 March 26, 2012 Presenter: Anthony G. Petrello President & Chief Executive Officer Howard Weil 40 th Annual Energy Conference Exhibit 99.1 |
 2 Forward-Looking Statements We often discuss expectations regarding our markets, demand for our products and services, and our future performance in our annual and quarterly reports, press releases, and other written and oral statements. Such statements, including statements in this document incorporated by reference that relate to matters that are not historical facts are “forward-looking statements” within the meaning of the safe-harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are based on our analysis of currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events and actual results could turn out to be significantly different from our expectations. You should consider the following key factors when evaluating these forward-looking statements: • fluctuations in worldwide prices and demand for natural gas and oil; • fluctuations in levels of natural gas and crude oil exploration and development activities; • fluctuations in the demand for our services; • the existence of competitors, technological changes and developments in the oilfield services industry; • the existence of operating risks inherent in the oilfield services industry; • the existence of regulatory and legislative uncertainties; • the possibility of changes in tax laws; • the possibility of political instability, war or acts of terrorism in any of the countries where we operate; and • general economic conditions including the capital and credit markets. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities. Therefore, a sustained increase or decrease in the price of natural gas or oil, which could have a material impact on exploration and production activities, could also materially affect our financial position, results of operations and cash flows. The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. Additional information concerning these and other risk factors is contained in our most recently filed annual reports on Form 10-K, subsequent quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings. |
 Improving Our Performance: Back to the Future > Where we went wrong > What will not be different > What will be different 3 |
 Improving Our Performance: Back to the Future Where We Went Wrong: > E&P Investments > Unfortunate timing on stock buy backs > Suboptimal international capital deployment > Missed US growth opportunity 4 |
 Improving Our Performance: Back to the Future What Will Not Be Different > Core principles that built Nabors – Maintain a strong and flexible balance sheet – Invest capital for returns well above our cost of capital – Make use of our size – Deliver operational excellence > Taking responsibility 5 |
 Improving Our Performance: Back to the Future What Will Be Different: Our Priorities > Streamlined scope of services > Free cash flow generation > Extract more from our asset base 6 |
 7 Our Priorities: Streamlined Scope of Services Review each Business Unit based upon: > – Leadership position – Growth capability or otherwise strategic > – Superior operational performance – Reliable financial performance > – Attractive investment returns – Reasonable sustaining capital requirements Strategic fit Execution effectiveness Capital efficiency |
 Our Priorities: Streamlined Scope of Services > Two areas of divestitures – Oil & Gas assets – Other non-core operations 8 |
 9 Our Priorities: Streamlined Scope of Services Monetize Oil & Gas Properties: Oil & Gas Assets Status Estimated Value Colombia Acreage In process Included below Eagle Ford In process Included below Alaska North Slope In process Included below Subtotal 2H 2012 $300 - $400 Million British Columbia Horn River In process 33,800 acres Montney & Other In process 31,600 acres NFR Energy (49.7%) (1) In process 1.4 TCFE SEC proved Subtotal Value to be determined (1) At 12/31/11 |
