Form 8-K

8-K — NABORS INDUSTRIES LTD

Accession: 0001104659-26-087564

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0001163739

SIC: 1381 (DRILLING OIL & GAS WELLS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621313d2_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621313d2_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2621313d2_ex99-2.htm)

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8-K — FORM 8-K

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2026-07-28

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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):

July 28, 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))

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 2.02 Results of Operations and Financial

Condition.

On July 28, 2026, Nabors

Industries Ltd. (“Nabors”) issued a press release announcing its results of operations for the three months ended June 30,

2026. A copy of that release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

On July 29, 2026, 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,

2026. 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 www.nabors.com.

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

No.

Description

99.1

Press Release

99.2

Investor Information

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.

Date: July 28, 2026

By:

/s/ Mark D. Andrews

Name: Mark D. Andrews

Title: Vice President & Corporate Secretary

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621313d2_ex99-1.htm · Sequence: 2

Exhibit 99.1

NEWS

RELEASE

Momentum Accelerates. Cash Flow Improves.

Nabors 2Q 2026 Results

HAMILTON,

Bermuda, July 28, 2026 /PRNewswire/ - Nabors Industries Ltd. (“Nabors” or the “Company”)

(NYSE: NBR) today reported second quarter 2026 operating revenues of $815 million, an increase of approximately 4% from the first quarter.

Net loss attributable to Nabors’ shareholders for the quarter was $22 million. Adjusted EBITDA for the second quarter was $222 million.

Nabors’

second quarter results reflected continued momentum across the international drilling franchise, strengthening Lower 48 activity, and

higher free cash flow, supported by disciplined capital allocation and expanding technology adoption.

Selected Financial Information

(In millions, except rig activity)

Three Months Ended

June 30,

March 31,

June 30,

2026

2025

Operating revenues

$ 814.8

$ 783.5

$ 832.8

Adjusted EBITDA

$ 221.7

$ 204.8

$ 248.5

Adjusted operating income

$ 61.1

$ 48.6

$ 73.4

Adjusted free cash flow

$ 12.3

$ (48.2 )

$ 40.6

Average rigs working:

Lower 48

67.8

65.3

62.4

International Drilling

93.4

92.6

85.9

Average total rigs working

171.2

167.9

158.3

The

quarter ended June 30, 2025 includes revenue of $63 million, EBITDA of $37 million, and operating income of $26 million from Quail

Tools, which was sold in August 2025.

2Q 2026 Highlights

o The SANAD land drilling joint venture deployed one newbuild rig in the Kingdom of Saudi Arabia, bringing

total newbuild deployments to 16. Three more are scheduled for 2026. In addition, SANAD reactivated another previously suspended rig.

NEWS

RELEASE

o Nabors added five rigs in the Lower 48 during the second quarter. One of these is drilling Quaise Energy’s

Project Obsidian, the first commercial superhot geothermal development. The Company’s working rig count in this market currently

stands at 73, bringing the increase to 15 rigs since November 2025.

o Two of the additional rigs in the Lower 48 were Nabors PACE-X Ultra® rigs. The PACE-X Ultra® combines

upgraded drilling capabilities, integrated automation and managed pressure drilling to enable operators to drill increasingly complex

wells.

o Canrig deployed the first Canrig TITAN™ (“Titan”) fully-automated rig floor wrench,

with field results exceeding high performance targets. Titan is designed to deliver greater accuracy, faster speed, and lower cost of

ownership than competing units.

Anthony G. Petrello, Nabors Chairman,

CEO and President, commented, “Second quarter results reflected another quarter of solid operational and financial progress. All

our operating segments exceeded the targets we set.

“In the Lower 48 market,

Nabors’ average rig count grew and we exceeded the expected exit rate. At the same time, daily gross margin outperformed our guidance.

We also gained market share and extended the duration of our contract backlog. Our strategy continues to align us with customers that

prioritize high-specification rigs, integrated technology and consistent operating execution in increasingly complex drilling environments.

“In our International Drilling

segment, we maintained reliable operations across the Gulf markets in the Middle East. In Saudi Arabia our SANAD joint venture added two

rigs, including a previously suspended rig that returned to service. Daily gross margin improved through greater operating efficiency

in several geographies and additional SANAD deployments.

“Drilling Solutions’

Lower 48 business delivered double-digit sequential revenue growth in the second quarter, with contributions on Nabors rigs as well as

third-party rigs. Performance Software, RigCLOUD®, and Managed Pressure Drilling led this growth.”

Segment Results

International

Drilling adjusted EBITDA was $131 million in the second quarter, compared to $121 million in the first quarter. Daily adjusted gross margin

for the second quarter increased by more than $650 from the first quarter, to $17,534. This increase reflects stronger execution, and

contributions from SANAD newbuild deployments.

The U.S.

Drilling segment reported second quarter adjusted EBITDA of $94 million, compared to $88 million in the previous quarter. Lower 48 results

improved as daily margin expanded 5% and the working fleet grew 4%. As expected, results from Offshore and Alaska operations declined

sequentially.

NEWS

RELEASE

Drilling

Solutions adjusted EBITDA was $40 million, compared to $39 million in the first quarter. Growth in the Lower 48 market was partially offset

by slightly lower international activity, mainly attributable to Surface & Tubular.

Rig Technologies

adjusted EBITDA increased to $3 million, compared to $1 million in the previous quarter. Aftermarket revenue accelerated sequentially,

reflecting higher customer activity. Capital Equipment revenue also improved as deliveries increased.

Adjusted Free Cash

Flow

Consolidated adjusted free cash

flow was $12 million in the second quarter. Adjusted free cash flow improved $60 million sequentially, reflecting higher profitability,

lower cash interest payments, and seasonal working-capital movements.

