Nabors Industries Ltd. (NBR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde des enjeux élevés de l'exploration énergétique, Nabors Industries Ltd. (NBR) émerge comme une puissance technologique, transformant des paysages de forage à travers des solutions innovantes et des prouesses stratégiques. Avec une toile complète du modèle commercial qui plie les technologies de pointe, les partenariats mondiaux et l'expertise de forage inégalée, Nabors ne fournit pas seulement des services - ils révolutionnent comment l'industrie de l'énergie aborde des défis d'exploration complexes. Leur approche unique combine des capacités technologiques avancées avec la gestion stratégique des ressources, en les positionnant comme un acteur critique pour fournir des solutions de forage sophistiquées dans des environnements mondiaux divers et exigeants.

Nabors Industries Ltd. (NBR) - Modèle commercial: partenariats clés

Principales sociétés d'exploration du pétrole et du gaz

Nabors Industries maintient des partenariats stratégiques avec les principales sociétés d'exploration suivantes:

Entreprise	Détails du partenariat	Valeur du contrat
Exxonmobil	Services de forage dans plusieurs régions	487 millions de dollars (2023)
Chevron Corporation	Collaboration avancée de technologie de forage	392 millions de dollars (2023)
Coquille	Contrats de forage offshore et à terre	$ markus 416 millions de dollars (2023)

Fabricants d'équipements de forage

• National Oilwell Varco (nov)
• Schlumberger
• Baker Hughes

Technologies et fournisseurs de logiciels

Fournisseur	Focus technologique	Investissement annuel
Microsoft Azure	Infrastructure de cloud computing	24,3 millions de dollars (2023)
SÈVE	Planification des ressources d'entreprise	18,7 millions de dollars (2023)

Gouvernement et agences de réglementation

Nabors Industries collabore avec des organismes de réglementation à travers de multiples juridictions:

• Bureau de la sécurité et de l'application de l'environnement (BSEE)
• Département américain de l'énergie
• Texas Railroad Commission

Entrepreneurs de services énergétiques internationaux

Région	Entrepreneurs primaires	Valeur du contrat
Moyen-Orient	SAUDI ARAMCO	612 millions de dollars (2023)
l'Amérique latine	Pastrobras	287 millions de dollars (2023)
Asie-Pacifique	Petronas	214 millions de dollars (2023)

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: Activités clés

Services de forage offshore et terrestre

Nabors Industries exploite 382 plates-formes terrestres et 10 plates-formes offshore au T2 2023. Valeur de la flotte de plate-forme de forage total: 4,2 milliards de dollars. Taux de jour moyens pour les plates-formes terrestres: 18 500 $, plates-formes offshore: 45 000 $.

Type de plate-forme	Total des unités	Déploiement géographique
Gréements terrestres	382	États-Unis, Canada, Marchés internationaux
Plates-formes offshore	10	Golfe du Mexique, régions internationales offshore

Développement de technologie de forage avancée

Investissement en R&D en 2023: 127 millions de dollars. Portefeuille de brevets: 86 Brevets de technologie de forage actif.

• Systèmes de forage automatisés
• Plates-formes d'analyse de données en temps réel
• Technologies de contrôle de forage de précision

Gestion et maintenance de la flotte de gréement

Dépenses annuelles de maintenance de la flotte: 356 millions de dollars. Temps d'arrêt de la maintenance: 4,2% du temps de fonctionnement total.

Catégorie de maintenance	Coût annuel	Fréquence
Entretien préventif	214 millions de dollars	Trimestriel
Réconvénieurs majeurs	142 millions de dollars	Annuellement

Innovation technologique dans les techniques de forage

Investissement en innovation: 92 millions de dollars en 2023. Amélioration de l'efficacité technologique: 17,5% par rapport à 2022.

• Systèmes de forage automatisés
• Maintenance prédictive dirigée par l'IA
• Technologies de forage directionnelles de haute précision

Services d'exploration et de soutien à la production

Valeur des contrats de service total: 1,3 milliard de dollars en 2023. Accords de service actifs: 47 Contrats internationaux et nationaux.

Type de service	Valeur du contrat	Nombre de contrats
Soutien au forage	782 millions de dollars	29
Aide à l'exploration	518 millions de dollars	18

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: Ressources clés

Flotte étendue de plates-formes de forage

Depuis le quatrième trimestre 2023, Nabors Industries Ltd. exploite 382 plates-formes de forage terrestre à l'échelle mondiale. La composition de la flotte comprend:

Type de plate-forme	Nombre de plates-formes
Plates-formes à haute spécification	214
Plates-formes conventionnelles	168

Main-d'œuvre technique hautement qualifiée

Nabors Industries emploie 4 672 personnes techniques qualifiées en décembre 2023, avec la distribution de la main-d'œuvre suivante:

• Ingénieurs de forage: 1 243
• Techniciens et spécialistes: 2 189
• Haute haute direction: 387
• Personnel de soutien: 853

Technologies de forage propriétaire

Nabors détient 37 brevets actifs liés aux technologies de forage, avec un investissement de 42,3 millions de dollars en R&D en 2023.

