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Nabors Industries Ltd. (NYSE: NBR) is a global leader in providing advanced drilling rigs and equipment for the energy industry. Established in 1952, Nabors has grown from a small land drilling company in Canada to owning and operating the world's largest land-based drilling rig fleet. The company's operations span across more than 20 countries, offering solutions that enhance safety, efficiency, and performance in the oil and gas sector.
Nabors' core operations include land-based drilling, offshore platform drilling, and a range of performance tools and services. The company's fleet comprises 291 land-based rigs and 28 offshore platform rigs. Nabors operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Its innovative approach focuses on leveraging technology in drilling, engineering, automation, data science, and manufacturing to drive the future of energy production.
Recent achievements include the pricing of $650 million in senior priority guaranteed notes, which will be used to retire outstanding senior notes and for general corporate purposes. Furthermore, Nabors' commitment to advancing clean energy is evident through initiatives like its involvement in the Vast Renewables Limited business combination, aimed at transitioning to a lower-carbon world.
Nabors continues to innovate with projects such as electrifying drilling rigs in Argentina’s Vaca Muerta, demonstrating a commitment to sustainable and efficient energy production. The company's strategic partnerships and ongoing projects reflect its dedication to operational excellence and industry leadership.
Nabors Industries Ltd. (NYSE: NBR) reported fourth quarter 2020 operating revenues of $443 million, up from $438 million in Q3 2020. The net loss for the quarter was $112 million, or $16.46 per share, despite $162 million in pretax gains from debt transactions. Adjusted EBITDA decreased to $108 million from $114 million in the previous quarter. The company saw improvements in its U.S. drilling segment and a 23% increase in the Lower 48 rig count. Free cash flow reached $66 million, while net debt decreased to $2.5 billion.
Nabors Industries Ltd. (NYSE: NBR) has postponed its fourth quarter 2020 earnings release and conference call due to severe weather conditions and power outages affecting its Houston-area employees. The earnings release is now scheduled for February 23, 2021, after market close, while the conference call will take place on February 24, 2021, at 1:00 PM CT. Participants can join via dial-in or through a live audio webcast on the company's website. Nabors operates one of the largest land-based drilling rig fleets globally, providing a range of services and technologies in the drilling sector.
Nabors Industries Ltd. (NYSE: NBR) will hold a conference call on February 18, 2021, at 1:00 p.m. CT to discuss fourth-quarter earnings results for the period ending December 31, 2020. The earnings release is scheduled for February 17, 2021. Participants can join via telephone or through a live audio webcast available on Nabors' website. Additionally, a recorded version of the call will be accessible for one week post-event. Nabors operates a large drilling rig fleet and provides various drilling services worldwide.
Nabors Industries announced the final results of its Exchange Offers targeting multiple series of its senior notes, including 4.625% and 5.50% notes. As of November 27, 2020, approximately $380.2 million of the old notes were tendered. Nabors expects to issue $175.7 million of new 9.00% senior priority guaranteed notes upon settlement, reducing its senior debt by approximately $269.1 million. The settlement date is expected on December 1, 2020. This exchange was only accessible to qualified institutional buyers and does not involve registration under U.S. securities laws.
Nabors Industries announced early results of its Exchange Offers for various senior notes, with approximately $344.9 million in Old Notes tendered. The company plans to issue up to $300 million in newly issued 9.00% senior priority guaranteed notes due 2025. Eligible Holders will benefit from an extended Early Participation Date to November 27, 2020, allowing them to receive an early tender payment. The total principal amount of senior priority guaranteed notes outstanding would reach roughly $211.3 million after the settlement of the Exchange Offers.
Nabors Industries Ltd. (NBR) reported Q3 2020 operating revenues of $438 million, down from $534 million in Q2. The net loss rose to $161 million ($23.42 per share) compared to a loss of $152 million in the previous quarter. Adjusted EBITDA decreased to $114 million. The global drilling rig count dropped by 11%, mainly due to temporary suspensions and contract cancellations. Despite these challenges, the company achieved a positive revenue adjustment and improved free cash flow of $9 million. Looking ahead, Nabors anticipates Q4 adjusted EBITDA decline but aims for free cash flow of $90-$100 million.
Nabors Industries (NYSE: NBR) announced the launch of Exchange Offers for Eligible Holders to exchange up to $300 million of outstanding notes for newly issued 9.00% senior guaranteed notes due 2025. Additionally, Nabors completed a private exchange, swapping $115 million in 0.75% notes due 2024 for $50.49 million in new 6.5% notes due 2025. The Exchange Offers are not conditioned on a minimum amount of old notes being tendered and will close by November 27, 2020. Participating holders will also receive accrued interest on old notes up to the settlement date.
Nabors Industries Ltd. (NYSE: NBR) has announced the rescheduling of its third quarter 2020 earnings release and conference call due to scheduling conflicts. The earnings release will occur after market close on November 3, 2020, with the conference call set for November 4, 2020, at 1:00 PM CT. Interested participants can join the call via various dial-in numbers or through a live audio webcast on Nabors' website. A recording will be available after the call. Nabors is a leader in land-based drilling and provides a range of services and technologies in the drilling sector.
Nabors Industries Ltd. (NYSE: NBR) will host a conference call on October 29, 2020 at 1:00 p.m. CT to discuss third quarter operating results ending September 30, 2020. The earnings release will be issued before market opens on the same day. Participants can join via phone or listen to a live audio webcast available on the company's website. An earnings presentation will also be accessible for download. For further details about the company’s extensive drilling operations and technological advancements, visit www.nabors.com.
Nabors Industries Ltd. (NBR) reported second quarter 2020 operating revenues of $534 million, down from $718 million in Q1. The net loss attributable to common shareholders is expected to be $152 million or $22.13 per share, an improvement from a loss of $395 million in the previous quarter. Adjusted EBITDA fell to $154 million, affected by a 36% reduction in drilling rigs in the U.S. due to a 50% decline in industry rig count. Total debt declined by $112 million, reflecting improved free cash flow of $101 million despite challenging market conditions.
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