Past year: ▲ 65%(48.52 – 102.61 USD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2026debt financing▲ Good
On 2026-07-23 Nabors' lenders waived credit agreement limits so Nabors Delaware can optionally redeem up to $100.0M of its 9.125% notes due 2030, with the partial redemption expected on 2026-08-12. This is a planned early paydown of debt; the filing does not state the funding source.
7 Apr 2026debt financing● Neutral
On 2026-04-07 Nabors added a $25M letter-of-credit increase (Bank of Texas as new participant) to its credit agreement, raising the letter-of-credit cap to $150M without affecting revolving loan capacity.
10 Nov 2025debt financing● NeutralMajor
Nabors Delaware closed a $700M sale of 7.625% senior priority guaranteed notes due 2032-11-15 on 2025-11-10, raising about $687.9M net. Nabors intends to use it to retire all of its 7.375% notes due 2027 ($546.1M outstanding), with the rest for general purposes. This refinances existing debt into a later maturity at a slightly higher coupon.
4 Sept 2025debt financing▲ Good
On 2025-09-04 Nabors' lenders amended the 2024 credit agreement to let Nabors Delaware buy back up to $100.0M of equity per fiscal year, which reduces its room to pay dividends dollar-for-dollar (and vice versa). This permits buybacks; the filing does not say any will be made.
2 Sept 2025debt financing● Neutral
Nabors amended its receivables sale facility (Wells Fargo agent) on 2025-08-29 to add certain Parker Drilling subsidiaries as sellers of receivables, with Nabors Ltd guaranteeing their obligations. The facility limit is unchanged at $250.0M.
22 Aug 2025asset acquisition disposition▲ GoodMajor
On 2025-08-20 Nabors sold Quail Tools, a business it gained in the Parker deal, to Superior Energy Services for $600.0M plus working-capital adjustments: $375.0M cash at closing and a $250.0M secured seller note due 2026-05-20 (7.50% for 180 days, then 10.0%). The press release says the sale cuts Nabors' net debt by more than 25% and expects about $5M of cash taxes; Nabors keeps the rest of the Parker portfolio. Shareholders now depend on Superior paying the note.
12 Mar 2025business combination● NeutralMajor
Nabors completed its Parker Drilling merger on 2025-03-11, resolving the pending deal. Each Parker share became a pro rata share of up to 4,800,000 Nabors common shares plus $562,000 in cash, and Parker is now a wholly owned subsidiary. Parker's $178.1M second-lien term loan (13.0%, due 2025-09-26) stays in place; the merger triggered a change-of-control requirement to repay or refinance it within 30 days or offer to repurchase it at 101%, and Nabors says it currently intends to refinance it with new debt, subject to market conditions. Parker's bank credit agreement was ended (no borrowings, $16.7M of letters of credit replaced under Nabors' facilities). Parker holders also got registration rights on their Nabors shares, and Parker financial statements and pro forma figures are to follow by amendment.
7 Jan 2025business combination● Neutral
Nabors said it received 13 shareholder demand letters alleging its Parker merger proxy disclosures were deficient; it calls them without merit but chose to add disclosures anyway to avoid expense and distraction. The additions include Nabors' 2025 forecast of Adjusted EBITDA of $1,106.4 million (against a $910.0 million FY-24 estimate), capital spending of about $590 million, and the Intrepid Financial Partners role as Nabors' adviser. The merger consideration and the January 17, 2025 Nabors shareholder meeting are unchanged, and the board still recommends voting for the share issuance.
4 Dec 2024business combination● Neutral
Nabors filed Amendment No. 1 to its S-4 for the Parker merger, still marked preliminary. The deal terms are unchanged (up to 4,800,000 Nabors shares, former Parker holders about 31% of the combined company); the visible change is added tax language saying that if cash exceeds 20% of the total consideration, the merger would not qualify as a tax-free reorganization and would be fully taxable to Parker stockholders.
31 Oct 2024business combination● NeutralMajor
Nabors filed its registration statement (Form S-4) with a joint proxy statement/prospectus for the Parker merger agreed on 2024-10-14, repeating the terms and adding detail. Up to 4,800,000 Nabors shares would be issued (worth about $372.1 million at the Oct. 14 price), former Parker holders would own about 31% of the combined company, and the Parker holders who signed support agreements (about 85.04% of Parker's stock) must hold the new shares for 90 days. Existing Nabors shares are not changed. The filing is preliminary and not yet effective.