 Monetize Other Non-Core Asset Sales: Status Timing # of Rigs Canada: Blue Sky/Airborne In process 2012 Hybrid Coiled Tubing Drilling Rigs In process 2012 12 Workover & Well Services In process 2012 174 Alaska: Peak Oilfield Services In process 2012 Subtotal $300 - $400 Million Offshore: US GOM Jackup Rigs Evaluating TBD 5 US GOM Barge Rigs Evaluating TBD 5 International Jackup Rigs Evaluating TBD 8 Subtotal Value to be determined 10 Our Priorities: Streamlined Scope of Services |
 Our Priorities: Free Cash Flow Generation > > 11 Refined capital spending Consolidation savings and synergies – Higher selectivity on capital projects – Higher scrutiny on sustaining capital |
 12 Our Priorities: Enhance Balance Sheet Flexibility Solid credit metrics at 2.2x leverage, >7:1 coverage and long dated maturities Balance sheet data as of December 31, 2011 ($ Millions) Cash & Securities 540 Accounts Receivable 1,577 Working Capital 1,286 Property, Plant and Equipment, Net 8,630 Total Assets 12,912 Total Debt 4,624 Shareholders’ Equity 5,588 Net Debt to Total Capitalization 42% Net Debt to TTM EBITDA @ 12/31/2011 2.21x Diluted Average Shares Outstanding 292,484 Fitch, Moody’s and S&P BBB+, Baa2, BBB |
 Actual Targeted ($Millions) EOY 2011 EOY 2012 EOY 2013 Total Debt $4,624 $4,900 $3,500 Cash and Investments 550 900 1,100 Net Debt 4,074 3,900 2,400 Shareholders’ Equity 5,588 6,300 7,100 Gross Debt to Capitalization 45% 42% 33% Net Debt to Capitalization 42% 37% 25% Coverage 7.2x 10.2x 11.7x Leverage 2.5x 2.0x 1.4x 13 Our Priorities: Enhance Balance Sheet Flexibility Targeted Net Debt Reduction – 42% 25% by 2014 |
 14 Simplify the operations: Two Divisions – Drilling and Rig Services – Completion and Production Services Our Priorities: Extract More From The Asset Base |
 Our Priorities: Extract More From the Asset Base Drilling and Rig Services (DRS) 15 LAND RIGS - Global leadership position - Premium fleet - New build economics - US Lower 48, International, Canada and Alaska OFFSHORE RIGS - Unique niche - High market share - Highly innovative organization - Attractive returns - Global growth potential SPECIALIZED RIGS - Unique niche - Proprietary technology - Technical leadership - Strong market positions DRILLING EQUIPMENT - Leading market position - New products - Steady growth - Proprietary technology DIRECTIONAL DRILLING - Integral to rig automation effort - Beneficiary of Canrig technology - Potential synergies DRILLING SOFTWARE AND - Leading market position - Critical mass - Rapid growth - Proprietary technology - Value added at rig site MANUFACTURING AUTOMATION TECHNOLOGY |
 16 Our Priorities: Extract More From the Asset Base Operating Cash Flow ($000’s) 2008A 2010A 2011A 4Q Annualized Land $1,361 $925 $1,176 $1,302 Offshore 327 301 172 186 Canrig / Other 94 65 87 99 Total $1,782 $1,291 $1,435 $1,587 * Includes assets scheduled to deploy in 2012 Assets Tier 1 Tier 2 Tier 3 Land 210 174 138 Offshore 7 47 3 Total 217 221 141 |
 Our Priorities: Extract More From the Asset Base Completion and Production Services (CPS) 17 PRESSURE PUMPING - Attractive returns - Term contracts - Global growth with NBR footprint - Synergies with well-servicing and fluids COILED TUBING RIGS - Synergies with pressure pumping - Synergies with workover / well-servicing - Growth potential - Leadership position - Long term growth prospect - Installed Infrastructure - Synergies with pressure pumping - Critical mass - Growth opportunities - Synergies with workover / well-servicing FLUIDS STORAGE - Market leadership - Growth potential - Synergies with pressure pumping - Synergies with workover / well-servicing - Synergies with pressure pumping - Synergies with workover / well-servicing - Growth potential WORKOVER/ WELL-SERVICING RIGS TRANSPORTATON AND LOGISTICS FLUIDS MANAGEMENT AND DISPOSAL |
 18 Our Priorities: Extract More From the Asset Base Operating Cash Flow ($000’s) 2008A 2010A 2011A 4Q Annualized Well-Servicing Fluid Services $214 $97 $153 $180 Pressure Pumping - 99 331 410 Total $214 $196 $484 $590 * Includes assets scheduled to deploy in 2012 Assets Total Workover / Well-Servicing Rigs 575 Coil Tubing Rigs 12 Frac 857,000 HHP Cementing & Other ~100,000 HHP Tanker Trucks 996 Frac Tanks 3,929 Disposal Wells 21 |
