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Nabors Industries drills land-based and offshore oil and natural gas wells for international, state-owned and independent oil and gas companies. Contract drilling supplies most of its revenue, with international operations contributing more than U.S. drilling. Customers generally pay a daily rate for a rig and crew while drilling, and lower rates when the rig moves or work is interrupted. International drilling is concentrated in the Middle East and Latin America.
Nabors also charges for services and software that help customers steer wells and manage drilling conditions, alongside its rig charges. RigCLOUD gives customers real-time information about rig operations. Through Canrig, it sells drilling equipment and provides replacement parts and servicing. These offerings serve both Nabors rigs and other companies’ rigs, but are smaller businesses than contract drilling.
Revenue depends largely on customers’ exploration and production spending, which is closely tied to oil and gas prices, and on how many rigs work and the daily rates they earn. Saudi Aramco is its largest customer and supplies a substantial share of revenue; Nabors primarily serves it through their joint venture, SANAD. Sanctions and export controls also restrict where Nabors can operate: it has suspended operations in Russia because of the conflict and related restrictions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Watch Saudi Aramco’s drilling spending: Nabors depends heavily on this customer, which accounted for approximately 30% of its 2025 revenue, primarily through the SANAD joint venture.
Helmerich & Payne competes with Nabors for producers’ spending on U.S. land drilling, international drilling, Gulf platform rigs and drilling technology. Watch its rig utilization and daily prices: H&P says excess rig supply creates strong price competition in many markets.
Patterson-UTI Energy competes with Nabors to drill wells and guide their path for oil and gas producers. Its drilling-services results offer a read on the U.S. drilling demand that also supports Nabors’ rigs and directional-drilling technology.
Precision Drilling Corporation and Nabors compete to provide high-specification land rigs to producers in the United States and Middle East. Watch Precision’s rig utilization and contracted daily rates in those markets: customers generally pay for each day a rig works.
Weatherford competes with Nabors Drilling Solutions to sell oil and gas producers equipment and services for drilling and building wells. Its Drilling and Evaluation and Well Construction and Completions results are the parts to watch for demand overlapping Nabors’ drilling-performance and well-construction services.
NOV competes with Nabors to sell drilling equipment, technology and services to contractors, service companies and energy producers. Watch its drilling-equipment and automation business for the spending that also matters to Nabors’ Canrig equipment sales.
Halliburton competes with Nabors Drilling Solutions to help oil and gas producers drill wells and place the wellbore along the intended path. Its Drilling and Evaluation results are the closer guide to this shared customer spending than its Completion and Production business.
Baker Hughes competes with Nabors Drilling Solutions to provide drilling services to oilfield customers, but its industrial businesses make its overall results a less direct comparison. Watch drilling and well-construction work within Oilfield Services & Equipment rather than its LNG and industrial technology businesses.
Forum Energy Technologies competes with Nabors’ Canrig business to sell equipment used to build, upgrade and operate drilling rigs to oil and gas operators and service companies. Its rig-construction and upgrade equipment sales are the closer comparison for Canrig than company-wide revenue, which was approximately 80% consumables and activity-based equipment in 2025.
Halliburton Company earningsHAL
Halliburton’s Drilling and Evaluation business competes with Nabors’ Drilling Solutions for oil and gas producers’ spending, so its results show how those shared customers are funding drilling work.
Watch whether Halliburton’s Drilling and Evaluation revenue and operating income hold up together. If both do, customers are still paying for drilling and well-path services, supporting demand for Nabors’ Drilling Solutions; if both fall, or revenue holds while operating income slips, that points respectively to weaker spending or tougher competition for the work.
Nabors Industries Ltd. earningsThis company
Nabors earns mainly from time spent drilling, and this report will show whether international drilling and Drilling Solutions can support profit as U.S. drilling and Rig Technologies weigh on the business.
Read segment revenue alongside adjusted operating income, management’s measure of segment performance. If International Drilling and Drilling Solutions hold up on both, without a large asset-sale or acquisition gain doing the work, the core businesses are earning profit; if revenue weakens or profit lags it, Nabors’ reliance on its largest customer, Saudi Aramco, and the ability of other segments to fill the gap become the concern.
Precision Drilling Corporation earningsPDS
Precision Drilling competes with Nabors for high-specification land-rig work in the U.S. and Middle East, and its rig utilization and contracted daily rates show the demand and pricing pressure in those markets.
Read Precision Drilling’s rig utilization alongside its contracted daily rates. High utilization with steady rates means customers are using rigs and excess capacity is exerting less pressure on prices, supporting Nabors’ rig business in overlapping markets; if both weaken, idle rigs and price competition may be squeezing Nabors too.
Patterson-UTI Energy Inc earningsPTEN
Patterson-UTI’s drilling services compete for the U.S. customers Nabors serves with its rigs and directional-drilling technology, so its results show how that demand is changing.
Watch whether Patterson-UTI’s drilling-services revenue and operating performance improve together. If they do, U.S. customers are still funding drilling and well-path work, supporting demand for Nabors’ U.S. rigs and directional-drilling technology; if both weaken, customer activity is slowing and the demand base for those Nabors services is thinning.
Forum Energy Technologies, Inc. earningsFET
Forum Energy Technologies competes with Nabors’ Canrig business in rig-building and upgrade equipment, so its related sales show whether customers are still spending on that equipment.
Focus on Forum Energy Technologies’ rig-construction and upgrade equipment sales, not its company-wide revenue. Steady or rising sales would show customers are still buying equipment to build and upgrade rigs, supporting the market for Nabors’ Canrig business; a decline would be a more direct sign that customers are pulling back on equipment spending.