Miguel Rodriguez, Nabors CFO,

stated, “In the second quarter we delivered free cash flow slightly higher than our expectations. Capital spending for SANAD’s

newbuild program was lower than forecast, as the timing of a few construction milestones was delayed. Outside SANAD, working capital consumed

more cash than expected, impacting free cash flow.

“Our full-year outlook for

rig count in the Lower 48 has once again increased. We now expect to exit the third quarter with approximately 74 rigs running and to

expand slightly from that level through the remainder of the year. Our revised full-year consolidated capital spending now totals $710

to $730 million, a $25 million reduction at the midpoint of our previous range. For the SANAD newbuild program, capital spending is expected

to be in the range of $325 to $335 million. Previously the range was $360 to $380 million.

“We now expect full-year

adjusted EBITDA of $920 to $930 million and full-year adjusted free cash flow of $20 to $30 million. This outlook includes expected free

cash flow consumption at SANAD of $60 to $80 million. Our priority remains reducing debt and further strengthening the balance sheet while

supporting profitable growth, which we believe positions Nabors to enhance long-term shareholder value.”

Outlook

Nabors

expects the following metrics for the third quarter of 2026:

U.S.

Drilling

o Lower 48 average rig count of 73 rigs

o Lower 48 daily adjusted gross margin of approximately $13,800

o Alaska and Gulf of America combined adjusted EBITDA of approximately $11 million

International

o Average rig count of 94 - 96 rigs

o Daily adjusted gross margin of $18,100 - $18,400

NEWS

RELEASE

Drilling

Solutions

o Adjusted EBITDA of approximately $42 million

Rig Technologies

o Adjusted EBITDA of $5 - $6 million

Capital

Expenditures

o Capital expenditures of $245 - $255 million, including approximately $130 million for SANAD newbuilds

in Saudi Arabia

Adjusted

Free Cash Flow

o Adjusted free cash flow consumption of approximately $40 million, including free cash consumption at SANAD

of approximately $65 million

Mr. Petrello concluded, “Our

performance through the first half of the year has exceeded our expectations. As we look forward, we anticipate second-half adjusted EBITDA

to reach an annualized run-rate of $1 billion. Contracted rig additions across our drilling businesses provide strong visibility into

that outlook. At the same time, prudent capital allocation should support free cash flow expansion and further strengthening of the balance

sheet.”

NEWS

RELEASE

About Nabors Industries

Nabors

Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in approximately 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: www.nabors.com.

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) 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. Adjusted gross margin

represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and

amortization. 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.

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) 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 email william.conroy@nabors.com,

or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com.

To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via email mark.andrews@nabors.com

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except per share amounts)

2026

2025

2026

2025

Revenues and other income:

Operating revenues

$ 814,795

$ 832,788

$ 783,548

$ 1,598,343

$ 1,568,974

Investment income (loss)

2,131

6,129

2,887

5,018

12,725

Total revenues and other income

816,926

838,917

786,435

1,603,361

1,581,699

Costs and other deductions:

Direct costs

507,551

488,881

493,469

1,001,020

936,181

General and administrative expenses

71,375

82,726

71,760

143,135

151,232

Research and engineering

14,209

12,722

13,506

27,715

26,757

Depreciation and amortization

160,549

175,061

156,186

316,735

329,699

Interest expense

42,678

56,081

43,761

86,439

110,407

Gain on bargain purchase

(3,500 )

(116,499 )

Other, net

5,682

6,074

(13,393 )

(7,711 )

50,864

Total costs and other deductions

802,044

818,045

765,289

1,567,333

1,488,641

Income (loss) before income taxes

14,882

20,872

21,146

36,028

93,058

Income tax expense (benefit)

16,405

23,077

16,884

33,289

38,084

Net income (loss)

(1,523 )

(2,205 )

4,262

2,739

54,974

Less: Net (income) loss attributable to noncontrolling interest

(20,807 )

(28,705 )

(19,428 )

(40,235 )

(52,896 )

Net income (loss) attributable to Nabors

$ (22,330 )

$ (30,910 )

$ (15,166 )

$ (37,496 )

$ 2,078

Earnings (losses) per share:

Basic

$ (2.04 )

$ (2.71 )

$ (1.54 )

$ (3.58 )

$ (1.01 )

Diluted

$ (2.04 )

$ (2.71 )

$ (1.54 )

$ (3.58 )

$ (1.01 )

Weighted-average number of common shares outstanding:

Basic

14,273

14,083

14,213

14,243

12,271

Diluted

14,273

14,083

14,213

14,243

12,271

Adjusted EBITDA

$ 221,660

$ 248,459

$ 204,813

$ 426,473

$ 454,804

Adjusted operating income (loss)

$ 61,111

$ 73,398

$ 48,627

$ 109,738

$ 125,105

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30,

March 31,

December 31,

(In thousands)

2026

2025

ASSETS

Current assets:

Cash and short-term investments

$ 509,833

$ 500,853

$ 940,738

Accounts receivable, net

443,417

417,717

391,705

Other current assets

243,929

234,031

219,130

Total current assets

1,197,179

1,152,601

1,551,573

Property, plant and equipment, net

2,908,061

2,914,886

2,920,019

Other long-term assets

314,705

318,149

318,065

Total assets

$ 4,419,945

$ 4,385,636

$ 4,789,657

LIABILITIES AND EQUITY

Current liabilities:

Current debt

$ -

$ 377,492

Trade accounts payable

365,472

322,837

300,467

Other current liabilities

268,167

262,378

315,042

Total current liabilities

633,639

585,215

993,001

Long-term debt

2,120,276

2,118,729

2,117,187

Other long-term liabilities

224,152

240,163

241,826

Total liabilities

2,978,067

2,944,107

3,352,014

Redeemable noncontrolling interest in subsidiary

495,886

489,129

482,446

Equity:

Shareholders' equity

544,128

568,942

590,727

Noncontrolling interest

401,864

383,458

364,470

Total equity

945,992

952,400

955,197

Total liabilities and equity

$ 4,419,945

$ 4,385,636

$ 4,789,657

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

Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except rig activity)

2026

2025

2026

2025

Operating revenues:

U.S. Drilling

$ 252,459

$ 255,438

$ 241,144

$ 493,603

$ 486,184

International Drilling

432,497

384,970

419,496

851,993

766,688

Drilling Solutions

110,640

170,283

106,222

216,862

263,462

Rig Technologies (1)

37,485

36,527

27,222

64,707

80,692

Other reconciling items (2)

(18,286 )

(14,430 )

(10,536 )

(28,822 )

(28,052 )

Total operating revenues

$ 814,795

$ 832,788

$ 783,548

$ 1,598,343

$ 1,568,974

Adjusted EBITDA: (3)

U.S. Drilling

$ 94,081

$ 101,821

$ 88,065

$ 182,146

$ 194,532

International Drilling

130,533

117,658

121,281

251,814

233,144

Drilling Solutions

40,013

76,501

38,662

78,675

117,354

Rig Technologies (1)

3,180

5,174

505

3,685

10,737

Other reconciling items (4)

(46,147 )

(52,695 )

(43,700 )

(89,847 )

(100,963 )

Total adjusted EBITDA

$ 221,660

$ 248,459

$ 204,813

$ 426,473

$ 454,804

Adjusted operating income (loss): (5)

U.S. Drilling

$ 30,961

$ 39,788

$ 24,624

$ 55,585

$ 71,387

International Drilling

45,860

36,051

40,757

86,617

69,009

Drilling Solutions

32,125

50,365

31,872

63,997

83,278

Rig Technologies (1)

1,497

1,721

(1,888 )

(391 )

6,056

Other reconciling items (4)

(49,332 )

(54,527 )

(46,738 )

(96,070 )

(104,625 )

Total adjusted operating income (loss)

$ 61,111

$ 73,398

$ 48,627

$ 109,738

$ 125,105

Rig activity:

Average Rigs Working: (7)

Lower 48

67.8

62.4

65.3

66.5

61.5

Other US

10.0

8.8

U.S. Drilling

77.8

72.4

75.3

76.5

70.3

International Drilling

93.4

85.9

92.6

93.0

85.4

Total average rigs working

171.2

158.3

167.9

169.5

155.7

Daily Rig Revenue: (6),(8)

Lower 48

$ 33,555

$ 33,466

$ 32,653

$ 33,115

$ 33,995

Other US

50,073

71,814

54,646

52,346

67,306

U.S. Drilling (10)

35,680

38,761

35,573

35,627

38,180

International Drilling

50,860

49,263

50,351

50,608

49,575

Daily Adjusted Gross Margin: (6),(9)

Lower 48

$ 13,784

$ 13,902

$ 13,177

$ 13,488

$ 14,085

Other US

17,318

32,073

19,559

18,432

31,340

U.S. Drilling (10)

14,238

16,411

14,024

14,134

16,253

International Drilling

17,534

16,880

17,211

17,478

(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

Six Months Ended

June 30,

March 31,

June 30,

(in thousands, except per share amounts)

2026

2025

2026

2025

BASIC EPS:

Net income (loss) (numerator):

Income (loss), net of tax

$ (1,523 )

$ (2,205 )

$ 4,262

$ 2,739

$ 54,974

Less: net (income) loss attributable to noncontrolling interest

(20,807 )

(28,705 )

(19,428 )

(40,235 )

(52,896 )

Less: accrued distribution on redeemable noncontrolling interest in subsidiary

(6,757 )

(7,264 )

(6,683 )

(13,440 )

(14,448 )

Numerator for basic earnings per share:

Adjusted income (loss), net of tax - basic

$ (29,087 )

$ (38,174 )

$ (21,849 )

$ (50,936 )

$ (12,370 )

Weighted-average number of shares outstanding - basic

14,273

14,083

14,213

14,243

12,271

Earnings (losses) per share:

Total Basic

$ (2.04 )

$ (2.71 )

$ (1.54 )

$ (3.58 )

$ (1.01 )

DILUTED EPS:

Adjusted income (loss), net of tax - diluted

$ (29,087 )

$ (38,174 )

$ (21,849 )

$ (50,936 )

$ (12,370 )

Weighted-average number of shares outstanding - diluted

14,273

14,083

14,213

14,243

12,271

Earnings (losses) per share:

Total Diluted

$ (2.04 )

$ (2.71 )

$ (1.54 )

$ (3.58 )

$ (1.01 )

NABORS

INDUSTRIES LTD. AND SUBSIDIARIES

NON-GAAP

FINANCIAL MEASURES

RECONCILIATION

OF ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT

(Unaudited)

Three Months Ended June 30, 2026

(In thousands)

U.S.

Drilling

International

Drilling

Solutions

Rig

Technologies

Other

reconciling

items

Total

Adjusted operating income (loss)

$ 30,961

$ 45,860

$ 32,125

$ 1,497

$ (49,332 )

$ 61,111

Depreciation and amortization

63,120

84,673

7,888

1,683

3,185

160,549

Adjusted EBITDA

$ 94,081

$ 130,533

$ 40,013

$ 3,180

$ (46,147 )

$ 221,660

Three Months Ended June 30, 2025

U.S.