 19 Planned Change: Two effective, product-oriented business lines > Migrate away from business unit structure > Consolidate regional operations management > Establish customer account managers > Consolidate operational and technical support functions > Consolidate corporate support functions Our Priorities: Extract More From the Asset Base |
 Target Benefits - Financial > Economies from business unit consolidation – Elimination of redundant unit support functions – Elimination of redundant facilities > Improved asset utilization > Increased capital discipline and accountability 20 Our Priorities: Extract More From the Asset Base |
 21 Target Benefits - Operational and Technical > Centralized engineering, project management and technology development – More effective use of technical resources – More rapid and uniform adoption of technology > Standardization of operational processes – Health, Safety and Environmental – Human Resources > Improved customer interaction – Single contact – customer account manager > Increased management accountability Our Priorities: Extract More From the Asset Base |
 Looking Ahead: What We Will Look Like Operating Cash Flow ($000’s) 2008A 2011A 4Q Annualized Drilling & Rig Services $1,795 $1,437 $1,587 Completion & Production Services 243 580 627 Total (1) $2,038 $2,017 $2,214 22 (1) Operating cash flow before corporate expenses, eliminations, Oil & Gas operations and discontinued operations. Pro Forma not including cash flows generated from assets in process of divestment. |
 23 Looking Ahead: Assets Strategically Positioned in Major US Plays Shale Plays & Basin Working Drilling Rigs Frac Crews CTU Well Svc Rigs Fluid Svc Trucks Frac Tanks Marcellus 14 4 3 27 155 720 Haynesville 32 1 - 9 43 186 Bakken/Rockies 76 11 3 84 26 323 Eagle Ford 43 4 4 33 126 588 Permian 26 3 - 92 274 1017 Barnett 3 1 - 30 95 185 Granite Wash 11 1 - 46 125 608 Other 42 - 2 227 77 100 Total 247 25 12 548 921 3727 |
 > Current risk primarily results from weaker natural gas pricing & growing supply of frac crews > Anticipate US land rig count for the industry will be flat to down slightly in second half of 2012 > Anticipate increasingly competitive spot market for pressure pumping throughout 2012 24 Looking Ahead: Risk Factors |
 25 > Repositioned to oil, ~80% of 2012 global cash flow > Long-term contracts significantly mitigate NBR exposure in both segments US Land: 186 of 220 rigs under term contracts at 12/31/11 – cancellation revenue of approximately $1.2 billion Pressure pumping: 14 out of 27 spreads under term contract at 12/31/11 – cancellation revenue of approximately $862 million Looking Ahead: Risk Mitigation |
 26 Looking Ahead: What Contributes to Our Optimism > Lower 48 drilling expected to increase – 25 additional rigs operating in 2012 – 21 newbuilds to be deployed in 2012 – Margins up slightly on mix > International expected to improve – 18 incremental rigs operating in 2012 – 2H margin improvement from favorable mix > North American pressure pumping limited downside – Contributions from final equipment additions – Partially protected from softening markets due to term contracts – 72% of 2012 operating income contracted > Lower 48 well-servicing expected to improve – Achieving critical mass in fluid services – Improving utilization and pricing – Oil drilling creating long term demand |
 Looking Ahead: What Contributes to Our Optimism > Expanded Use of Technology as Differentiator – 200th ROCKIT ® system installed in 2011 – REVIT ™ Stick-Slip system commercialized in 2011 – over 45 installations to date – Commercializing of new award-winning Casing Running Tool – Rollout of new ROCKIT ® PILOT™ software for improved directional drilling 27 |
 Summary: Why Nabors? 28 > Visibility on 2012 upside – International, Offshore, Well-Servicing > Significant efficiency and consolidation savings > Global footprint provides opportunity > Long-term contracts limit downside in pressure pumping and gas drilling > Lowering leverage > Free cash flow generation > Multiple expansion potential |
 29 Stay tuned… |