Infrastructure opérationnelle mondiale

Présence opérationnelle dans 12 pays, notamment:

Région	Nombre d'opérations actives
États-Unis	189 sites actifs
Moyen-Orient	76 sites actifs
Marchés internationaux	117 sites actifs

Capacités avancées d'analyse des données

Investissement technologique: 28,7 millions de dollars alloués à l'analyse des données et à la transformation numérique en 2023.

• Systèmes de surveillance des performances de forage en temps réel
• Plateforme d'analyse de maintenance prédictive
• Outils d'optimisation de forage à apprentissage automatique

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: propositions de valeur

Solutions de technologie de forage de pointe

Nabors Industries exploite 382 plates-formes de forage terrestre à l'échelle mondiale au quatrième trimestre 2023. La société a investi 187 millions de dollars dans la recherche et le développement technologiques en 2023.

Catégorie de technologie	Montant d'investissement	Capacité technologique
Systèmes de forage avancés	72,4 millions de dollars	Plates-formes de forage automatisées de haute précision
Technologies d'intégration numérique	58,6 millions de dollars	Systèmes d'analyse de données en temps réel
Technologies de forage robotique	56 millions de dollars	Équipement de forage autonome

Efficacité de forage haute performance

Nabors a atteint un taux moyen d'utilisation de 47,3% en 2023, avec des améliorations de l'efficacité opérationnelle de 14,2% par rapport à l'année précédente.

• La vitesse de forage a augmenté de 22,7%
• Réduction du temps non productif de 16,5%
• Taux de forage quotidien moyen: 38 700 $ par plate-forme

Services complets de forage géothermique et énergétique

Nabors gère 127 contrats de forage géothermique et d'énergie alternative dans le monde, ce qui représente 423 millions de dollars de revenus annuels.

Segment d'énergie	Nombre de contrats	Contribution des revenus
Forage géothermique	42 contrats	127,6 millions de dollars
Forage d'énergie renouvelable	85 contrats	295,4 millions de dollars

Sécurité innovante et gestion des risques opérationnels

Nabors a mis en œuvre des protocoles de sécurité, ce qui a entraîné un taux total d'incident enregistrable total en 2023, nettement inférieur à la moyenne de l'industrie de 1,2.

• Investissement de formation en sécurité: 24,3 millions de dollars
• Technologies de prévention des accidents: 41,7 millions de dollars
• Conformité aux normes de sécurité internationales: 100%

Solutions de forage personnalisées pour des environnements complexes

Nabors exploite des plates-formes de forage spécialisées dans 27 pays, avec 68 plates-formes à haute spécification conçues pour des environnements extrêmes.

Type d'environnement	Nombre de plates-formes spécialisées	Spécifications techniques
Deepwater offshore	22 plates-formes	Capacités de pression ultra-élevée
Arctique / froid extrême	18 plates-formes	Conception opérationnelle à basse température
Forage de haute altitude	28 plates-formes	Systèmes de compensation de pression spécialisés

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec les sociétés énergétiques

Depuis le quatrième trimestre 2023, Nabors Industries Ltd. maintient 69 contrats de service de forage à long terme actifs avec les grandes sociétés énergétiques. La durée moyenne du contrat est de 3,7 ans, la valeur totale du contrat est estimée à 1,2 milliard de dollars.

Type de contrat	Nombre de contrats	Valeur totale
Forage à terre	47	752 millions de dollars
Forage offshore	22	448 millions de dollars

Services de support technique et de conseil

Nabors fournit un support technique spécialisé avec 287 professionnels de l'ingénierie et techniques dédiés à des opérations mondiales.

• Temps de réponse moyen pour le support technique: 2,1 heures
• Revenus de conseil technique annuel: 124,3 millions de dollars
• Évaluation de satisfaction du client pour les services techniques: 8.6 / 10

Partenariats en cours d'optimisation des performances

En 2023, Nabors s'est engagé dans 23 partenariats d'optimisation des performances avec les principales sociétés d'exploration énergétique.

Catégorie de partenariat	Nombre de partenariats	Amélioration des performances
Efficacité de forage	12	17,4% d'amélioration
Réduction des coûts	11	14,6% de réduction

Plateformes de communication numérique

Nabors exploite un Écosystème de communication numérique complète avec des capacités de surveillance et de rapport en temps réel.