Drilling

International

Drilling

Solutions

Rig

Technologies

Other

reconciling

items

Total

Adjusted operating income (loss)

$ 39,788

$ 36,051

$ 50,365

$ 1,721

$ (54,527 )

$ 73,398

Depreciation and amortization

62,033

81,607

26,136

3,453

1,832

175,061

Adjusted EBITDA

$ 101,821

$ 117,658

$ 76,501

$ 5,174

$ (52,695 )

$ 248,459

Three Months Ended March 31, 2026

U.S.

Drilling

International

Drilling

Solutions

Rig

Technologies

Other

reconciling

items

Total

Adjusted operating income (loss)

$ 24,624

$ 40,757

$ 31,872

$ (1,888 )

$ (46,738 )

$ 48,627

Depreciation and amortization

63,441

80,524

6,790

2,393

3,038

156,186

Adjusted EBITDA

$ 88,065

$ 121,281

$ 38,662

$ 505

$ (43,700 )

$ 204,813

Six Months Ended June 30, 2026

U.S.

Drilling

International

Drilling

Solutions

Rig

Technologies

Other

reconciling

items

Total

Adjusted operating income (loss)

$ 55,585

$ 86,617

$ 63,997

$ (391 )

$ (96,070 )

$ 109,738

Depreciation and amortization

126,561

165,197

14,678

4,076

6,223

316,735

Adjusted EBITDA

$ 182,146

$ 251,814

$ 78,675

$ 3,685

$ (89,847 )

$ 426,473

Six Months Ended June 30, 2025

U.S.

Drilling

International

Drilling

Solutions

Rig

Technologies

Other

reconciling

items

Total

Adjusted operating income (loss)

$ 71,387

$ 69,009

$ 83,278

$ 6,056

$ (104,625 )

$ 125,105

Depreciation and amortization

123,145

164,135

34,076

4,681

3,662

329,699

Adjusted EBITDA

$ 194,532

$ 233,144

$ 117,354

$ 10,737

$ (100,963 )

$ 454,804

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

Six Months Ended

June 30,

March 31,

June 30,

(In thousands)

2026

2025

2026

2025

Lower 48 - U.S. Drilling

Adjusted operating income (loss)

$ 24,722

$ 21,515

$ 17,405

$ 42,127

$ 40,510

Plus: General and administrative costs

4,974

4,481

5,324

10,298

9,298

Plus: Research and engineering

1,198

888

1,143

2,341

1,711

GAAP Gross Margin

30,894

26,884

23,872

54,766

51,519

Plus: Depreciation and amortization

54,093

52,080

53,595

107,688

105,305

Adjusted gross margin

$ 84,987

$ 78,964

$ 77,467

$ 162,454

$ 156,824

Other - U.S. Drilling

Adjusted operating income (loss)

$ 6,239

$ 18,273

$ 7,219

$ 13,458

$ 30,877

Plus: General and administrative costs

407

896

458

865

1,301

Plus: Research and engineering

166

126

GAAP Gross Margin

6,732

19,233

7,757

14,489

32,304

Plus: Depreciation and amortization

9,027

9,953

9,846

18,873

17,840

Adjusted gross margin

$ 15,759

$ 29,186

$ 17,603

$ 33,362

$ 50,144

U.S. Drilling

Adjusted operating income (loss)

$ 30,961

$ 39,788

$ 24,624

$ 55,585

$ 71,387

Plus: General and administrative costs

5,381

5,377

5,782

11,163

10,599

Plus: Research and engineering

1,284

952

1,223

2,507

1,837

GAAP Gross Margin

37,626

46,117

31,629

69,255

83,823

Plus: Depreciation and amortization

63,120

62,033

63,441

126,561

123,145

Adjusted gross margin

$ 100,746

$ 108,150

$ 95,070

$ 195,816

$ 206,968

International Drilling

Adjusted operating income (loss)

$ 45,860

$ 36,051

$ 40,757

$ 86,617

$ 69,009

Plus: General and administrative costs

16,748

17,867

17,609

34,357

34,245

Plus: Research and engineering

1,826

1,499

1,749

3,575

2,913

GAAP Gross Margin

64,434

55,417

60,115

124,549

106,167

Plus: Depreciation and amortization

84,673

81,607

80,524

165,197

164,135

Adjusted gross margin

$ 149,107

$ 137,024

$ 140,639

$ 289,746

$ 270,302

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

Six Months Ended

June 30,

March 31,

June 30,

(In thousands)

2026

2025

2026

2025

Net income (loss)

$ (1,523 )

$ (2,205 )

$ 4,262

$ 2,739

$ 54,974

Income tax expense (benefit)

16,405

23,077

16,884

33,289

38,084

Income (loss) before income taxes

14,882

20,872

21,146

36,028

93,058

Investment (income) loss

(2,131 )

(6,129 )

(2,887 )

(5,018 )

(12,725 )

Interest expense

42,678

56,081

43,761

86,439

110,407

Gain on bargain purchase

(3,500 )

(116,499 )

Other, net

5,682

6,074

(13,393 )

(7,711 )

50,864

Adjusted operating income (loss) (1)

61,111

73,398

48,627

109,738

125,105

Depreciation and amortization

160,549

175,061

156,186

316,735

329,699

Adjusted EBITDA (2)

$ 221,660

$ 248,459

$ 204,813

$ 426,473

$ 454,804

(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)

June 30,

March 31,

December 31,

(In thousands)

