penetration rates and extending drill bit lifespan in challenging formations. The integration of ANCHORBIT® with Nabors' automated systems is expected to fuel commercialization and broaden global geothermal energy access. With capabilities to penetrate depths exceeding 5 km, ANCHORBIT® could unlock geothermal energy potential worldwide, contributing to decarbonization goals by providing a reliable, renewable energy source.

Nabors Industries (NYSE: NBR) has announced a strategic partnership with Corva to enhance digital and automation solutions in the global drilling sector. This collaboration integrates Corva's innovative App Store with Nabors' SmartROS™ platform, allowing exploration and production companies to utilize standardized automation technologies across diverse rig fleets. By deploying advanced automation without the need for expensive upgrades, the partnership aims to increase efficiency and revenue for drilling contractors. The integration will also enhance communication and data exchange between rig operations and back-office functions, addressing existing gaps in the industry. This initiative is expected to redefine drilling processes, making them more effective and safer.

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.