# EDGAR Filing Document

**Accession Number:** 0001163739
**File Stem:** 0001104659-25-071774
**Filing Date:** 2025-7
**Character Count:** 81082
**Document Hash:** f2eedfad021b28ecf760993e36de238b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-071774.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001104659-25-071774

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NABORS INDUSTRIES LTD
- **CENTRAL INDEX KEY:** 0001163739
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980363970
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32657
- **FILM NUMBER:** 251162664

**BUSINESS ADDRESS:**
- **STREET 1:** CROWN HOUSE
- **STREET 2:** 4 PAR-LA-VILLE ROAD   SECOND FLOOR
- **CITY:** HAMILTON, HM08
- **STATE:** D0
- **ZIP:** 0000
- **BUSINESS PHONE:** 4412921510

**MAIL ADDRESS:**
- **STREET 1:** P O BOX HM3349
- **CITY:** HAMILTON, HMPX
- **STATE:** D0
- **ZIP:** 0000

?xml version='1.0' encoding='ASCII'?

**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): **July 29, 2025**

**NABORS INDUSTRIES LTD.**

(Exact name of registrant as specified in its charter)

---

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

---

---

| | |
|:---|:---|
| **Crown House**<br>**4 Par-la-Ville Road**<br>**Second Floor**<br>**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<br> 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 July 29, 2025, Nabors Industries Ltd. ("Nabors") issued a press release announcing its results of operations for the three months ended June 30, 2025. A copy of that release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

On July 30, 2025, Nabors will hold a conference call at 10:00 a.m. Central Time, regarding the Company's financial results for the quarter ended June 30, 2025. 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 <u>www.nabors.com</u>.

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** <br> **No.** | **Description** |
| [99.1](tm2521960d1_ex99-1.htm) | [Press Release](tm2521960d1_ex99-1.htm) |
| [99.2](tm2521960d1_ex99-2.htm) | [Investor Information](tm2521960d1_ex99-2.htm) |
| 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. | NABORS INDUSTRIES LTD. |
| Date: July 29, 2025 | By: | /s/ Mark D. Andrews |
|  |  | Name: Mark D. Andrews |
|  |  | Title: Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | NEWS RELEASE |

---

**<u>Nabors Announces Second Quarter 2025 Results</u>**

HAMILTON, Bermuda, July 29, 2025 /PRNewswire/ - Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported second quarter 2025 operating revenues of $833 million, compared to operating revenues of $736 million in the first quarter. Net loss attributable to Nabors shareholders for the quarter was $31 million, compared to net income of $33 million in the first quarter. This equates to a loss per diluted share of $2.71, compared to earnings per diluted share of $2.18 in the first quarter. The first quarter included a one-time, non-cash net gain on the Parker transaction of $113.0 million, or $9.68 per diluted share. Second-quarter adjusted EBITDA was $248 million, compared to $206 million in the previous quarter.

<u>2Q 2025 Highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;o The SANAD drilling joint venture with Saudi Aramco deployed two newbuild rigs in the Kingdom. These bring
the total number of deployments to twelve. Two more units are scheduled to start operations over the balance of this year.

&nbsp;&nbsp;&nbsp;&nbsp;o Saudi Aramco awarded the fourth tranche of newbuilds to SANAD. This award of five rigs marks the next
step in SANAD's 50-rig newbuild program. The first rigs of this tranche are scheduled to commence operating in 2026, with the final
one in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;o Several impactful international rig reactivations were completed in Kuwait. All three previously announced
awards have commenced operations, one of which began in early July. These high-specification rigs are working under multiyear contracts
and are expected to contribute materially to the International Drilling segment earnings during the second half of 2025 and beyond.

&nbsp;&nbsp;&nbsp;&nbsp;o Nabors' high-specification PACE® series SmartRigs® set several milestones extending lateral
wellbore lengths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In the Bakken, a PACE®-X rig followed up drilling an operator's first four-mile lateral in the
formation with two more four-mile lateral wells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Also in the Bakken, another operator utilizing a PACE®-B rig drilled back-to-back four-mile lateral
wells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In the Haynesville a PACE®-X rig drilled the basin's longest lateral at 20,000 feet; the well
reached a total depth of 32,000 feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In the Eagle Ford, a PACE®-M rig drilled a record well in the basin, at 32,525 feet, including a 22,500-foot
lateral section.

&nbsp;&nbsp;&nbsp;&nbsp;o Significant progress was made on the integration of the Parker Wellbore businesses acquired in March.
These contributed materially to Nabors financial results in the second quarter. Cost synergies realized during the quarter support the
$40 million previously targeted for 2025.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our second quarter results demonstrated the strength of the Nabors portfolio while reflecting a full quarter contribution from the acquisition of Parker Wellbore. In total, EBITDA from the legacy Nabors businesses increased sequentially. I am pleased with the performance of the Parker operations, and our progress to realize expected cost synergies.

---

| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | NEWS RELEASE |

---

"Recent deployments of high-spec rigs in the Middle East along with those scheduled over the balance of 2025 should drive growth in our International Drilling segment. The SANAD newbuild program is a key element of our future value creation. The award of the fourth five-rig tranche cements SANAD's growth prospects into 2027.

"Before the impact from Parker, adjusted EBITDA grew sequentially in all three of the business lines in our U.S. Drilling segment. The Lower-48 rig market in oil focused basins remains flat to down, and we are working to mitigate the impact of the current industry rig count and dayrates. At the same time, natural gas drilling has moved upwards. We see our rig count and leading-edge pricing stabilizing in the third quarter and through the end of the year.

"Our U.S. Offshore and Alaska operations are performing well. Including the contributions of Parker, these two businesses comprise a growing portion of our overall U.S. Drilling segment. In particular, our Alaska fleet is poised to capitalize on growth in that market.