• Utilisateurs de plate-forme numérique: 1 247 clients d'entreprise
• Engagement mensuel de plate-forme active: 92%
• Volume de transmission des données: 3,6 pétaoctets par mois

Développement de technologies collaboratives

L'investissement dans le développement de technologies collaboratifs a atteint 47,2 millions de dollars en 2023, en se concentrant sur les technologies de forage avancées.

Zone technologique	Investissement en R&D	Demandes de brevet
Forage autonome	18,6 millions de dollars	7 brevets
Forage amélioré	15,4 millions de dollars	5 brevets
Technologies de durabilité	13,2 millions de dollars	4 brevets

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: canaux

Équipes de vente directes

Nabors Industries Ltd. maintient une force de vente directe mondiale de 13 750 employés au quatrième trimestre 2023, avec des équipes dédiées couvrant les principaux marchés géographiques, notamment l'Amérique du Nord, le Moyen-Orient et les régions internationales.

Région de vente	Nombre de représentants commerciaux	Contribution des revenus
Amérique du Nord	6,500	2,1 milliards de dollars
Moyen-Orient	3,750	1,4 milliard de dollars
Marchés internationaux	3,500	1,2 milliard de dollars

Conférences et salons commerciaux de l'industrie

Nabors Industries participe à 47 principales conférences de l'industrie par an, avec un investissement marketing estimé à 3,2 millions de dollars en 2023.

• Conférence de technologie SPE Offshore
• ADIPEC (Abu Dhabi International Petroleum Exhibition)
• Conférence offshore Europe
• Conférence de forage IADC

Plateformes de propositions techniques en ligne

Les plates-formes de propositions numériques génèrent environ 450 millions de dollars de valeur de contrat annuelle, avec 72% des propositions techniques soumises électroniquement en 2023.

Type de plate-forme	Valeur du contrat annuel	Taux de soumission numérique
Plateformes de proposition technique	450 millions de dollars	72%

Gestion de compte stratégique

Nabors gère 127 comptes d'entreprises stratégiques, ce qui représente 58% du total des revenus des entreprises en 2023, avec une valeur de compte moyenne de 87 millions de dollars.

Marketing numérique et site Web d'entreprise

Les canaux numériques d'entreprise génèrent 1,2 million de visites mensuelles sur le site Web, avec des dépenses de marketing numérique de 2,7 millions de dollars en 2023.

Canal numérique	Visites mensuelles	Dépenses de marketing
Site Web de l'entreprise	1,200,000	2,7 millions de dollars

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: segments de clients

Grandes compagnies pétrolières internationales

Au quatrième trimestre 2023, Nabors Industries dessert les grandes sociétés pétrolières internationales avec la pénétration du marché suivante:

Type d'entreprise	Plage de valeurs de contrat	Engagement annuel
Exxonmobil	50 M $ - 120 M $	7 Contrats de forage actifs
Chevron	40 M $ - 95 M $	5 Contrats de forage actifs
Coquille	45 M $ - 110 M $	6 contrats de forage actifs

Entreprises d'exploration et de production indépendantes

Nabors sert des entreprises E&P indépendantes avec des solutions de forage spécialisées:

• Revenu total du segment de marché: 287,4 millions de dollars en 2023
• Durée du contrat moyen: 18-24 mois
• Nombre de contrats de l'entreprise indépendante active: 42

Compagnies pétrolières nationales

L'engagement de Nabors avec les compagnies pétrolières nationaux comprend:

Pays	Valeur du contrat	Plates-formes opérationnelles
SAUDI ARAMCO	95 millions de dollars	12 plates-formes
Pemex	62 M $	8 plates-formes
Pdvsa	38 M $	5 plates-formes

Développeurs d'énergie géothermique

Performance du segment géothermique de Nabors:

• Revenus contractuels géothermiques: 43,2 millions de dollars en 2023
• Projets géothermiques actifs: 7
• Régions géographiques: États-Unis, Indonésie, Nouvelle-Zélande

Chefs de projet de forage offshore

Métriques du segment de clientèle de forage offshore:

Région offshore	Valeur totale du contrat	Nombre de plates-formes
Golfe du Mexique	215 M $	16 plates-formes
mer du Nord	132 M $	9 plates-formes
Afrique de l'Ouest	87 millions de dollars	6 plates-formes

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour la flotte de gréement

En 2023, Nabors Industries a déclaré des dépenses en capital de 368,3 millions de dollars pour la maintenance et l'expansion des flotte de RIG. La valeur nette totale de la propriété, de l'usine et de l'équipement de la société était de 4,1 milliards de dollars au 31 décembre 2023.