2026

2025

Current debt

$ -

$ 377,492

Long-term debt

2,120,276

2,118,729

2,117,187

Total Debt

2,120,276

2,118,729

2,494,679

Less: Cash and short-term investments

509,833

500,853

940,738

Net Debt

$ 1,610,443

$ 1,617,876

$ 1,553,941

NABORS

INDUSTRIES LTD. AND SUBSIDIARIES

RECONCILIATION

OF ADJUSTED FREE CASH FLOW TO

NET

CASH PROVIDED BY OPERATING ACTIVITIES

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

(In thousands)

2026

2025

2026

2025

Net cash provided by operating activities

$ 135,242

$ 151,810

$ 113,339

$ 248,581

$ 239,545

Add: Capital expenditures, net of proceeds from sales of assets

(122,900 )

(141,849 )

(161,558 )

(284,458 )

(301,010 )

Free cash flow

$ 12,342

$ 9,961

$ (48,219 )

$ (35,877 )

$ (61,465 )

Cash paid for acquisition related costs (1)

30,635

40,816

Adjusted free cash flow

$ 12,342

$ 40,596

$ (48,219 )

$ (35,877 )

$ (20,649 )

(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.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF QUAIL TOOLS FINANCIAL MEASURES

(Unaudited)

Three months

ended

June 30,

(In thousands)

2025

Drilling Solutions operating revenues

$ 170,283

Less: remaining Drilling Solutions business

(107,701 )

Quail Tools operating revenues

$ 62,582

Drilling Solutions adjusted operating income (loss)

$ 50,365

Less: remaining Drilling Solutions business

(24,075 )

Quail Tools adjusted operating income (loss)

$ 26,290

Quail Tools depreciation and amortization

10,722

Quail Tools adjusted EBITDA

$ 37,012

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2621313d2_ex99-2.htm · Sequence: 3

Exhibit 99.2

NABORS INDUSTRIES LTD July 2026

2Q 2026

Earnings

Presentation

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

• 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.

N A B O R S . C O M

30%

52%

13%

2Q 2026

Revenue by Segment

U.S. Drilling International Drilling

Drilling Solutions Rig Technologies

The Industry’s Most Innovative Technology

NABORS INDUSTRIES

Vertically Integrated

Drilling and Technology

Solutions

Drilling

Operations

Rig

Technologies

Drilling

Solutions

Aligned to drive advanced

drilling performance

U.S. & INTERNATIONAL

Vertical Integration Drives Significant Value

Rig

Technologies

Rig equipment &

technology that enables

automation, efficiency and

consistency

Drilling

Solutions (NDS)

Using the rig as an integrated

platform to deliver

differentiated services

NABORS INDUSTRIES

N A B O R S . C O M 4

U.S.

Drilling

Operating a fleet of high-spec

rigs across key U.S. basins

International

Drilling

Deploying fit-for-purpose rigs in

major markets

Integration across operations, solutions, and technology allows Nabors to optimize performance, reliability, and customer outcomes.

N A B O R S . C O M

Recent Highlights – Momentum Accelerates

NABORS INDUSTRIES

Note: For the reconciliation of adjusted free cashflow, adjusted EBITDA and adjusted gross margin or other non-GAAP metrics to the most comparable GAAP measures see non-GAAP reconciliations in Appendix

* Adjusted EBITDA less capex divided by adjusted EBITDA

INTERNATIONAL

DRILLING

93.4

average rig count up 0.8

rigs sequentially

$17,534

average daily gross margin

up $654 sequentially,

modestly above the

guidance range

Sustained operational

performance across key markets

MIDDLE EAST /

SANAD

Maintained operational

cadence in the Middle East

Rigs added:

1 newbuild

1 reactivation

Growing presence through

SANAD JV

67.8

average rig count up 2.5

rigs sequentially

$13,784

average daily gross margin

up $607 sequentially,

exceeding the high end of

our guidance range

Driven by strong commercial

and operational excellence

DRILLING

SOLUTIONS

~46%

adjusted gross margin

15%

of total adjusted EBITDA

from operations

Driven by strong commercial

and operational excellence

LOWER 48

DRILLING

BROAD-BASED IMPROVEMENT

Sequential EBITDA growth across

every operating segment

ABOVE EXPECTATIONS

Results exceeded implied guidance

RESILIENT PERFORMANCE

Middle East disruption impact was limited

due to global supply chain footprint

N A B O R S . C O M 6

Key Value Drivers

Selective

international

growth aligned

with customer

demand and

returns

Operational

excellence in the

U.S. Lower 48

Technology-led

innovation with

demonstrated

results

Disciplined focus

on improving

capital structure

and reducing

debt

These drivers support value creation through operational performance, disciplined capital allocation, and technology-enabled differentiation.

N A B O R S . C O M

100

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026

International Drilling

Average Rig Count

Improving International Rig Economics

Selective International Growth Aligned with Customer Demand and Returns

Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2023 2024 2025 '26

International Drilling

Daily Metrics

Daily Rig Revenue Adjusted Daily Gross Margin

Disciplined capital

deployment focused on

returns and long-term

contracts,

SANAD newbuilds,

and redeployments in

core markets,

progressively at a

pricing premium

>17% growth

since year-end 2023

The rig count in markets where we

operate was essentially flat over

the same period of time.

NABORS INTERNATIONAL RIG COUNT

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026

International Drilling

Daily Metrics

Daily Rig Revenue Adjusted Daily Gross Margin

N A B O R S . C O M

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2021 2022 2023 2024 2025 1H'26

International Drilling

Daily Metrics

Daily Rig Revenue Daily Gross Margin

100

2021 2022 2023 2024 2025 1H'26

International Drilling

Average Rig Count

Disciplined capital

deployment focused on

returns and long-term

contracts,

SANAD newbuilds,

and redeployments in

core markets,

progressively at a

pricing premium

Improving International Rig Economics

Selective International Growth Aligned with Customer Demand and Returns

Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions

>17% growth

since year-end 2023

The rig count in markets where we

operate was essentially flat over

the same period of time.