"With the addition of Parker's operations, Nabors Drilling Solutions now comprises over 25% of adjusted EBITDA from our operating segments. The Parker product lines in NDS – the largest being Quail Tools – outperformed our expectations in the second quarter. These results highlight the potential that led us to the acquisition."

<u>Segment Results</u>

International Drilling adjusted EBITDA totaled $117.7 million, compared to $115.5 million in the first quarter. Average rig count increased by one, primarily reflecting the startup of newbuild rigs in Saudi Arabia and Kuwait, offset by the conclusion of contracts for a rig each in Papua New Guinea and Mexico. Daily adjusted gross margin for the second quarter improved to $17,534, driven primarily by the high-margin additions.

The U.S. Drilling segment reported second quarter adjusted EBITDA of $101.8 million, compared to $92.7 million in the previous quarter. All three of the U.S. Drilling segment's operations drove this improvement. In the Lower 48, the higher rig count more than offset a decline in daily margins. Improvements in Nabors legacy Alaska and Offshore were augmented by the contribution of a full quarter of the corresponding Parker operations.

Drilling Solutions adjusted EBITDA was $76.5 million, compared to $40.9 million in the first quarter. The legacy Nabors business was down slightly, while the addition of Parker accounted for the sequential increase. This segment's gross margin, at 53%, improved moderately.

Rig Technologies adjusted EBITDA was $5.2 million, compared to $5.6 million in the prior quarter. A decline in capital equipment deliveries, primarily in the Middle East, contributed to the sequential decrease in adjusted EBITDA.

---

| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | NEWS RELEASE |

---

<u>Adjusted Free Cash Flow</u>

In the second quarter, consolidated adjusted free cash flow was $41 million. This compares to free cash consumption of $61 million in the prior quarter. These figures exclude transaction costs related to the acquisition of Parker Wellbore. Lower quarterly cash interest payments and improved collections from customers contributed to the improved adjusted free cash flow in the second quarter, even as capital expenditures increased. Although receivable collections during the second quarter from Nabors' main customer in Mexico were significantly lower than expected, the company benefited from higher payments from other clients. The recently announced a $7 - $10 billion capital raise sponsored by the Mexico government is intended to address the issue of overdue vendor liabilities.

William Restrepo, Nabors CFO, stated, "The current economic backdrop appears to be stabilizing, as markets digest recent developments on foreign trade, Federal Reserve policy, and geopolitical conflicts. Favorable trends in employment and inflation indicate a relatively constructive environment, for both our potential capital markets activities and our global operations. These factors have already had a positive impact on credit spreads. Interest rate actions by the Fed and a further narrowing of spreads later this year should benefit us, as we look to refinance our senior notes.

"Our results for the second quarter were solid. In addition to the higher adjusted EBITDA contribution from Parker Wellbore, our legacy drilling rig business improved. Legacy Drilling Solutions and Rig Technologies declined slightly.

"We are encouraged by our relatively stable Lower 48 rig count as we enter the second half and expect our rig count to continue at approximately its current level through year end. This outlook assumes some continued weakness in oil-focused activity, offset by anticipated strength in natural gas drilling. At the same time, our leading-edge daily revenue has remained resilient in the low $30,000 range, providing support to our daily gross margin. This environment gives us confidence about our expected pace of cash flow generation and debt reduction during the balance of 2025.

"Adjusted free cash flow generated by our operations of $41 million in the second quarter improved by more than $100 million as compared to the first quarter. In the third quarter, we expect progress on our collections in Mexico. Assuming these materialize, we forecast similar adjusted free cash flow in the third quarter and anticipate reaching our $80 million target for the full year.

"Parker Wellbore has exceeded our expectations as it grew sequentially on a comparable basis. Margins were high and cash flow generation was better than anticipated. In addition, our synergy capture post-closing has exceeded our targets."

---

| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | NEWS RELEASE |

---

<u>Outlook</u>

Nabors expects the following metrics for the third quarter of 2025:

U.S. Drilling

&nbsp;&nbsp;&nbsp;&nbsp;o Lower 48 average rig count of 57 - 59 rigs

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

&nbsp;&nbsp;&nbsp;&nbsp;o Alaska and Gulf of America combined adjusted EBITDA of approximately $26 million

International

&nbsp;&nbsp;&nbsp;&nbsp;o Average rig count of 87 - 88 rigs

&nbsp;&nbsp;&nbsp;&nbsp;o Daily adjusted gross margin of approximately $17,900

Drilling Solutions

&nbsp;&nbsp;&nbsp;&nbsp;o Adjusted EBITDA approximately in line with the second quarter

Rig Technologies

&nbsp;&nbsp;&nbsp;&nbsp;o Adjusted EBITDA up approximately $2 - $3 million from the second quarter

Capital Expenditures

&nbsp;&nbsp;&nbsp;&nbsp;o Capital expenditures of $200 - $210 million, including $110 - $115 million for the newbuilds in Saudi
Arabia

&nbsp;&nbsp;&nbsp;&nbsp;o Full-year capital expenditures of $700 - $710 million, with $300 million for the SANAD newbuilds and $60
million for Parker Wellbore

Adjusted Free Cash Flow

&nbsp;&nbsp;&nbsp;&nbsp;o Adjusted free cash flow should be in line with the second quarter

Mr. Petrello concluded, "Challenge and change are constants in the oilfield services business. The current environment is no exception. Our strategy to diversify by service line and by geography continues to position Nabors for success throughout the cycle. The Parker business adds key complementary elements to our portfolio.

"With the award of another tranche of newbuild rigs, the outlook for significant free cash flow at SANAD is solidified. We are confident this growth in SANAD will drive significant value creation."