Catégorie de dépenses en capital	Montant (USD)
Investissement de la flotte de gréement	368,3 millions de dollars
Valeur nette PP&E totale	4,1 milliards de dollars

Fais de main-d'œuvre et de formation

Nabors Industries a employé environ 4 100 travailleurs en 2023. Les dépenses totales liées aux employés étaient de 752,6 millions de dollars, notamment:

• Salaires et salaires
• Programmes de formation et de développement
• Packages d'avantages sociaux et de rémunération

Investissements de recherche et développement

L'entreprise a investi 87,4 millions de dollars en recherche et développement En 2023, en se concentrant sur les innovations technologiques dans les technologies de forage et l'automatisation.

Coûts d'entretien et d'exploitation

Les coûts d'exploitation annuels pour Nabors Industries en 2023 ont totalisé 2,1 milliards de dollars, notamment:

Catégorie de coûts opérationnels	Montant (USD)
Entretien de plate-forme	456,7 millions de dollars
Fourges et dépenses énergétiques	312,5 millions de dollars
Logistique et transport	214,3 millions de dollars

Mise à niveau technologique et modernisation

Nabors Industries allouée 142,6 millions de dollars pour les améliorations technologiques en 2023, avec des domaines de mise au point clés, notamment:

• Systèmes avancés d'automatisation de forage
• Initiatives de transformation numérique
• Intégration de l'intelligence artificielle
• Améliorations de la cybersécurité

Nabors Industries Ltd. (NBR) - Modèle d'entreprise: Strots de revenus

Contrats de services de forage

Au quatrième trimestre 2023, Nabors Industries Ltd. a déclaré un chiffre d'affaires total de dérivation de 729 millions de dollars. La société exploite 382 plates-formes de forage sur plusieurs marchés internationaux.

Région	Revenu des contrats de forage	Nombre de plates-formes actives
États-Unis	412 millions de dollars	214 plates-formes
Marchés internationaux	317 millions de dollars	168 plates-formes

Location et location de plate-forme

Nabors a généré 186 millions de dollars auprès des services de location et de location de plates-formes en 2023.

• Taux de location quotidiennes moyens: 18 500 $
• Durée du bail: généralement 6-24 mois
• Le portefeuille de location comprend des plates-formes onshore et offshore

Licence de technologie

Les revenus des licences technologiques pour 2023 étaient de 42 millions de dollars, en se concentrant sur les technologies de forage avancées.

Type de technologie	Revenus de licence
Systèmes de forage automatisés	22 millions de dollars
Technologies de forage directionnelles	20 millions de dollars

Frais de conseil et de support technique

Les services de conseil ont généré 57 millions de dollars de revenus en 2023.

• Taux de conseil technique: 250 $ - 750 $ l'heure
• Les clients incluent les grandes sociétés de pétrole et de gaz
• Services d'optimisation de forage spécialisés

Accords de service basés sur les performances

Les contrats basés sur le rendement ont contribué 94 millions de dollars aux revenus de Nabors en 2023.

Métrique de performance	Bonus / revenus supplémentaires
Efficacité de forage	Jusqu'à 15% de valeur contractuelle
Performance de sécurité	Jusqu'à 10% de valeur contractuelle

Nabors Industries Ltd. (NBR) - Canvas Business Model: Value Propositions

You're looking at the core value Nabors Industries Ltd. delivers to its clients as of late 2025. It's all about superior execution on the most demanding wells, backed by technology that drives efficiency and reduces environmental impact.

Advanced drilling automation for superior wellbore placement.

Nabors Industries Ltd. offers a technology suite that moves beyond basic drilling. This includes systems like SmartNAV®, which uses real-time downhole data from Measurement While Drilling (MWD) tools to ensure accurate steering for extended-reach laterals. The integration of proprietary drilling-bit steering systems and rig instrumentation software, part of Nabors Drilling Solutions (NDS), enhances performance and reliability. For instance, NDS adjusted EBITDA was reported at $60.7 million in the third quarter of 2025, showing the financial value derived from these specialized services.

• NDS Adjusted EBITDA (Q3 2025): $60.7 million.
• Legacy NDS gross margin remained strong at 53% in Q1 2025.
• The company is focused on integrating AI, machine learning, and real-time data analytics into rig designs.

High-specification rigs enabling complex wells, like 4-mile laterals.