NABORS INTERNATIONAL RIG COUNT

N A B O R S . C O M

-3 -1 -1 -1 -1

94 93

98 Rig Count

100

105

110

Strategic Growth in International Markets

Note: Estimates are based on current market conditions and information received from third parties, which are subject to change.

Selective International Growth Aligned with Customer Demand and Returns

Awarded/

Restart

International Drilling Rig Count

Operating

End of

contract

Actively pursuing

multiple

incremental

opportunities

with attractive

returns

N A B O R S . C O M 0

100

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026

L48 Drilling Average

Rig Count

$10,000

$20,000

$30,000

$40,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026

L48 Drilling

Daily Metrics

Daily Rig Revenue Adjusted Daily Gross Margin

Efficiency and Performance Support Stabilizing Margins

in a Challenging Market

Operational Excellence in the U.S. Lower 48

Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions

Operational efficiency,

performance, pricing

and cost discipline

enabled by high quality

customer portfolio,

support stabilizing

margins in the Lower 48

N A B O R S . C O M 0

100

2021 2022 2023 2024 2025 1H'26

Lower 48 Drilling

Average Rig Count

$8,000

$16,000

$24,000

$32,000

$40,000

2021 2022 2023 2024 2025 1H'26

Lower 48 Drilling

Daily Metrics

Daily Rig Revenue Adjusted Daily Gross Margin

Operational efficiency,

performance, pricing

and cost discipline

enabled by high quality

customer portfolio,

support stabilizing

margins in the Lower 48

Efficiency and Performance Support Stabilizing Margins

in a Challenging Market

Operational Excellence in the U.S. Lower 48

Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, excludes Nabors Drilling Solutions

N A B O R S . C O M

-34% -13% -26% -23% -14%

NBR Peer #1 Peer #2 Peer #3 Peer #4

~20% Decline in Lower-48 Industry Marketed Rigs

Operational Excellence in the U.S. Lower 48

Year-end marketed rig counts for selected contractors, 2023-2025

Total L48 Marketed Rigs:

600 ڵ 760

(~20% decline) 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025

Higher utilization

supporting

progressive

pricing power

N A B O R S . C O M 13

Nabors Drilling Solutions

Leveraging

‘Rig as a Platform’ Managed Pressure Drilling

Performance Software

Wellbore Placement

Automated Casing Running

Data Integration /

3 Technology-Led Innovation with Demonstrated Results

BOP Rentals

N A B O R S . C O M 14

NDS – Technology that Enhances Performance

Our Portfolio:

Solution

Performance Software

Rockit® and REVit®

SmartSuiteTM* RigCLOUD®

Integrated Services

Casing Running

Managed Pressure Drilling

Surface Tools

Wellbore Placement

Function

Performance Software

Automated drilling optimization

Rig-based automation software

Real-time and analytics platform

Integrated Services

Automated sequencing; mechanized pipe handling

Fine-tuning formation pressure

Drill pipe and BOP rentals

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

Safer, consistent casing operations; reduced manual labor

Commercializes complex wells; improves drilling efficiency

A turnkey solution for drilling equipment

Better well placement, higher reservoir contact

*A suite of over 50 apps including SmartNAV® and SmartSLIDE® – directional guidance steering and automated slide drilling controls

3 Technology-Led Innovation with Demonstrated Results

N A B O R S . C O M 15

A Framework to Analyze NDS

NDS Enables

Smart

Operations

with Data-Driven

Solutions

3 Technology-Led Innovation with Demonstrated Results

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

▲

N A B O R S . C O M 0

200

400

600

800

$20

$40

$60

$80

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026 U.S BKR Rig Count $ millions

NDS - U.S.

NDS U.S. Revenue BKR Rig Count

200

400

600

800

1000

1200

$20

$40

$60

$80

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2023 2024 2025 2026 Select country BKR rig count $ millions

NDS – International(1)

NDS International Revenue BKR Rig Count

U.S.

NDS – Global Market Reach

International

L48 – Offshore – Alaska

(1) Select country rig count per Baker Hughes - countries in which NDS operated

>15 Countries

($ millions) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26

NDS U.S. Rev. $39.4 $40.6 $42.2 $41.1 $39.6 $44.0

Avg. rig count 588 571 540 548 548 554

($ millions) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26

NDS Int’l Rev. $40.3 $67.1 $65.6 $66.7 $66.6 $66.7

Avg. rig count 816 721 935 942 972 895

3 Technology-Led Innovation with Demonstrated Results

Note: NDS-U.S. graphic and table exclude Quail Tools

Note: On 8/3/25 Baker Hughes updated its worldwide rig count to reflect more than 230 rigs operating in Saudi Arabia