---

| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | 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: <u>www.nabors.com</u>.

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) from continuing operations before income taxes, interest expense, investment income (loss), gain on bargain purchase, and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. 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.

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.

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| | |
|:---|:---|
| ![](tm2521960d1_ex99-1img001.jpg) | NEWS RELEASE |

---

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) from continuing operations 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 <u>william.conroy@nabors.com</u>, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email <u>kara.peak@nabors.com</u>. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail <u>mark.andrews@nabors.com</u>

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| <br>**(In thousands, except per share amounts)** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Revenues and other income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating revenues | $832788 | $734798 | $736186 | $1568974 | $1468502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (loss) | 6129 | 8181 | 6596 | 12725 | 18382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues and other income | 838917 | 742979 | 742782 | 1581699 | 1486884 |
| Costs and other deductions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct costs | 488881 | 440225 | 447300 | 936181 | 877302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 82726 | 62154 | 68506 | 151232 | 123905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and engineering | 12722 | 14362 | 14035 | 26757 | 28225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 175061 | 160141 | 154638 | 329699 | 317826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 56081 | 51493 | 54326 | 110407 | 101872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase | (3500) |  | (112999) | (116499) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 6074 | 12079 | 44790 | 50864 | 28187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and other deductions | 818045 | 740454 | 670596 | 1488641 | 1477317 |
| Income (loss) before income taxes | 20872 | 2525 | 72186 | 93058 | 9567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 23077 | 15554 | 15007 | 38084 | 31598 |
| Net income (loss) | (2205) | (13029) | 57179 | 54974 | (22031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net (income) loss attributable to noncontrolling interest | (28705) | (19226) | (24191) | (52896) | (44557) |
| Net income (loss) attributable to Nabors | $(30910) | $(32255) | $32988 | $2078 | $(66588) |
| Earnings (losses) per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(2.71) | $(4.29) | $2.35 | $(1.01) | $(8.83) |
| &nbsp;&nbsp;&nbsp;Diluted | $(2.71) | $(4.29) | $2.18 | $(1.01) | $(8.83) |
| Weighted-average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 14083 | 9207 | 10460 | 12271 | 9191 |
| &nbsp;&nbsp;&nbsp;Diluted | 14083 | 9207 | 11671 | 12271 | 9191 |
| Adjusted EBITDA | $248459 | $218057 | $206345 | $454804 | $439070 |
| Adjusted operating income (loss) | $73398 | $57916 | $51707 | $125105 | $121244 |

---

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**(In thousands)** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| ASSETS |  |  |  |
| Current assets: |  |  |  |
| Cash and short-term investments | $387355 | $404109 | $397299 |
| Accounts receivable, net | 537071 | 549626 | 387970 |
| Other current assets | 272465 | 245083 | 214268 |
| &nbsp;&nbsp;&nbsp;Total current assets | 1196891 | 1198818 | 999537 |
| Property, plant and equipment, net | 3063033 | 3074789 | 2830957 |
| Other long-term assets | 778739 | 776077 | 673807 |
| &nbsp;&nbsp;&nbsp;Total assets | $5038663 | $5049684 | $4504301 |
| LIABILITIES AND EQUITY |  |  |  |
| Current liabilities: |  |  |  |
| Trade accounts payable | $364846 | $375440 | 321030 |
| Other current liabilities | 304599 | 292205 | 250887 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 669445 | 667645 | 571917 |
| Long-term debt | 2672820 | 2685169 | 2505217 |
| Other long-term liabilities | 249728 | 251493 | 220829 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3591993 | 3604307 | 3297963 |
| Redeemable noncontrolling interest in subsidiary | 806342 | 795643 | 785091 |
| Equity: |  |  |  |
| Shareholders' equity | 307984 | 342660 | 134996 |
| Noncontrolling interest | 332344 | 307074 | 286251 |
| &nbsp;&nbsp;&nbsp;Total equity | 640328 | 649734 | 421247 |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | $5038663 | $5049684 | $4504301 |