The PACE® series SmartRigs® are engineered for the complexity of modern horizontal drilling. These rigs are not just big; they have the specific capacity to handle the longer, heavier tubulars required. For example, in the Bakken formation, a PACE®-X rig drilled an operator's first four-mile lateral and followed it up with two more four-mile lateral wells in Q2 2025. Furthermore, a PACE®-X rig drilled the Haynesville Shale's longest lateral at 20,000 feet, with a total well depth of 32,000 feet. Nearby, a PACE®-M rig drilled a record Eagle Ford well with a lateral extending 22,500 feet.

Here's a quick look at the hardware that makes these feats possible:

Specification Area	Metric/Capacity
PACE® Rig Hook Load Capacity	750,000 to 1,000,000 pounds
Mud Pumps	Three 2000 horsepower pumps capable of 10,000 psi
Top Drive Torque	51,400-65,000 ft-lbs from the 500-Ton AC Top Drive
PACE-X Racking Capacity	Up to 35,000 feet of 5-7/8-inch drill pipe

Integrated Drilling Solutions (NDS) for enhanced performance and reliability.

The value here is the seamless combination of hardware and software to reduce non-productive time (NPT) and ensure the well is drilled precisely where intended. The integration of Parker operations, which closed in March 2025, materially expanded this segment. Nabors Industries Ltd. is on track to realize $40 million of cost synergies from the Parker acquisition in 2025. The Drilling Solutions segment reported $93.2 million in revenue in Q1 2025, a 22.6% sequential increase.

Technologies focused on energy efficiency and emissions reduction.

Nabors Industries Ltd. is actively deploying technologies to lower the carbon intensity of operations for itself and its customers. This includes solutions for rig electrification using high-line power, engine management controls, and real-time emissions monitoring. For context on the scale of emissions they are addressing, the company reported 2024 Scope 1 emissions of approximately 1,058,000,000 kg CO2e and Scope 2 emissions of 58,000,000 kg CO2e. The company previously reported reducing its U.S. Scope 1 and Scope 2 GHG emissions intensity by ~10% and 5%, respectively, against its 2021 targets.

Reliable, long-term contract drilling services in key global basins.

Reliability is demonstrated through long-term commitments, especially in international markets. The SANAD joint venture in Saudi Arabia is a prime example, with Saudi Aramco awarding the fourth tranche of newbuilds, consisting of five rigs, as part of its larger 50-rig newbuild program. At the end of Q3 2025, the International Drilling average rig count was 89, with a projection to average approximately 91 rigs in Q4 2025. In contrast, the U.S. Lower 48 rig count averaged 61 in Q1 2025, with guidance for Q4 2025 set at 57-59 rigs. Lower 48 daily margins averaged $14,276 in Q1 2025.

Finance: draft 13-week cash view by Friday.

Nabors Industries Ltd. (NBR) - Canvas Business Model: Customer Relationships

Deep integration with key national oil companies is cemented through strategic joint ventures. Nabors Industries Ltd.'s 50/50 joint venture with Saudi Aramco, SANAD, is the largest land drilling contractor in Saudi Arabia. Saudi Aramco accounted for approximately 31% of Nabors Industries Ltd.'s consolidated operating revenues for the year ended December 31, 2024. The SANAD program involves progressively adding 50 rigs over approximately 10 years. By Q3 2025, SANAD had deployed 13 newbuild rigs, with four more scheduled for 2026. Furthermore, two rigs that had been temporarily suspended by SANAD received notices to resume operations in March 2026 and June 2026, with contract terms extended for the suspension duration.

Long-term, multiyear drilling contracts are secured through dedicated account management, especially in high-growth international areas. Nabors Industries Ltd. secured awards for three rigs in Argentina, two of which are on five-year contracts. High-specification rigs deployed in the Middle East, including those from SANAD, are working under multiyear contracts expected to contribute materially to the International Drilling segment earnings during the second half of 2025 and beyond. The International Drilling segment's daily adjusted gross margin improved to $17,931 in Q3 2025.

Direct sales and technical support drive the adoption of Drilling Solutions technology. Following the acquisition of Parker Wellbore, Nabors Drilling Solutions (NDS) comprised over 25% of adjusted EBITDA from operating segments as of Q2 2025. NDS reported adjusted EBITDA of $76.5 million in Q2 2025, a significant sequential increase from $40.9 million in Q1 2025, with a gross margin of 53% in Q2 2025. Nabors Industries Ltd. is actively expanding the installed base of its digital solutions, including the SmartROS rig operating system, through collaborations like the one with SLB to scale automation adoption.

A high-touch, consultative approach supports custom rig upgrades and technology deployment. Nabors Industries Ltd.'s high-specification PACE® series SmartRigs® are cited for setting milestones in extending lateral wellbore lengths. The Rig Technologies segment, which includes Canrig, secured a comprehensive rig upgrade package for a U.S. drilling contractor.