15 Oct 2024business combination● NeutralMajor
Nabors agreed on 2024-10-14 to buy Parker Drilling Company by merging a Nabors subsidiary into it, so Parker becomes a wholly owned Nabors subsidiary. Parker holders get 4,800,000 Nabors shares if Nabors' 15-day average price is between $42.70 and $99.62; above $99.62 the share count falls (a fixed $478,176,000 divided by the price), and below $42.70 they also get cash (4,800,000 shares plus $204,960,000 minus 4,800,000 times the price). Closing needs Nabors and Parker shareholder approval, antitrust clearance, NYSE listing of the new shares and an effective S-4, and either side can walk away if not closed by May 29, 2025; a $10 million termination fee applies in each direction under specified circumstances. Parker holders who sign voting and support agreements (the Supporting Stockholders) have agreed to vote for the deal, and will get registration rights and Nabors voting/lock-up agreements at closing. For existing Nabors shareholders, this means new shares will be issued and a vote on that issuance is required.
22 July 2024debt financing● NeutralMajor
Nabors' US subsidiary closed a sale of $550 million of 8.875% senior guaranteed notes due August 15, 2031, with net proceeds of about $540.7 million. Together with cash on hand, the proceeds are intended to fund the full redemption of the $555.9 million of 7.25% senior guaranteed notes due 2026. The new notes carry a higher stated rate (8.875% against 7.25%), which follows from the filing's figures.
17 June 2024debt financing▲ GoodMajor
On June 17, 2024, Nabors amended and restated its January 2022 credit agreement, replacing the prior $350 million facility, which would have matured January 21, 2026. The new $475 million secured facility has $350 million of revolving credit and a $125 million letter of credit tranche, a $200 million uncommitted accordion and a maturity of June 17, 2029 (earlier if certain debt securities are not paid down). It is secured by a first-priority lien on land drilling rigs and related equipment in the contiguous US and keeps the 2.75:1 interest coverage and 90% minimum guarantor value covenants.
4 Apr 2024debt financing▲ Good
On April 1, 2024, Nabors amended its receivables purchase facility (Fourth Amendment, with Wells Fargo, Arab Banking Corporation and Nomura) and extended its term to the earliest of April 1, 2027, 90 days before the credit agreement's maturity, or October 15, 2025 if any 7.25% senior notes remain outstanding. It lowered the liquidity trigger from $220 million to $87.5 million, removed the cash control period and the $160 million minimum cash termination event, and added termination events tied to the interest coverage covenant and 90% minimum guarantor value. This updates the earlier terms, which ran to August 2024 or note-linked dates.
20 Nov 2023debt financing● NeutralMajor
Nabors' US subsidiary closed a sale of $650 million of 9.125% senior priority guaranteed notes due January 31, 2030, with net proceeds of about $640.3 million. Nabors intends to use the proceeds to retire all of its 5.75% senior notes due 2025, of which $474.1 million was outstanding, with the remainder for general corporate purposes. This continues the open thread on repaying the 5.75% 2025 notes ahead of maturity. The new notes carry a higher stated interest rate (9.125% against 5.75%), which follows from the filing's figures.
14 Feb 2023capital raising announcement● NeutralMajor
The exchangeable notes offering closed on February 14, 2023. The $25 million option was exercised in full, bringing the total to $250 million, and net proceeds were about $242.2 million. Nabors says it intends to use the proceeds to redeem all of its 9.00% notes due February 2025, which continues the earlier plan to retire higher-rate debt. The notes carry a 1.750% rate and are exchangeable at about $212.51 per share.
10 Feb 2023capital raising announcement● NeutralMajor
Nabors' US subsidiary agreed to sell $225 million of 1.750% exchangeable notes due June 15, 2029, guaranteed by Nabors Ltd, with a further $25 million option. The notes can be exchanged for cash, Nabors shares or a mix at the company's election, at an initial exchange price of about $212.51 per share. The stated plan is to use proceeds to redeem all of its 9.00% senior priority guaranteed notes due February 2025, with any excess for general corporate purposes. If holders exchange into shares, existing shareholders could be diluted. The company can choose cash instead.
29 June 2022debt financing▲ Good
Nabors amended its receivables facility a third time: commitments rise from $150 million back to $250 million (up to $300 million possible), a third purchaser (Nomura) joins, and the interest benchmark moves from LIBOR to SOFR. The term runs to as late as August 13, 2024, but earlier if the 5.5% notes remain outstanding on November 16, 2022, the 5.1% notes on June 17, 2023, or half or more of the 0.75% exchangeable notes on October 17, 2023.
24 Jan 2022debt financing▲ GoodMajor
Nabors signed a new secured $350 million revolving credit facility (plus a $100 million accordion) with Citibank as agent, maturing January 21, 2026 and replacing the 2018 facility that would have matured October 11, 2023. It swaps the old minimum liquidity and asset coverage tests for an interest coverage ratio and minimum guarantor value, and requires the 5.1% 2023, 5.5% 2023 and 5.75% 2025 notes to be repaid 90 days before maturity, with a defease or refinance requirement for the 0.75% exchangeable notes; the press release states an initial borrowing cost of about 3.1%.