---

**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** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| <br>**(In thousands, except rig activity)** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Operating revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Drilling | $255438 | $259723 | $230746 | $486184 | $531712 |
| &nbsp;&nbsp;&nbsp;International Drilling | 384970 | 356733 | 381718 | 766688 | 706092 |
| &nbsp;&nbsp;&nbsp;Drilling Solutions | 170283 | 82961 | 93179 | 263462 | 158535 |
| &nbsp;&nbsp;&nbsp;Rig Technologies (1) | 36527 | 49546 | 44165 | 80692 | 99702 |
| &nbsp;&nbsp;&nbsp;Other reconciling items (2) | (14430) | (14165) | (13622) | (28052) | (27539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | $832788 | $734798 | $736186 | $1568974 | $1468502 |
| Adjusted EBITDA: (3) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Drilling | $101821 | $114020 | $92711 | $194532 | $234423 |
| &nbsp;&nbsp;&nbsp;International Drilling | 117658 | 106371 | 115486 | 233144 | 208869 |
| &nbsp;&nbsp;&nbsp;Drilling Solutions | 76501 | 32468 | 40853 | 117354 | 64255 |
| &nbsp;&nbsp;&nbsp;Rig Technologies (1) | 5174 | 7330 | 5563 | 10737 | 14131 |
| &nbsp;&nbsp;&nbsp;Other reconciling items (4) | (52695) | (42132) | (48268) | (100963) | (82608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted EBITDA | $248459 | $218057 | $206345 | $454804 | $439070 |
| Adjusted operating income (loss): (5) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Drilling | $39788 | $45085 | $31599 | $71387 | $95614 |
| &nbsp;&nbsp;&nbsp;International Drilling | 36051 | 23672 | 32958 | 69009 | 46148 |
| &nbsp;&nbsp;&nbsp;Drilling Solutions | 50365 | 27319 | 32913 | 83278 | 54212 |
| &nbsp;&nbsp;&nbsp;Rig Technologies (1) | 1721 | 4860 | 4335 | 6056 | 9069 |
| &nbsp;&nbsp;&nbsp;Other reconciling items (4) | (54527) | (43020) | (50098) | (104625) | (83799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted operating income (loss) | $73398 | $57916 | $51707 | $125105 | $121244 |
| Rig activity: |  |  |  |  |  |
| Average Rigs Working: (7) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | 62.4 | 68.7 | 60.6 | 61.5 | 70.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other US | 10.0 | 6.3 | 7.6 | 8.8 | 6.5 |
| &nbsp;&nbsp;&nbsp;U.S. Drilling | 72.4 | 75.0 | 68.2 | 70.3 | 76.8 |
| &nbsp;&nbsp;&nbsp;International Drilling | 85.9 | 84.4 | 85.0 | 85.4 | 82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total average rigs working | 158.3 | 159.4 | 153.2 | 155.7 | 159.5 |
| Daily Rig Revenue: (6),(8) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | $33466 | $35334 | $34546 | $33995 | $35402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other US | 71814 | 68008 | 61361 | 67306 | 66135 |
| &nbsp;&nbsp;&nbsp;U.S. Drilling (10) | 38761 | 38076 | 37557 | 38180 | 38020 |
| &nbsp;&nbsp;&nbsp;International Drilling | 49263 | 46469 | 49895 | 49575 | 46917 |
| Daily Adjusted Gross Margin: (6),(9) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower 48 | $13902 | $15598 | $14276 | $14085 | $15809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other US | 32073 | 38781 | 30374 | 31340 | 36912 |
| &nbsp;&nbsp;&nbsp;U.S. Drilling (10) | 16411 | 17544 | 16084 | 16253 | 17607 |
| &nbsp;&nbsp;&nbsp;International Drilling | 17534 | 16050 | 17421 | 17478 | 16056 |

---

(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 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 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.

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

**Reconciliation of Earnings per Share**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| <br>**(in thousands, except per share amounts)** | **2025** | **2024** | **2025** | **2025** | **2024** |
| **BASIC EPS:** |  |  |  |  |  |
| Net income (loss) (numerator): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income (loss), net of tax | $(2205) | $(13029) | $57179 | $54974 | $(22031) |
| &nbsp;&nbsp;&nbsp;Less: net (income) loss attributable to noncontrolling interest | (28705) | (19226) | (24191) | (52896) | (44557) |
| &nbsp;&nbsp;&nbsp;Less: distributed and undistributed earnings allocated to unvested shareholders |  |  | (1177) |  |  |
| &nbsp;&nbsp;&nbsp;Less: accrued distribution on redeemable noncontrolling interest in subsidiary | (7264) | (7283) | (7184) | (14448) | (14566) |
| Numerator for basic earnings per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted income (loss), net of tax - basic | $(38174) | $(39538) | $24627 | $(12370) | $(81154) |
| Weighted-average number of shares outstanding - basic | 14083 | 9207 | 10460 | 12271 | 9191 |
| Earnings (losses) per share: |  |  |  |  |  |
| Total Basic | $(2.71) | $(4.29) | $2.35 | $(1.01) | $(8.83) |
| **DILUTED EPS:** |  |  |  |  |  |
| Adjusted income (loss), net of tax - basic | $(38174) | $(39538) | $24627 | $(12370) | $(81154) |
| &nbsp;&nbsp;&nbsp;Add: after tax interest expense of convertible notes |  |  | 848 |  |  |
| &nbsp;&nbsp;&nbsp;Add: effect of reallocating undistributed earnings of unvested shareholders |  |  | 4 |  |  |
| Adjusted income (loss), net of tax - diluted | $(38174) | $(39538) | $25479 | $(12370) | $(81154) |
| Weighted-average number of shares outstanding - basic | 14083 | 9207 | 10460 | 12271 | 9191 |
| Add: if converted dilutive effect of convertible notes |  |  | 1176 |  |  |
| Add: dilutive effect of potential common shares |  |  | 35 |  |  |
| Weighted-average number of shares outstanding - diluted | 14083 | 9207 | 11671 | 12271 | 9191 |
| Earnings (losses) per share: |  |  |  |  |  |
| Total Diluted | $(2.71) | $(4.29) | $2.18 | $(1.01) | $(8.83) |