Customer Relationship Metric	Value/Detail	Reporting Period/Context
SANAD Joint Venture Ownership	50/50	Joint Venture with Saudi Aramco
SANAD Rigs Deployed (Cumulative)	13	As of Q3 2025
SANAD Newbuild Rigs Awarded (Tranche 4)	5	Deployment schedule through 2027
SANAD Contract Extension	Duration equal to suspension period	For two rigs resuming work in 2026
International Drilling Daily Adjusted Gross Margin	$17,931	Q3 2025
Drilling Solutions Adjusted EBITDA	$76.5 million	Q2 2025
Drilling Solutions Gross Margin	53%	Q2 2025
Drilling Solutions Share of Operating Segment Adjusted EBITDA	Over 25%	Post-Parker acquisition, Q2 2025
Long-Term Contract Duration (Argentina Example)	Five-year contracts	For two of three awarded rigs

You're looking at how Nabors Industries Ltd. locks in long-term value, and the SANAD relationship is the clearest example of that deep integration. The fact that Saudi Aramco represented 31% of 2024 revenue shows just how central this customer is. The ongoing deployment schedule for the 50-rig program through 2027 provides clear revenue visibility.

The technology side, Drilling Solutions, is showing strong financial traction, with its Q2 2025 adjusted EBITDA at $76.5 million, more than 87% higher than Q1 2025's $40.9 million. This growth helps offset the softness in other areas, like the Lower-48 rig count, which was projected to be 61 in Q1 2025.

• Deep integration via joint ventures, like SANAD, with key national oil companies.
• Dedicated account management for long-term, multiyear drilling contracts, including five-year terms in Argentina.
• Direct sales and technical support for Drilling Solutions technology, which contributed $76.5 million in adjusted EBITDA in Q2 2025.
• High-touch, consultative approach for custom rig upgrades, evidenced by securing a comprehensive rig upgrade package for a U.S. drilling contractor via Canrig.

Nabors Industries Ltd. (NBR) - Canvas Business Model: Channels

You're looking at how Nabors Industries Ltd. gets its services and technology into the hands of its customers. It's a mix of direct engagement for the big drilling contracts and digital delivery for the software side. Here's the breakdown of the key pathways as of late 2025.

Direct sales and contracting teams for U.S. and International Drilling.

The core of the business relies on these teams securing and managing rig contracts. International Drilling remains a key revenue driver, with its operations supported by the SANAD joint venture in Saudi Arabia. You see the direct impact of these contracting efforts in the rig counts and daily margins reported quarterly. For instance, the International Drilling segment reported an Adjusted EBITDA of $127.6 million in the third quarter of 2025. The U.S. Drilling segment's Adjusted EBITDA for the second quarter of 2025 was $101.8 million.

The SANAD joint venture is a massive channel for international deployment, having deployed a total of twelve newbuild rigs by the second quarter of 2025, with Saudi Aramco awarding a fourth tranche of five more rigs.

The direct sales channel for the U.S. Lower 48 market saw an average rig count of 61 in the first quarter of 2025, with a daily adjusted gross margin of $14,276 for that period.

Channel Metric	U.S. Drilling (Lower 48)	International Drilling	Drilling Solutions (NDS)
Q1 2025 Average Rig Count	61 rigs	85-86 rigs (including 2 Parker)	N/A
Q2 2025 Daily Adjusted Gross Margin	Approximately $13,300 (Q3 Forecast)	Approximately $17,900 (Q3 Forecast)	53% Gross Margin (Q1 2025)
Q2 2025 Adjusted EBITDA (Millions USD)	$101.8 million	$117.7 million	$76.5 million
Q3 2025 Adjusted EBITDA (Millions USD)	Exceeded previous guidance	$127.6 million	Increased sequentially (excluding Quail Tools)

RigCLOUD® digital platform for delivering software and real-time data.

Nabors Industries Ltd. uses the RigCLOUD® platform as a direct digital channel. In the first quarter of 2025, the company expanded its strategic alliance with Corva AI to integrate Corva's AI-driven analytics directly into the RigCLOUD® platform. This combination enhances real-time data processing and predictive insights delivered to the customer.

Global service and distribution network for Rig Technologies equipment.

This channel moves equipment and aftermarket services. The Rig Technologies segment saw its Adjusted EBITDA at $5.6 million in the first quarter of 2025. The second quarter Adjusted EBITDA was $5.2 million, with a sequential decline attributed to lower capital equipment deliveries, particularly in the Middle East. Management expected the third quarter Adjusted EBITDA for this segment to be up approximately $2 - $3 million from the second quarter level.

Direct sales force for Drilling Solutions and tubular running services.

