Nabors发布9月投资者会议材料，重申三季度及全年2026展望

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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):
September 8, 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))
Securities registered pursuant to Section 12(b) of the Act:
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 7.01
Regulation FD Disclosure.
On September 8, 2026, Nabors Industries Ltd. (the “Company”)
published an Investor Presentation on its website ahead of a series of investor conferences that it expects senior management to attend
in September. The Investor Presentation is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The Investor Presentation referenced above contains forward-looking
statements within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are subject to risks and uncertainties, as disclosed
from time to time in the Company’s filings with the Securities and Exchange Commission. As a result of these factors, actual results
may differ materially from those indicated or implied by such forward-looking statements.
The information contained in this Item 7.01, and the accompanying Exhibit
99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of
such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act, or the Exchange
Act, regardless of the general incorporation language of any such filing, except as shall be expressly set forth by specific reference
in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
Description
99.1
Investor Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
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: September 8, 2026
By:
/s/ Mark D. Andrews
Mark D. Andrews
Vice President & Corporate Secretary

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EX-99.1
2
tm2624844d1_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
N A B O R S . C O M 1
Technology. Expertise. Performance.
Drilling for a better tomorrow.
NYSE: NBR www.nabors.com DELIVERING ENERGY.
ADVANCING THE WORLD.
SEPTEMBER 2026 INVESTOR MEETINGS
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.
A DIFFERENTIATED GLOBAL PLATFORM
Land and Offshore
Rigs.
THE INDUSTRY’S MOST ROBUST TECHNOLOGY PORTFOLIO.
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Global Scale.
Technology Leadership.
Diversified Market Reach.
An industry-leading technology portfolio
deployed across a global rig fleet.
260+
Employees representing
90+ nationalities.
~14,000
In Markets Comprising
65%
Of Worldwide Petroleum
and Other Liquids
Production.
Countries.
~20
TECHNOLOGY
DRIVEN
4
EXECUTING ACROSS THE STRATEGY. Advancing technology-led growth, further strengthening our balance
sheet, and continuing the robust expansion of our international footprint.
TECHNOLOGY-LED GROWTH
˚35 MILLION
Investment in Quaise Energy.
Positions Nabors as Quaise’s
largest shareholder.
CAPITAL STRUCTURE
˚100 MILLION
Achieved our 2026 target ahead
of schedule by completing the
partial redemption of high-coupon notes due 2030.
INTERNATIONAL EXPANSION
VENEZUELA
Multi-year rig contract
signed to recommence
drilling operations.
5
GLOBAL SCALE ACROSS KEY REGIONS. 178 RIGS OPERATING
13 EASTERN HEMISPHERE
26 LATIN AMERICA
9 OTHER U.S.
56 SAUDI ARABIA
Growing fleet in Alaska and a marquee
Offshore rig.
SANAD JV combines scale and a premier
partnership, with 56 rigs operating and a
significant platform for continued growth.
Strong regional platform with meaningful
market share in Argentina and Colombia,
growing exposure to Vaca Muerta and four
platform rigs offshore Mexico.
Critical international region, with rigs operating in
Algeria, Kazakhstan, Kuwait and Oman.
As of 9/4/2026
74 LOWER 48
Diversified footprint, with 41% in Permian,
16% Eagle Ford, 24% in the Bakken and 12%
in Haynesville.
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STRATEGIC GROWTH IN INTERNATIONAL MARKETS.
INTERNATIONAL DRILLING RIG COUNT
2
2
1
1
-3 -1 -1 -1 -1
1
1
2
1
94 93
95
98 Rig Count
70
75
80
85
90
95
100
105
110 AWARDED /
RESTART OPERATING END OF
CONTRACT OPERATING
Actively pursuing
multiple
incremental
opportunities
with attractive
returns
Visible additions position the international fleet for a potential 98-rig year-end exit.
Rig awarded in Venezuela expected to commence operations in early 1Q 2027.
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The deployment of a Nabors PACE®-B rig at Project Obsidian in
Oregon marks an important step in advancing our geothermal
investment strategy and unlocking a compelling long-term growth
opportunity in an attractive adjacent energy market.
FROM VENTURE
INVESTMENT TO FIELD
DEPLOYMENT.
INITIAL PHASE
PHASE I OF III
50 MW
PHASE I CAPACITY
300–500°C
SUPERHOT ROCK
FIRST-OF-ITS-KIND SUPERHOT GEOTHERMAL PROJECT
Project Obsidian is targeted to be a 1+ GW power plant using a combination of
Quaise’s millimeter wave drilling technology and proven conventional drilling.
$250
$550 $550
$700
$100
$0
$200
$400
$600
$800
2026 2027 2028 2029 2030 2031 2032 Million
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ACTIVELY REDUCING DEBT.
NOTES OUTSTANDING
As of 6/30/26 As of 12/31/25
($ millions)
Gross Debt $2,495 $2,120
Cash* $941 $510
Net Debt $1,554 $1,610
* Cash includes short-term investments
** 3Q Pro Forma is amount as of 6/30/26 adjusted for the partial redemption of the 2030 notes completed on 8/12/2026.
Clear runway to manageable 2029 maturity
3Q
Pro Forma**
$2,020
GROSS DEBT REDUCTION
1.750% 9.125% 8.875% 7.625% << COUPON
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EXECUTING TO PLAN. POSITIONED TO DELIVER. Reiterating our third-quarter and full-year 2026 Outlook from the 2Q Earnings Press Release.
U.S. DRILLING
• Lower 48 average rig count of 73 rigs
• Lower 48 average daily adjusted gross margin of ~$13,800
• Alaska and Gulf of America adjusted EBITDA of ~$11 million
INTERNATIONAL DRILLING • Average rig count of 94 – 96 • Average daily adjusted gross margin of $18,100 - $18,400
DRILLING SOLUTIONS • Adjusted EBITDA of ~$42 million
RIG TECHNOLOGIES • Adjusted EBITDA of $5 - $6 million
CAPITAL EXPENDITURES • Capital expenditures of $245 - $255 million, including
~$130 million for SANAD newbuilds in Saudi Arabia
ADJUSTED FREE CASH FLOW
THIRD QUARTER 2026 OUTLOOK
• Adjusted free cash flow consumption of ~$40 million, including
free cash consumption at SANAD of ~$65 million
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EXECUTING TO PLAN. POSITIONED TO DELIVER. Reiterating our third-quarter and full-year 2026 Outlook from the 2Q Earnings Press Release.
FULL YEAR 2026 OUTLOOK
˚920 - ˚930 MILLION
CAPITAL EXPENDITURES
˚710 - ˚730 MILLION
ADJUSTED EBITDA
˚20 - ˚30 MILLION
ADJUSTED FREE CASH FLOW
Includes $60 - $80 million of SANAD free cash consumption
Includes $325 – $335 million for SANAD newbuilds
FOOTNOTES,
FINANCIAL DEFINITIONS &
DISCLAIMERS
11
NON-GAAP DEFINITIONS
12
We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA or Segment Adjusted Gross Margin, 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 • Adjusted gross margin represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and
amortization. • Adjusted EBITDA represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, 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. • 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. • 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.
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