---

**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 June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **U.S. <br> Drilling** | **International<br> Drilling** | **Drilling<br> Solutions** | **Rig<br> Technologies** | **Other<br> reconciling<br> items** | **Total** |
| Adjusted operating income (loss) | $39788 | $36051 | $50365 | $1721 | $(54527) | $73398 |
| Depreciation and amortization | 62033 | 81607 | 26136 | 3453 | 1832 | 175061 |
| Adjusted EBITDA | $101821 | $117658 | $76501 | $5174 | $(52695) | $248459 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **U.S. <br> Drilling** | **International<br> Drilling** | **Drilling<br> Solutions** | **Rig <br> Technologies** | **Other<br> reconciling<br> items** | **Total** |
| Adjusted operating income (loss) | $45085 | $23672 | $27319 | $4860 | $(43020) | $57916 |
| Depreciation and amortization | 68935 | 82699 | 5149 | 2470 | 888 | 160141 |
| Adjusted EBITDA | $114020 | $106371 | $32468 | $7330 | $(42132) | $218057 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **U.S. <br> Drilling** | **International<br> Drilling** | **Drilling<br> Solutions** | **Rig <br> Technologies** | **Other<br> reconciling<br> items** | **Total** |
| Adjusted operating income (loss) | $31599 | $32958 | $32913 | $4335 | $(50098) | $51707 |
| Depreciation and amortization | 61112 | 82528 | 7940 | 1228 | 1830 | 154638 |
| Adjusted EBITDA | $92711 | $115486 | $40853 | $5563 | $(48268) | $206345 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **U.S. <br> Drilling** | **International<br> Drilling** | **Drilling<br> Solutions** | **Rig <br> Technologies** | **Other<br> reconciling<br> items** | **Total** |
| Adjusted operating income (loss) | $71387 | $69009 | $83278 | $6056 | $(104625) | $125105 |
| Depreciation and amortization | 123145 | 164135 | 34076 | 4681 | 3662 | 329699 |
| Adjusted EBITDA | $194532 | $233144 | $117354 | $10737 | $(100963) | $454804 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **U.S. <br> Drilling** | **International<br> Drilling** | **Drilling<br> Solutions** | **Rig <br> Technologies** | **Other<br> reconciling<br> items** | **Total** |
| Adjusted operating income (loss) | $95614 | $46148 | $54212 | $9069 | $(83799) | $121244 |
| Depreciation and amortization | 138809 | 162721 | 10043 | 5062 | 1191 | 317826 |
| Adjusted EBITDA | $234423 | $208869 | $64255 | $14131 | $(82608) | $439070 |

---

**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** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| <br>**(In thousands)** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Lower 48 - U.S. Drilling |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $21515 | $32841 | $18995 | $40510 | $72105 |
| &nbsp;&nbsp;&nbsp;Plus: General and administrative costs | 4481 | 4390 | 4817 | 9298 | 9213 |
| &nbsp;&nbsp;&nbsp;Plus: Research and engineering | 888 | 909 | 823 | 1711 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP Gross Margin | 26884 | 38140 | 24635 | 51519 | 83191 |
| Plus: Depreciation and amortization | 52080 | 59332 | 53225 | 105305 | 119065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross margin | $78964 | $97472 | $77860 | $156824 | $202256 |
| Other - U.S. Drilling |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $18273 | $12244 | $12604 | $30877 | $23509 |
| &nbsp;&nbsp;&nbsp;Plus: General and administrative costs | 896 | 305 | 405 | 1301 | 631 |
| &nbsp;&nbsp;&nbsp;Plus: Research and engineering | 64 | 45 | 62 | 126 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP Gross Margin | 19233 | 12594 | 13071 | 32304 | 24232 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization | 9953 | 9603 | 7887 | 17840 | 19744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross margin | $29186 | $22197 | $20958 | $50144 | $43976 |
| U.S. Drilling |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $39788 | $45085 | $31599 | $71387 | $95614 |
| &nbsp;&nbsp;&nbsp;Plus: General and administrative costs | 5377 | 4695 | 5222 | 10599 | 9844 |
| &nbsp;&nbsp;&nbsp;Plus: Research and engineering | 952 | 954 | 885 | 1837 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP Gross Margin | 46117 | 50734 | 37706 | 83823 | 107423 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization | 62033 | 68935 | 61112 | 123145 | 138809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross margin | $108150 | $119669 | $98818 | $206968 | $246232 |
| International Drilling |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $36051 | $23672 | $32958 | $69009 | $46148 |
| &nbsp;&nbsp;&nbsp;Plus: General and administrative costs | 17867 | 15435 | 16378 | 34245 | 29850 |
| &nbsp;&nbsp;&nbsp;Plus: Research and engineering | 1499 | 1404 | 1414 | 2913 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP Gross Margin | 55417 | 40511 | 50750 | 106167 | 78910 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization | 81607 | 82699 | 82528 | 164135 | 162721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross margin | $137024 | $123210 | $133278 | $270302 | $241631 |

---

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

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

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

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| <br>**(In thousands)** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Net income (loss) | $(2205) | $(13029) | $57179 | $54974 | $(22031) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 23077 | 15554 | 15007 | 38084 | 31598 |
| Income (loss) from continuing operations before income taxes | 20872 | 2525 | 72186 | 93058 | 9567 |
| &nbsp;&nbsp;&nbsp;Investment (income) loss | (6129) | (8181) | (6596) | (12725) | (18382) |
| &nbsp;&nbsp;&nbsp;Interest expense | 56081 | 51493 | 54326 | 110407 | 101872 |
| &nbsp;&nbsp;&nbsp;Gain on bargain purchase | (3500) |  | (112999) | (116499) |  |
| &nbsp;&nbsp;&nbsp;Other, net | 6074 | 12079 | 44790 | 50864 | 28187 |
| Adjusted operating income (loss) (1) | 73398 | 57916 | 51707 | 125105 | 121244 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 175061 | 160141 | 154638 | 329699 | 317826 |
| Adjusted EBITDA (2) | $248459 | $218057 | $206345 | $454804 | $439070 |

---

(1) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, 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 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.

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

**RECONCILIATION OF NET DEBT TO TOTAL DEBT**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**(In thousands)** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Long-term debt | $2672820 | $2685169 | $2505217 |
| Less: Cash and short-term investments | 387355 | 404109 | 397299 |
| &nbsp;&nbsp;&nbsp;Net Debt | $2285465 | $2281060 | $2107918 |

---

**NABORS INDUSTRIES LTD. AND SUBSIDIARIES**

**RECONCILIATION OF ADJUSTED FREE CASH FLOW TO**

**NET CASH PROVIDED BY OPERATING ACTIVITIES**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** |
| | **June 30,** | **March 31,** | **June 30,** |
| <br>**(In thousands)** | **2025** | **2025** | **2025** |
| Net cash provided by operating activities | $151810 | $87735 | $239545 |
| Add: Capital expenditures, net of proceeds from sales of assets | (141849) | (159161) | (301010) |
| Free cash flow | $9961 | $(71426) | $(61465) |
| Cash paid for acquisition related costs (1) | 30635 | 10181 | 40816 |
| Adjusted free cash flow | $40596 | $(61245) | $(20649) |

---

(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.