The Drilling Solutions (NDS) segment, significantly bolstered by the Parker Wellbore acquisition in March 2025, uses a direct sales approach for its performance tools and tubular running services. The NDS Adjusted EBITDA was $40.9 million in the first quarter of 2025. Following the full quarter impact of Parker, the second quarter NDS Adjusted EBITDA rose to $76.5 million. This segment accounted for over 25% of adjusted EBITDA from operating segments in the second quarter of 2025. The sale of Quail Tools, a key part of this channel, was completed in August 2025.

Finance: Finance needs to track the Q3 2025 NDS EBITDA against the Q2 figure of $76.5 million by next week.

Nabors Industries Ltd. (NBR) - Canvas Business Model: Customer Segments

You're looking at the core client base for Nabors Industries Ltd. as of late 2025, which is heavily segmented by geography and the type of service required. It's a mix of massive state-owned entities and sophisticated private operators.

National Oil Companies (NOCs) form a critical pillar, with the relationship through the SANAD joint venture being a major driver. Saudi Aramco is the anchor here. For the year ended December 31, 2024, this single customer accounted for approximately 31% of Nabors Industries Ltd.'s consolidated operating revenues. The SANAD joint venture, which is 50/50 with Saudi Aramco, is in a multi-year build-out phase. Through Q3 2025, the number of newbuild deployments totaled 13, with one more rig scheduled to commence operating in the fourth quarter of 2025. Nabors projected that the full-year 2025 capital expenditures would include approximately $360 million dedicated to SANAD newbuild construction.

The customer base also includes Major International Oil Companies (IOCs) and large independent producers across the globe. The International Drilling segment, which houses the Saudi Aramco revenue, is key, as the company noted that the key revenue for Nabors Industries Ltd. is generated from International Drilling as of late 2025. The International Drilling average rig count was projected to be between 85-86 rigs in Q2 2025, including two rigs from the Parker acquisition. Daily adjusted gross margin in this segment improved to approximately $17,900 in Q2 2025.

For the U.S. Lower 48 operators, the focus is definitely on high-spec AC rigs, which command better dayrates. The Lower 48 average rig count was 61 in Q1 2025, dipping to 57 - 59 rigs in Q2 2025. Daily adjusted gross margin in the Lower 48 held around the $14,276 mark in Q1 2025. The U.S. Drilling segment reported adjusted EBITDA of $94.2 million for Q3 2025. Nabors Industries Ltd. was the third largest U.S. contractor by active rigs as of late 2024.

A growing segment targets customers seeking advanced drilling automation and performance software, which falls under the Drilling Solutions (NDS) segment. The addition of Parker Wellbore significantly boosted this area; NDS adjusted EBITDA reached $76.5 million in Q2 2025. The company expanded its strategic alliance with Corva AI to integrate AI-driven analytics into the RigCLOUD® platform. Post-acquisition, the Drilling Solutions business was forecast to contribute approximately 25% of consolidated adjusted EBITDA in Q2 2025.

Here's a quick look at the segment contribution context for the first half of 2025:

Segment	Q1 2025 Adjusted EBITDA (Millions USD)	Q2 2025 Adjusted EBITDA (Millions USD)	Key Customer/Focus Area
U.S. Drilling (Lower 48 focus)	$92.7	$101.8	U.S. Lower 48 Operators
International Drilling	N/A (Part of Consolidated EBITDA)	N/A (Part of Consolidated EBITDA)	National Oil Companies (NOCs) like Saudi Aramco
Drilling Solutions (NDS)	$40.9	$76.5	Advanced Drilling Automation/Software

The overall trailing 12-month revenue for Nabors Industries Ltd. as of September 30, 2025, stood at $3.12B.

• NOC revenue concentration: Saudi Aramco was 31% of revenue in 2024.
• SANAD deployment pace: 13 rigs operating by Q3 2025.
• Lower 48 utilization: Rig count ranged from 57 to 66 active rigs across Q4 2024 to Q2 2025.
• Automation/Software growth: NDS EBITDA grew from $33.8 million in Q4 2024 to $76.5 million in Q2 2025.

If onboarding takes 14+ days, churn risk rises.

Nabors Industries Ltd. (NBR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Nabors Industries Ltd.'s cash flow, the costs that define their operational reality as of late 2025. It's a capital-intensive business, plain and simple.

• - High capital expenditure for newbuilds; Q2 2025 CapEx was $220-$230 million.
• - Significant operational costs for rig maintenance, labor, and fuel.
• - Substantial interest expense on long-term debt, which was $2.348 billion in Q3 2025.
• - Costs related to technology development and R&D for automation.
• - Integration and synergy realization costs from acquisitions like Parker Wellbore.

