Quarterly ResultApr 28, 2026, 04:33 PM
NBR Q1 Revenue $784M; Net Loss $15M; Debt Reduced to $2.1B
AI Summary
Nabors Industries Ltd. reported first quarter 2026 operating revenues of $784 million, with a net loss attributable to shareholders of $15 million, compared to a net income of $10 million in the prior quarter. Adjusted EBITDA for the quarter was $205 million. The company highlighted disciplined execution, including the deployment of newbuild rigs in Saudi Arabia and an increase in Lower 48 rig count to 65.3. Nabors also continued its debt reduction initiatives, lowering total debt to $2.1 billion, and provided a positive outlook for Q2 2026 with expected growth in both U.S. and International Drilling businesses.
Key Highlights
- NABORS Q1 2026 operating revenues were $784 million.
- Net loss attributable to shareholders was $15 million, compared to net income of $10 million in Q4 2025.
- Adjusted EBITDA for Q1 2026 was $205 million.
- Total debt reduced to $2.1 billion as of March 31, 2026, a $386 million reduction since year-end 2024.
- SANAD joint venture deployed one newbuild rig, bringing total newbuilds to 15, with four more scheduled for 2026.
- Lower 48 average rig count increased by 5.5 rigs sequentially to 65.3, with 8 rigs added since November 2025.
- International Drilling adjusted EBITDA was $121 million, and U.S. Drilling adjusted EBITDA was $88 million.
- Q2 2026 outlook includes Lower 48 average rig count of 67-68 and International average rig count of 93-95 rigs.