## Exhibit 99.2

**Exhibit 99.2**

****

<br> ---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NABORS INDUSTRIES July 29, 2025 2Q 2025 Earnings Presentation |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; • our ability to retain skilled employees; • our ability to realize the expected benefits of our acquisition of Parker Drilling Company ("Parker") as well as other strategic transactions we may undertake; • changes in tax laws and the possibility of changes in other laws and regulation; Forward-Looking Statements NABORS INDUSTRIES 2 • 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; • potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; • our ability to retain key personnel of Nabors and Parker; • the significant costs to integrate Parker's operations with our own; • our ability to successfully integrate Parker's business with our own and to realize the expected benefits of the merger with Parker, including expected synergies; and • the combined company's 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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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 35% 42% 21% 2% 1H 2025 Adjusted EBITDA by Segment U.S. Drilling International Drilling Drilling Solutions Rig Technologies 3 The Industry's Most Innovative Technology NABORS INDUSTRIES Note: For the reconciliations of adjusted EBITDA to the most comparable non-GAAP measures see non-GAAP reconciliations in Appendix Integrated Drilling and Technology Solutions Drilling Operations Rig Technologies Drilling Solutions Aligned to drive advanced drilling performance U.S. & INTERNATIONAL |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Businesses Offer Valuable Vertical Integration Rig Technologies Drilling rig equipment & technology designed to enable automation Drilling Solutions (NDS) Utilizing the rig as a platform to deliver differentiated services U.S. Drilling A leading provider of high-specification rigs NABORS INDUSTRIES N A B O R S . C O M 4 International Drilling Deploying best fit-for-purpose rigs in key markets |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Parker Wellbore Outperforming Expectations Nabors Industries and Parker Wellbore 5 Expands Nabors Drilling Solutions (NDS) Incremental adjusted FCF and improves leverage metrics Strengthens international presence Enhances scale with growing franchise Adds Quail Tools to NDS portfolio On track to deliver ~$40 million of synergies in 2025 ($60 million run-rate in 2026) Run-rate adjusted EBITDA plus synergies of $200 million, up from $190 million Adjusted EBITDA less CAPEX of $125 million, up from $110 million |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Active Owned Rigs in Four Key Regions Nabors & Parker Active Rigs Worldwide 6 70 USA 52 KSA 20 LATAM 14 EH Active rigs in the U.S., with almost half in West Texas and another quarter in the Bakken. A key growth region with 52 active rigs operated by SANAD, our JV with Saudi Aramco. Argentina is the leading rig growth market in the region. Meaningful footprint in Colombia, as well as Mexico offshore. A critical region for success, with rigs in Algeria, Kazakhstan, Kuwait & Oman Note: Rig counts as of 6/30/2025 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 7 Drivers of Growth Capitalizing on global expansion Leveraging our broad international footprint Expanding our customer base Developing paths to growth for NDS on Nabors U.S., third party, and international rigs Driving healthy margins in Lower 48 Drilling Demonstrating the value of our best-in-class high-spec fleet Reducing carbon intensity Energy transition and sustainability expansion Innovating advances in drilling Setting the industry standard in automation and robotics Focused on Advanced Technology to Drive Solutions |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Recent Highlights NABORS INDUSTRIES 8 International Drilling daily adjusted gross margin of >$17,500 in 2Q; Lower 48 rigs generated daily adjusted gross margin of ~$13,900 Parker Wellbore acquired in late 1Q; integration on track; expected to deliver synergies of $40 million in 2025 Deployed 2 rigs in Saudi Arabia and 2 rigs in Kuwait in 2Q; in 3Q: 1 deployment planned in Saudi Arabia, 1 in Kuwait (now operating), 1 in India (now operating) and 1 restart in Colombia Nabors Drilling Solutions adjusted gross margin of ~53% in 2Q, and contributed 25% of total adjusted EBITDA from operations Note: For the reconciliations of adjusted EBITDA, adjusted gross margin, net debt and adjusted free cash flow to the most comparable non-GAAP measures see non-GAAP reconciliations in Appendix  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Performance excellence in the Lower 48 9 Expanding & enhancing our International business Key Value Drivers 1 Advancing technology & innovation with demonstrated results Focused on our commitment to de-lever 2 3 Leading in Sustainability and the Energy Transition 4 5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M $- $4,000 $8,000 $12,000 $16,000 $20,000 International Drilling Daily Adjusted Gross Margin $- $10,000 $20,000 $30,000 $40,000 $50,000 International Drilling Daily Rig Revenue 1 Expanding International margins as we grow our fleet Focus on Improving International Rig Economics Resilience Leading to Growth in Our International Segment 10 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M $0 $5,000 $10,000 $15,000 $20,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 International Drilling Adjusted Daily Gross Margin $0 $10,000 $20,000 $30,000 $40,000 $50,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 International Drilling Daily Rig Revenue 1 Enhancing both the top and bottom line Focus on Improving International Rig Economics Resilience Leading to Growth in Our International Segment 11 Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 3 1 3 2 -1 -1 -3 -1 -1 -1 2 1 2 1 1 85 86 93 Rig Count 70 75 80 85 90 95 100 105 110 1 Significant Opportunity for Additional International Rigs through YE 2025 12 Actively pursuing multiple opportunities in addition to contracts in-hand Note: These estimates are based on current market