Nabors Industries Ltd. is a drilling contractor and rig technology supplier registered in Bermuda, with press releases datelined Hamilton and an operating base in Houston. Its shares trade on the New York Stock Exchange under the symbol NBR, and it describes itself as providing advanced technology for the energy industry with operations in approximately 20 countries. Anthony G. Petrello is chairman, chief executive officer and president, and Miguel Rodriguez is chief financial officer.
Rig activity in the second quarter of 2026
For the three months ended 30 June 2026 Nabors reported average rigs working of 171.2, up from 167.9 in the first quarter and 158.3 a year earlier. The split was 67.8 rigs in the Lower 48 and 93.4 in international drilling, where the year-earlier figure was 85.9. Five rigs were added in the Lower 48 during the quarter, two of them PACE-X Ultra units that combine upgraded drilling capability with integrated automation and managed pressure drilling, taking the working count in that market to 73 and the increase since November 2025 to 15 rigs. Management guided to an exit rate of about 74 Lower 48 rigs at the end of the third quarter and slight further growth thereafter.
SANAD and the Middle East newbuild programme
Nabors' Saudi joint venture SANAD deployed one newbuild rig during the second quarter, bringing total newbuild deployments there to 16, and reactivated a previously suspended rig; three further newbuilds were scheduled for 2026. The company said it maintained reliable operations across the Gulf markets of the Middle East, and international daily adjusted gross margin rose by more than $650 sequentially to $17,534. Third-quarter guidance for the international segment was 94-96 average rigs at a daily adjusted gross margin of $18,100-18,400. Capital spending on the SANAD newbuild programme was revised down to $325-335 million for the year, from $360-380 million, with about $130 million of that falling in the third quarter.
Divisions, rigs and technology lines
The company reports four operating divisions: International Drilling, U.S. Drilling, Drilling Solutions and Rig Technologies. Its onshore SmartRig family is marketed as PACE-X, PACE-M and PACE-R, while the offshore business covers the MASE and MODS platform rigs and the SunDowner design. Nabors sells as well as uses its equipment: Canrig supplies top drives, robotic pipe handlers, drill floor robots, automated catwalks and power distribution and driller's cabin systems, and the wider product catalogue includes the Illumic lighting system, the Commander drawworks, PadWalker walking systems and Blue Force mud motors. Drilling Solutions spans directional drilling with Blue Force measurement and logging tools, managed pressure services, tubular running services and the RigCLOUD instrumentation, analytics and automation platform. Automation software is grouped under the Smart Suite banner, which includes Rockit, Revit, SmartROS, SmartDRILL and SmartPLAN for the rig floor and SmartNAV and SmartSLIDE for directional work.
Second-quarter 2026 results and outlook
Operating revenues were $814.8 million, roughly 4% above the first quarter but below the $832.8 million reported a year earlier, which included the Quail Tools rental business sold in August 2025. The quarter produced a net loss attributable to shareholders of $22 million, adjusted EBITDA of $221.7 million and adjusted operating income of $61.1 million. Segment adjusted EBITDA was $131 million in International Drilling, $94 million in U.S. Drilling, $40 million in Drilling Solutions, where Performance Software, RigCLOUD and managed pressure drilling led growth, and $3 million in Rig Technologies. Adjusted free cash flow was $12.3 million, an improvement of about $60 million on the first quarter, helped by lower cash interest and seasonal working capital. Full-year guidance set adjusted EBITDA at $920-930 million, adjusted free cash flow at $20-30 million including $60-80 million of consumption at SANAD, and consolidated capital spending at $710-730 million. The third-quarter 2026 earnings call invitation was published on 11 September 2026.
Energy transition, geothermal and corporate reporting
Nabors has built a geothermal position alongside its oil and gas work. On 27 August 2026 it announced a $35 million strategic investment in Quaise Energy, and one of its Lower 48 rigs was drilling that company's Project Obsidian, described by Nabors as the first commercial superhot geothermal development. Emissions reporting through RigCLOUD, engine management, energy storage, fuel enhancers and alternative energy products sit under the Nabors Energy Transition Solutions banner, with venture activity run through Nabors Energy Transition Ventures and a listed vehicle, Nabors Energy Transition Corp. The company also restructured its portfolio in 2025, closing the acquisition of Parker Wellbore in March and selling Quail Tools in August. A sustainability report covering 2025 is published on the investor site, and the equipment side supports customers through Rigline 24/7 service. Nabors added the Canrig TITAN fully automated rig floor wrench during the second quarter of 2026, reporting field results ahead of its performance targets. Careers pages carry a recruitment fraud alert warning applicants about fake job offers.