26 Nov 2021debt financing● NeutralMajor
Nabors' US subsidiary closed a $700 million sale of 7.375% senior priority guaranteed notes due May 15, 2027, receiving about $688.9 million net. It plans to use about $457.5 million to repay revolving credit facility borrowings and the rest for general corporate purposes, extending debt maturities but adding a new bond.
23 July 2021capital raising announcement● Neutral
Nabors closed the first of the two carbon-reduction technology deals and issued 147,974 shares at $110.83 each ($16.4 million) to the seller. The shares are pledged against indemnity claims and earnout conditions; the second deal had not closed per this filing.
What it means for a shareholder
147,974 new shares at US$110.83 to raise about US$16.4m. That's 2.0% dilution: every existing holder's slice gets 2.0% smaller. If you held US$1,000 of shares (9 at the issue price), your slice goes from 0.000122% to 0.000119% of the company. To keep it you'd need 0 more shares - about US$0 at the issue price.
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16 July 2021debt financing● Neutral
Nabors amended its receivables sale facility with Wells Fargo, extending its term to as late as August 13, 2023 (earlier if the revolver is not extended or the 5.5% 2023 notes remain outstanding on July 19, 2022). Commitments were cut from $250 million to $150 million (up to $200 million possible), with new cash-balance triggers at $220M, $180M and $160M. This addresses the open question of the facility's 23-month term, with a smaller facility.
7 July 2021capital raising announcement● Neutral
A new Nabors subsidiary, Nabors Energy Transition Solutions, agreed on July 1, 2021 to buy or license carbon-reduction and carbon-capture intellectual property, paying partly in Nabors shares: $16.4 million worth for the first deal, and $7.5 million plus $7.5 million worth for the second. The number of shares is not yet known and the shares are pledged against indemnity and earnout conditions, so this will add some new shares.
29 June 2021material agreement● NeutralMajor
Nabors' Canadian drilling subsidiary agreed to sell all of its drilling rigs and certain related assets to Ensign Drilling Inc. for CAD $117.5 million (about US $95.5 million). Closing needs regulatory approvals and other conditions, and either side can terminate if it has not closed by August 31, 2021; this would end Nabors' Canadian rig ownership via that unit, as the sale covers all of its rigs.
11 June 2021material agreement● NeutralMajor
Nabors set up the warrants it declared on May 27, 2021: shareholders of record on June 4, 2021 get two-fifths of a warrant per common share (about 3,742,310 million warrants in total as the filing states it), distributed June 11, 2021. Each warrant lets the holder buy one share at $166.66667 (holders may also be eligible for an extra one-third share), payable in cash or designated Nabors notes, through June 11, 2026 unless the company accelerates it on 20 days' notice; exercising adds shares, so existing holders could be diluted.
3 May 2021listing compliance notice● NeutralMajor
NABORS INDUSTRIES LTD's exchange filed to remove a class of its securities from listing.
5 Feb 2021material agreement● Neutral
On 2021-02-05 Nabors amended its shareholder rights plan (dated 2020-05-05, triggered at 4.9% ownership) so BlackRock is not counted as an 'Acquiring Person'. This depends on BlackRock's letter agreement: no 20% or greater stake, no single fund at 7% or more of the common shares, and acquisitions only in the ordinary course without seeking control. The board can remove the exclusion if BlackRock breaches those terms. The filing does not state the reason for the plan.
14 Dec 2020debt financing● Neutral
On 2020-12-11 Nabors Delaware swapped a further $31.648M of its 5.75% notes due 2025 for $16.457M of additional 9.00% notes due 2025, under the December 1 indenture. These rank equally with the earlier 9.00% notes and are structurally senior to its other notes. It continues the exchange program from earlier in the month.
4 Dec 2020debt financing● NeutralMajor
On 2020-12-01 Nabors Delaware issued $175.575M of new 9.0% notes due 2025 in exchange for $380.196M of older notes: the 4.625% 2021, 5.50% 2023, 5.10% 2023, 5.75% 2025, 0.75% exchangeable 2024, 7.25% 2026 and 7.50% 2028 notes. There were no cash proceeds. The new notes are guaranteed by Nabors and subsidiaries and, as described, rank ahead of the older non-guaranteed notes. Total face debt drops, but at a 9.0% rate, and the exchanged holders move into higher-ranking notes.
3 Nov 2020debt financing● NeutralMajor
On 2020-10-29 Nabors Delaware issued $50.485M of new 6.5% notes due 2025 in exchange for $115M of its 0.75% exchangeable notes due 2024, with no cash proceeds. The new notes carry guarantees from Nabors and subsidiaries, including some lower-tier ones. It also amended the exchangeable notes' indenture so any future exchange must be settled in cash, not shares. This is the first step of exchanging older notes for new ones, and it reduces the face amount of the exchangeable notes (the cash-settlement change means those notes can no longer add shares).