conditions and expectations are based on information received from third parties, which are subject to change. The estimates do not represent guidance or projections. Resilience Leading to Growth in Our International Segment Awarded/Contracted International Drilling Opportunity Set Rig Count Operating End of contract Between Contracts Parker Parker Wind-down Restart |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M $- $4,000 $8,000 $12,000 $16,000 $20,000 Lower 48 Drilling Adjusted Daily Gross Margin $- $8,000 $16,000 $24,000 $32,000 $40,000 Lower 48 Drilling Daily Rig Revenue 2 Delivering Solid Results in a Challenging Market Performance Excellence In The Lower-48 13 Resilient daily revenue and margins leading to free cash flow Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M $0 $5,000 $10,000 $15,000 $20,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 Lower 48 Drilling Adjusted Daily Gross Margin $0 $10,000 $20,000 $30,000 $40,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 Lower 48 Drilling Daily Rig Revenue 2 Delivering Strong Results in a Challenging Market Performance Excellence In The Lower-48 14 Navigating market volatility with pricing discipline Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 15 Nabors Drilling Solutions leveraging 'Rig as a Platform' Managed Pressure Drilling Performance Software Wellbore Placement Automated Casing Running Data Integration / 3 Improving Outlook For Our Technology & Innovation Drill Pipe and BOP Rentals |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 16 NABORS DRILLING SOLUTIONS Differentiation that Creates Competitive Advantage Scalable solutions on any Nabors or third-party rig, requiring limited capital investment SCALABLE SOLUTIONS Unique portfolio of technologies and alliances with leading providers drives consistent global customer value DIVERSE PORTFOLIO Proven track record of financial returns with organic growth and opportunistic acquisitions PROFITABLE GROWTH Strong and durable Free Cash Flow profile reflects capex-light portfolio FREE CASH FLOW 3 Improving Outlook For Our Technology & Innovation |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 17 Maximize Production Solutions to optimize wellbore placement and return on investment Mitigate Risk Solutions to reduce adverse drilling outcomes Minimize Cost Solutions to optimize drilling performance reducing days on well Operate Safely & Sustainably Solutions to provide visibility and to reduce emissions DRILLING CONTRACTORS E&P CUSTOMERS 3 Improving Outlook For Our Technology & Innovation Ecosystem Designed for Collaboration and Value Creation |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 18 NDS – Technology Enhancing Performance NABORS INDUSTRIES Our Portfolio: Solution Performance Software Rockit® and REVit® SmartSuiteTM\* RigCLOUD® Integrated Services Quail Tools Casing Running Managed Pressure Drilling Wellbore Placement Function Performance Software Automated drilling optimization Rig-based automation software Real-time and analytics platform Integrated Services Drill pipe and BOP rentals Wellbore stability; mechanized pipe handling Pressure fine-tuning 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 Exceptional customer service; premium reliability Safer, faster casing operations; reduced manual labor Enables harder wells; reduced non-productive time Better well placement, higher reservoir contact \*A suite of over 50 apps including SmartNAV® and SmartSLIDE® – directional guidance steering and automated slide drilling controls  |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 19 A Framework for Thinking about NDS NDS Enables Smart Operations with Data-Driven Solutions 3 Improving Outlook For Our Technology & Innovation 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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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 0 200 400 600 800 1000 $- $20 $40 $60 $80 $100 $120 1Q 2Q3Q4Q 1Q 2Q3Q4Q 1Q 2Q3Q4Q 1Q 2Q3Q4Q 1Q 2Q3Q4Q 1Q 2Q 2020 2021 2022 2023 2024 2025 U.S BKR Rig Count $ millions NDS - U.S. NDS U.S. Revenue BKR Rig Count 0 100 200 300 400 500 600 700 800 900 1000 $- $10 $20 $30 $40 $50 $60 $70 $80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q4Q 1Q 2Q 2020 2021 2022 2023 2024 2025 Select Country BKR rig Count $ millions NDS - International NDS International Revenue BKR Rig Count U.S. 20 NDS – Global Market Reach International L48 – Offshore – Alaska (1) Select country rig count per Baker Hughes - countries in which NDS currently operates or has operations forecasted (1) >20 Countries ($ millions) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 NDS U.S. Rev. $48.2 $50.7 $44.6 $41.6 $52.8 $103.2 Avg. rig count 623 603 586 586 588 571 ($ millions) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 NDS Int'l Rev. $27.3 $32.3 $34.9 $34.4 $40.3 $67.1 Avg. rig count 849 777 833 807 816 721 3 Improving Outlook For Our Technology & Innovation |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M 0% 10% 20% 30% 40% 50% 60% $- $100 $200 $300 $400 $500 $600 NDS Revenue, Adjusted EBITDA & Adjusted Gross Margin % Revenue Adjusted EBITDA Adjusted GM % NDS Margin Gains Fueled by Increasing Penetration and Improving Service-line Mix Improving Outlook For Our Technology & Innovation 21 3 \* YTD 6/30/25 annualized Adjusted gross margin of 53% YTD 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M $- $100 $200 $300 $400 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H'25\* $ Millions NDS - U.S. Revenue $- $50 $100 $150 $200 $250 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H'25\* $ Millions NDS - International Revenue U.S. International 59% 41% 1H 2025 Revenue NDS Portfolio Demonstrating Value, Globally Improving Outlook For Our Technology & Innovation 22 3 \* YTD 6/30/25 annualized Revenue Growth since Inception |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Automation Delivers Four-Well Pad 25.5 Days Ahead of Schedule for New Customer 23 3 Improving Outlook For Our Technology & Innovation 132.0 106.5 0 20 40 60 80 100 120 140 4-Well Pad -25.5 Operator AFE Actual Ahead of operator's AFE by 25.5 Days Achieved fastest