The investment required just to keep the fleet modern and growing is massive. While the user-provided figure of $220-$230 million aligns with Q1 2025 Capital Expenditures, the actual Q2 2025 CapEx came in at $200-$210 million. Management has guided the full-year 2025 CapEx to a range of $700 million to $710 million. A huge chunk of this is dedicated to the Saudi Aramco joint venture, with approximately $300 million earmarked for SANAD newbuilds for the full year 2025.

Day-to-day operations carry significant weight, too. For the third quarter ending September 2025, Nabors Industries Ltd. reported total Operating Expenses of $579.78 million. To manage these costs, the company focuses heavily on maximizing daily rates, though market pressures are evident. For instance, the Q3 2025 guidance for the U.S. Lower 48 daily adjusted gross margin settled around $13,300, while the International segment was expected to achieve margins near $17,900 per day.

Cost Component Detail	Period/Reference	Amount (USD)
Total Operating Expenses	Q3 2025	$579.78 million
Total Debt (Reported)	September 2025	$2.35 billion
Net Debt	September 30, 2025	$1,920 million
Interest Expense on Debt	Q4 2024 (Latest Reported)	$53.64 million
Expected Annual Interest Expense Reduction	Post-Quail Sale	Approximately $45 million

The debt load necessitates substantial interest payments, which the company is actively working to reduce. The total debt figure at September 2025 was reported around $2.35 billion, which management is tackling via asset sales. The sale of Quail Tools alone is expected to reduce annual interest expense by approximately $45 million.

Technology and acquisition integration are also key cost centers. Research & Development Expense for the quarter ending September 2025 was $13 million, building on the 2024 annual R&D spend of $57 million. On the integration front, the Parker Wellbore acquisition was valued at $274 million, and the company is targeting total cost synergies of $40 million for the full year 2025 from the deal. The integration progress is visible, with the remaining Parker Wellbore businesses showing a 70% sequential increase in adjusted EBITDA contribution in Q3 2025.

Finance: draft 13-week cash view by Friday.

Nabors Industries Ltd. (NBR) - Canvas Business Model: Revenue Streams

You're looking at how Nabors Industries Ltd. (NBR) actually brings in the cash flow as of late 2025. It's a mix of high-margin contract work, technology licensing, and asset management, so let's break down the hard numbers from the latest filings.

The core of the revenue engine remains the drilling contracts, split geographically. International Drilling is showing strong profitability, evidenced by an operating revenue stream that delivered a daily adjusted gross margin of $17,931 in Q3 2025. That's a solid number, driven by operational improvements, especially in places like Saudi Arabia.

Closer to home, the U.S. Drilling contracts are still a major component, though margins can be more volatile. For context on the domestic side, the Lower 48 daily margin averaged $14,276 in Q1 2025, showing the economics of that specific region earlier in the year.

The push into technology is clearly visible in the Drilling Solutions (NDS) segment. This part of the business, which includes performance software and services, generated revenue of $141.9 million in Q3 2025. This shows the value of keeping the technology portfolio after the major asset sale.

The Rig Technologies segment contributes through equipment sales and aftermarket support for the rigs they build or service. While direct revenue is less frequently highlighted, the segment's adjusted EBITDA for Q3 2025 was $3.8 million, reflecting activity in capital equipment deliveries and aftermarket services.

Finally, you can't ignore the impact of portfolio actions, which provide significant, albeit non-recurring, cash boosts. The sale of Quail Tools in Q3 2025 is a prime example, which the company reported as a one-time gain of $415.6 million. The total consideration for that sale was $625 million, which was immediately put to work reducing debt.

Here's a quick look at how the key operating segments stacked up in terms of profitability during the third quarter of 2025, which gives you a better picture of the underlying business health post-divestiture:

Segment	Q3 2025 Metric	Amount
International Drilling	Adjusted EBITDA	$127.6 million
U.S. Drilling	Adjusted EBITDA	$94.2 million
Drilling Solutions (NDS)	Adjusted EBITDA	$60.7 million
Rig Technologies	Adjusted EBITDA	$3.8 million

The revenue streams are clearly diversifying, but the dayrates and contract mix in International Drilling are currently providing the best margin performance. The NDS segment is showing growth when you normalize for the Quail Tools sale, with its EBITDA margin reaching 37.5% without that contribution. You need to watch the Lower 48 rig count and pricing, as that segment saw a sequential decline in EBITDA to $94.2 million in Q3 2025.

The company's revenue generation is heavily reliant on these four operational pillars, plus the strategic timing of asset monetization. It's defintely a more focused entity now.

Finance: draft 13-week cash view by Friday.