N A B O R S . C O M 0%

20%

40%

60%

80%

100%

$100

$200

$300

$400

$500

2021 2022 2023 2024 2025 1H'26*

NDS Revenue, Adjusted EBITDA* and

Free Cashflow Conversion**

Revenue Adjusted EBITDA FCF Conversion

NDS Expansion from Greater Adoption and Improving

Service-line Mix

Technology-Led Innovation with Demonstrated Results

NOTE: All values on this slide

exclude Quail Tools * 1H 2026 revenue and adjusted EBITDA are annualized

** FCF conversion is calculated as adjusted EBITDA less capex divided by adjusted EBITDA

Software services

driving strong free

cash flow

conversion**

92%

1H 2026

N A B O R S . C O M

Lower 48 – Nabors Rigs

NDS Growth Driven by Increased Product Penetration

Lower 48 – Third Party

3 Technology-Led Innovation with Demonstrated Results

$10

$12

$14

$16

1Q 2Q

2026 Millions

NDS L48

Third Party Rig Revenue

100

200

300

400

500

600

1Q 2Q

2026 Average Rigs Working

L48 Third-party Market

Average Rigs Working

12% 1%

$10

$15

$20

$25

$30

$35

1Q 2Q

2026 Millions

NDS L48

Nabors Rig Revenue

100

1Q 2Q

2026 Average Rigs Working

L48 Nabors

Average Rigs Working

11% 4%

N A B O R S . C O M

PACE-X Ultra : The Next-Generation,

High-Spec Rig

Technology-Led Innovation with Demonstrated Results

— Eric Kolstad, EVP of Wells of Caturus Energy

The integration of this leading-edge technology represents the highest

standard of power and performance in the industry and, just as importantly,

demonstrates our continued commitment to safe and sustainable operations

while improving drilling cycle time.

PACE PACE-X Ultra ®-X

Mast Rating 800,000 lbs. 1,000,000 lbs.

Racking Capacity 25,000 ft 35,000 ft of 5-7/8” drill pipe

C500 High-Torque or Sigma

65,000+ ft/lbs.

500 Ton AC

51,400 ft/lbs. Canrig Top Drive

6 x CAT 3512C with Smart

EMS and DGB2 Engines/Generators 4 x CAT 3512C

3 x 2,000 HP

10,000 PSI Mud Pressure

3 x 1,600 HP

7,500 PSI Mud Pressure Mud Pumps

The Most Capable

Drilling System in

the Lower 48

Expanding Next-Gen Fleet

Built for Longer,

Deeper, More

Complex Wells

Premium Dayrates

and Term

Full-Service

Model Driving

Market Premium

>$40k

All-In Daily

Revenue

(Including ancillary

and NDS services)

N A B O R S . C O M

A New Standard for Rig Floor

Performance

3 Technology-Led Innovation with Demonstrated Results

INTRODUCING THE

Canrig Titan

Now in commercial service

Exceptional early field results

AUTOMATED WRENCH

Superior torque accuracy

Faster connection time with consistent make-up in one bite

Lower Cost of Ownership

Improved safety - fewer risks by lowering crew exposure

N A B O R S . C O M 21

Quaise Energy Moves From Venture

Investment to Field Deployment

3 Technology-Led Innovation with Demonstrated Results

A Nabors rig is now operating at Project Obsidian

in Central Oregon – turning our geothermal

investment thesis into an active commercial

relationship.

FIRST-OF-ITS-KIND SUPERHOT GEOTHERMAL PROJECT

300-500ºC

SUPERHOT ROCK

50 MW

PHASE I OF III

INITIAL PHASE

PHASE I OF III

Project Obsidian will be a 1+ GW power plant once

completed*, developed in phases, using a combination of

conventional drill bits and millimeter wave drilling technology

*We can provide no assurance the Project Obsidian will be completed, either in

the for described here or at all. See “Forward Looking Statements”.

N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q'26

Gross Leverage (x) 2.0x 3.2x 3.2x 2.6x 2.2x 2.4x 2.5x 3.3x 5.8x 7.5x 4.8x 4.2x 5.3x 6.8x 3.6x 3.5x 2.9x 2.8x 2.4x

Gross Debt ($ billion) $3.8 $3.9 $4.4 $4.6 $4.4 $3.9 $4.3 $3.7 $3.6 $4.0 $3.6 $3.3 $3.0 $3.3 $2.5 $3.1 $2.5 $2.5 $2.1

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0 Gross Leverage Billion

Gross Debt and Gross Leverage

Gross Leverage (x) Gross Debt ($ billion)

Gross Leverage Reduced to Lowest Level Since 2013

Disciplined Focus on Improving Capital Structure and Reducing Debt

* Gross Leverage is year end gross debt divided by TTM Adjusted EBITDA

N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q'26

Net Leverage (x) 1.7x 2.3x 2.6x 2.3x 1.8x 2.1x 2.2x 3.0x 5.3x 6.7x 4.1x 3.6x 4.4x 4.7x 2.9x 2.3x 2.4x 1.7x 1.8x

Net Debt ($ billion) $3.2 $2.8 $3.6 $4.1 $3.6 $3.4 $3.8 $3.4 $3.3 $3.7 $3.1 $2.9 $2.5 $2.3 $2.1 $2.1 $2.1 $1.6 $1.6

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5 Billion

Net Debt and Net Leverage

Net Leverage (x) Net Debt ($ billion)

Significant Headway toward ~1x Net Leverage Goal

Disciplined Focus on Improving Capital Structure and Reducing Debt

* Net Leverage is year end net debt divided by TTM Adjusted EBITDA

N A B O R S . C O M

- - 250

650

550

700

$200

$400

$600

$800

2026 2027 2028 2029 2030 2031 2032 Million

Actively Managing Maturity Profile

Disciplined Focus on Improving Capital Structure and Reducing Debt

Notes

As of 6/30/26 As of 12/31/25 As of 12/31/24

($ millions)

Gross Debt $2,505 $2,495 $2,120

Cash* $397 $941 $510

Net Debt $2,108 $1,554 $1,610

* Cash includes short-term investments

Clear runway to manageable 2029 maturity

Appendix

N A B O R S . C O M

Reconciliation of Non-GAAP Financial Measures to

Net Income (Loss)