intermediate 4.2 Days 12.5 14.5 13.0 13.5 12.0 9.7 4.2 10.6 0 5 10 15 Well 1 Well 2 Well 3 Well 4 -0.5 -4.8 -8.8 -2.9 Days Days Days on Pad Days in Intermediate Sections Through experienced oversight, Nabors delivered a high-performance rollout for a new customer. Automation accelerated early operations and enabled rapid optimization during critical early stages of the program. Nabors eliminated the commonly anticipated ramp-up period by applying lessons learned to optimize drilling execution from the outset and set new records for the operator. |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Executing on Leverage Optimization Progress on Our Commitment to De-lever 24 4 At closing in March, Parker held $178 million of gross debt and $85 million in cash Post-close, transitioned the debt to Nabors' revolving credit facility, resulting in immediate savings by eliminating higher interest loans Expect to generate $80 million of adjusted free cashflow in 2025 (includes $120 million cash consumption in SANAD) $ Plan to refinance notes maturing in 2027 well in advance of maturity date |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Our Energy Transition and Sustainability Strategy Leading in Sustainability and the Energy Transition 25 Improve Nabors' environmental footprint Collaborate with peers to reduce carbon output in our industry Partner in adjacent markets that leverage our talent and technologies Invest in companies developing green technologies 5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Electrification Pursuing Multiple Decarbonization Pathways Green Fuels\* Energy Storage\* Leading in Sustainability and the Energy Transition Nabors Initiatives to Lower Emissions 26 Emissions Monitoring Engine Optimization 5 Energy Efficient Lighting \*Note: Energy Storage and Green Fuels are under development with R&D.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 27 |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Rig Utilization and Availability, June 30, 2025 28 Rig Fleet(1) 310 Rigs on Revenue(1) 159 Utilization(1) 51% Total U.S. Offshore 13 3 23% 17 7 41% Alaska International 130 86 66% 110 60 55% U.S. Lower-48 High Spec(2) (1) As of June 30, 2025 (2) Excludes non-high spec rigs in the Lower 48 |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Reconciliation of Non-GAAP Financial Measures to Net Income (Loss) 29 Adjusted EBITDA represents net income (loss) before, income taxes, 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. 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) June 30, March 31, June 30, 2024 2025 2025 Net income (loss) (13029) $57,179 $(2205) $ Income tax expense (benefit) 15,554 15,007 23,077 Income (loss) from continuing operations before income taxes 2,525 72,186 20,872 Investment (income) loss (8181) (6596) (6129) Interest Expense 51,493 54,326 56,081 Gain on bargain purchase - (112999) (3500) Other, net 12,079 44,790 6,074 Adjusted Operating Income (loss) 57,916 51,707 73,398 Depreciation and Amortization 160,141 154,638 175,061 Adjusted EBITDA $218,057 206,345 $248,459 $ Three Months Ended |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income 30 Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. June 30, March 31, June 30, 2024 2025 2025 Lower 48 - U.S. - Drilling Adjusted operating income 32,841 $18,995 $21,515 $ Plus: General and administrative costs 4,390 4,817 4,481 Plus: Research and engineering 909 823 888 GAAP Gross Margin 38,140 24,635 26,884 Plus: Depreciation and amortization 53,225 59,332 52,080 Adjusted gross margin $97,472 77,860 $78,964 $ Other - U.S. - Drilling Adjusted operating income 12,244 $12,604 $18,273 $ Plus: General and administrative costs 306 405 896 Plus: Research and engineering 45 62 64 GAAP Gross Margin 12,595 13,071 19,233 Plus: Depreciation and amortization 7,887 9,602 9,953 Adjusted gross margin $22,197 20,958 $29,186 $ U.S. - Drilling Adjusted operating income 45,085 $31,599 $39,788 $ Plus: General and administrative costs 4,696 5,222 5,377 Plus: Research and engineering 954 885 952 GAAP Gross Margin 50,735 37,706 46,117 Plus: Depreciation and amortization 61,112 68,934 62,033 Adjusted gross margin $98,818 119,669 $108,150 $(In thousands) Three Months Ended |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Reconciliation of Net Debt to Total Debt 31 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, March 31, June 30, 2024 2025 2025 Long-Term Debt 2,505,217 2,685,169 2,672,820 Cash & Short-term Investments 397,299 404,109 387,355 Net Debt 2,107,918 2,281,060 2,285,465 (In thousands) |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment 32 Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization. Three Months Ended June 30, 2025 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 39,788 $36,051 $50,365 $1,721 $(54527) $73,398 $ Depreciation and amortization 81,607 62,033 26,136 3,453 1,832 175,061 Adjusted EBITDA $117,658 101,821 $76,501 $5,174 $(52695) $248,459 $ 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 $(50098) $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 $(48268) $206,345 $ Three Months Ended June 30, 2024 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other reconciling items Total Adjusted operating income (loss) 45,085 $23,672 $27,319 $4,860 $(43020) $57,916 $ Depreciation and amortization 82,699 68,935 5,149 2,470 888 160,141 Adjusted EBITDA $106,371 114,020 $32,468 $7,330 $(42132) $218,057 $ |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N A B O R S . C O M Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities 33 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 Three Months Ended (In thousands) March 31 June 30 2025 2025 Net cash provided by operating activities 87,735 $149,079 $ Add: Capital expenditures, net of proceeds from sales of assets (159161) (139118) Free cash flow (71426) $9,961 $ Cash paid for acquisition related costs $10,181 30,635 $ Adjusted free cash flow $40,596 (61245) $ |

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| &nbsp;&nbsp;![GRAPHIC](tm2521960d1_ex99-2img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

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