Nature of Operations

12 Months Ended

Dec. 31, 2024

Nature of Operations

Nature of Operations

Note 1 Nature of Operations

Unless the context requires otherwise, references in this annual report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries. References in this annual report to “Nabors Delaware” mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors.

Our business is comprised of our global land-based and offshore drilling rig operations and other rig related services and technologies. We provide performance tools, directional drilling services, tubular running services and innovative technologies for our own rig fleet and those operated by third parties. In addition, we manufacture advanced drilling equipment and provide drilling rig instrumentation. Also, we have a portfolio of technologies designed to drive energy efficiency and emissions reductions for both ourselves and third-party customers. 

With operations in over 15 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of December 31, 2024 included:

● 285 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and

● 26 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets.

The short- and long-term implications of the military hostilities between Russia and Ukraine, which began in early 2022, are difficult to predict at this time. We continue to actively monitor this dynamic situation. As of December 31, 2024 and 2023, 0.7% and 0.9% of our property, plant and equipment, net was located in Russia, respectively. For the years ending December 31, 2024 and 2023, 0.9% and 1.1% of our operating revenues was from operations in Russia, respectively. We currently have no assets or operations in Ukraine.

On January 10, 2025, the U.S. announced new sanctions targeting Russia’s oil production and exports, including a petroleum services prohibition that is scheduled to take effect on February 27, 2025.  We are currently evaluating the effects of the sanctions as they may have a negative impact on our operations within the country.  Depending on the eventual outcome and impact of these sanctions, we could face future charges of approximately $30-35 million related to the net assets of these operations.

The consolidated financial statements and related footnotes are presented in accordance with U.S. GAAP.