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, 2025 2026 2026

Net income (loss) (2,205) $ 4,262 $ (1,523) $

Income tax expense (benefit) 23,077 16,884 16,405

Income (loss) before income taxes 20,872 21,146 14,882

Investment (income) loss (6,129) (2,887) (2,131)

Interest Expense 56,081 43,761 42,678 Gain on bargain purchase (3,500) - - Other, net 6,074 (13,393) 5,682 Adjusted Operating Income (loss) 73,398 48,627 61,111

Depreciation and Amortization 175,061 156,186 160,549

Adjusted EBITDA $ 248,459 204,813 $ 221,660 $

Three Months Ended

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

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, 2025 2026 2026

Lower 48 - U.S. - Drilling

Adjusted operating income 21,515 $ 17,405 $ 24,722 $

Plus: General and administrative costs 4,481 5,324 4,974 Plus: Research and engineering 888 1,143 1,198 GAAP Gross Margin 26,884 23,872 30,894 Plus: Depreciation and amortization 53,595 52,080 54,093 Adjusted gross margin $ 77,467 78,964 $ 84,987 $

Other - U.S. - Drilling

Adjusted operating income 18,273 $ 7,219 $ 6,239 $

Plus: General and administrative costs 896 458 407 Plus: Research and engineering 64 80 86 GAAP Gross Margin 19,233 7,757 6,732 Plus: Depreciation and amortization 9,846 9,953 9,027 Adjusted gross margin $ 29,186 17,603 $ 15,759 $

U.S. - Drilling

Adjusted operating income 39,788 $ 24,624 $ 30,961 $

Plus: General and administrative costs 5,377 5,782 5,381 Plus: Research and engineering 952 1,223 1,284 GAAP Gross Margin 46,117 31,629 37,626 Plus: Depreciation and amortization 63,441 62,033 63,120 Adjusted gross margin $ 95,070 108,150 $ 100,746 $

(In thousands)

Three Months Ended

N A B O R S . C O M

Reconciliation of Net Debt to Total Debt

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, 2025 2026 2026

Current Debt 377,492 $ - $ - $

Long-Term Debt 2,117,187 2,118,729 2,120,276 Total Debt 2,494,679 2,118,729 2,120,276 Cash & Short-term Investments 940,738 500,853 509,833 Net Debt 1,553,941 1,617,876 1,610,443

(In thousands)

N A B O R S . C O M

Three Months Ended June 30, 2026

U.S. Drilling

International Drilling Drilling Solutions Rig Technologies

Other reconciling

items Total

Adjusted operating income (loss) 30,961 $ 45,860 $ 32,125 $ 1,497 $ (49,332) $ 61,111 $

Depreciation and amortization 63,120 84,673 7,888 1,683 3,185 160,549 Adjusted EBITDA $ 130,533 94,081 $ 40,013 $ 3,180 $ (46,147) $ 221,660 $

Three Months Ended March 31, 2026

U.S. Drilling

International Drilling Drilling Solutions Rig Technologies

Other reconciling

items Total

Adjusted operating income (loss) 24,624 $ 40,757 $ 31,872 $ (1,888) $ (46,738) $ 48,627 $

Depreciation and amortization 63,441 80,524 6,790 2,393 3,038 156,186 Adjusted EBITDA $ 88,065 121,281 $ 38,662 $ 505 $ (43,700) $ 204,813 $

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 $ (54,527) $ 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 $ (52,695) $ 248,459 $

Reconciliation of Adjusted EBITDA by Segment to

Adjusted Operating Income (Loss) by Segment

(In thousands)

N A B O R S . C O M

Mar. 31, 2025

Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026

Jun. 30, 2026

Drilling Solutions - U.S. 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ 43,972 $

Drilling Solutions - International 67,090 40,347 65,581 66,739 66,575 66,668 Total Drilling Solutions - operating revenues $ 170,283 93,179 $ 141,942 $ 107,879 $ 106,222 $ 110,640 $

Drilling Solutions - U.S. 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ 43,972 $

Quail Tools (62,582) (13,429) (34,198) - - - Total Drilling Solutions - operating revenues excluding Quail Tools $ 39,403 40,611 $ 42,163 $ 41,140 $ 39,647 $ 43,972 $

Reconciliation of Drilling Solutions Revenue by Geography

(In thousands)

For the three months ended

N A B O R S . C O M

Reconciliation of Adjusted Free Cash Flow to Net Cash

Provided by Operating Activities

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

(In thousands) June 30 March 31 June 30

2025 2026 2026

Net cash provided by operating activities 151,810 $ 113,339 $ 135,242 $

Add: Capital expenditures, net of proceeds from sales of assets (141,849) (161,558) (122,900)

Free cash flow 9,961 $ (48,219) $ 12,342 $

Cash paid for acquisition related costs $ - 30,635 $ - $

Adjusted free cash flow $ 40,596 (48,219) $ 12,342 $

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

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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Jul. 28, 2026

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NABORS INDUSTRIES LTD.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

+ Details

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dei_DocumentPeriodEndDate

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xbrli:dateItemType

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Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Address Line 2 such as Street or Suite number

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No definition available.

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Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Address Line 3 such as an Office Park

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No definition available.

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Name:

dei_EntityAddressAddressLine3

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

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Period Type:

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- Definition

Name of the City or Town

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No definition available.

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Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

ISO 3166-1 alpha-2 country code.

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No definition available.

+ Details

Name:

dei_EntityAddressCountry

Namespace Prefix:

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Data Type:

dei:countryCodeItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

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No definition available.

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Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

dei:employerIdItemType

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Period Type:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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