Nabors Industries (NBR) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32657
Entity Registrant Name	NABORS INDUSTRIES LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0363970
Entity Address, Address Line One	Crown House
Entity Address, Address Line Two	Second Floor
Entity Address, Address Line Three	4 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	292-1510
Title of 12(b) Security	Common shares, $.05 par value per share
Trading Symbol	NBR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,418,390
Entity Central Index Key	0001163739
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 412,979	$ 991,471
Short-term investments		4,999	17
Accounts receivable, net of allowance of $91,100 and $67,292, respectively		278,112	287,572
Inventory, net		120,614	126,448
Other current assets		106,676	96,301
Total current assets		923,380	1,501,809
Property, plant and equipment, net		3,186,849	3,348,498
Restricted cash held in trust		281,938	281,523
Deferred income taxes		260,448	258,631
Other long-term assets		148,368	134,903
Total assets	[1]	4,800,983	5,525,364
Current liabilities:
Trade accounts payable		271,117	253,748
Accrued liabilities		232,803	247,171
Income taxes payable		14,939	18,887
Current lease liabilities		5,199	5,422
Total current liabilities		524,058	525,228
Long-term debt		2,601,510	3,262,795
Other long-term liabilities		391,808	340,347
Deferred income taxes		2,402	2,773
Total liabilities	[1]	3,519,778	4,131,143
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest in subsidiary		680,403	675,283
Shareholders' equity:
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 10,509 and 9,295, respectively		525	466
Capital in excess of par value		3,528,440	3,454,563
Accumulated other comprehensive income (loss)		(9,956)	(10,634)
Retained earnings (accumulated deficit)		(1,750,058)	(1,537,988)
Less: treasury shares, at cost, 1,090 and 1,090 common shares, respectively		(1,315,751)	(1,315,751)
Total shareholders' equity		453,200	590,656
Noncontrolling interest		147,602	128,282
Total equity		600,802	718,938
Total liabilities and equity		$ 4,800,983	$ 5,525,364
[1] The condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, net of allowance	$ 91,100	$ 67,292
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000	32,000
Common shares, shares issued	10,509	9,295
Treasury shares, at cost	1,090	1,090

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues and other income:
Operating revenues	$ 630,943	$ 489,333	$ 1,199,482	$ 949,844
Investment income (loss)	822	(62)	985	1,201
Total revenues and other income	631,765	489,271	1,200,467	951,045
Costs and other deductions:
Direct costs	403,797	312,466	776,509	603,120
General and administrative expenses	58,167	51,580	111,806	106,240
Research and engineering	10,941	7,965	22,619	15,432
Depreciation and amortization	162,015	174,775	326,374	352,051
Interest expense	42,899	41,714	89,809	84,689
Other, net	14,528	66,455	94,929	73,801
Total costs and other deductions	692,347	654,955	1,422,046	1,235,333
Income (loss) from continuing operations before income taxes	(60,582)	(165,684)	(221,579)	(284,288)
Income tax expense (benefit):
Current	9,298	27,195	19,248	38,098
Deferred	55	(2,476)	3,776	(3,654)
Total income tax expense (benefit)	9,353	24,719	23,024	34,444
Income (loss) from continuing operations, net of tax	(69,935)	(190,403)	(244,603)	(318,732)
Income (loss) from discontinued operations, net of tax		8		27
Net income (loss)	(69,935)	(190,395)	(244,603)	(318,705)
Less: Net (income) loss attributable to noncontrolling interest	(12,982)	(5,614)	(22,810)	(14,390)
Net income (loss) attributable to Nabors	(82,917)	(196,009)	(267,413)	(333,095)
Less: Preferred stock dividend				(3,653)
Net income (loss) attributable to Nabors common shareholders	(82,917)	(196,009)	(267,413)	(336,748)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(82,917)	(196,017)	(267,413)	(336,775)
Net income (loss) from discontinued operations		8		27
Net income (loss) attributable to Nabors common shareholders	$ (82,917)	$ (196,009)	$ (267,413)	$ (336,748)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)
Total Basic (in dollars per share)	(9.41)	(26.59)	(31.34)	(46.90)
Diluted from continuing operations (in dollars per share)	(9.41)	(26.59)	(31.34)	(46.90)
Total Diluted (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)
Weighted-average number of common shares outstanding:
Basic (in shares)	9,081	7,460	8,696	7,281
Diluted (in shares)	9,081	7,460	8,696	7,281

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (82,917)	$ (196,009)	$ (267,413)	$ (333,095)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	(698)	2,092	(830)	4,320
Pension liability amortization and adjustment	52	52	1,532	(1,796)
Other comprehensive income (loss), before tax	(646)	2,144	702	2,524
Income tax expense (benefit) related to items of other comprehensive income (loss)	12	12	24	24
Other comprehensive income (loss), net of tax	(658)	2,132	678	2,500
Comprehensive income (loss) attributable to Nabors	(83,575)	(193,877)	(266,735)	(330,595)
Comprehensive income (loss) attributable to noncontrolling interest	12,982	5,614	22,810	14,390
Comprehensive income (loss)	$ (70,593)	$ (188,263)	$ (243,925)	$ (316,205)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ (244,603)	$ (318,705)
Adjustments to net income (loss):
Depreciation and amortization	326,374	352,052
Deferred income tax expense (benefit)	3,775	(3,649)
Impairments and other charges		58,710
Amortization of debt discount and deferred financing costs	6,029	10,592
Losses (gains) on debt buyback	(372)	(8,185)
Losses (gains) on long-lived assets, net	(3,522)	17,488
Losses (gains) on investments, net	518	(775)
Provision (recovery) of bad debt		240
Share-based compensation	7,829	10,741
Foreign currency transaction losses (gains), net	(3,178)	2,499
Mark-to-market loss on warrants	93,766
Noncontrolling interest	(22,810)	(14,390)
Other	150	684
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(3,650)	45,385
Inventory	5,734	12,685
Other current assets	(10,445)	(6,624)
Other long-term assets	(819)	(3,643)
Trade accounts payable and accrued liabilities	(5,130)	28,324
Income taxes payable	(4,095)	8,697
Other long-term liabilities	16,599	21,077
Net cash provided by (used for) operating activities	162,150	213,203
Cash flows from investing activities:
Purchases of investments	(18,741)	(28)
Sales and maturities of investments	17	11,369
Capital expenditures	(160,890)	(117,785)
Proceeds from sales of assets	16,431	21,525
Other	22
Net cash (used for) provided by investing activities	(163,161)	(84,919)
Cash flows from financing activities:
Reduction in long-term debt	(109,965)	(21,800)
Debt issuance costs	(3,858)	(2,421)
Proceeds from revolving credit facilities	130,000	110,000
Reduction in revolving credit facilities	(590,000)	(225,000)
Proceeds from issuance of common shares, net of issuance costs	3,767
Repurchase of common and preferred shares	(4,523)
Dividends to common and preferred shareholders	(65)	(7,315)
Distributions to noncontrolling interest	(3,489)	(50,867)
Other	(445)	(1,990)
Net cash (used for) provided by financing activities	(578,578)	(199,393)
Effect of exchange rate changes on cash and cash equivalents	1,431	(1,349)
Net increase (decrease) in cash and cash equivalents and restricted cash	(578,158)	(72,458)
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280
Cash and cash equivalents and restricted cash, end of period	695,352	402,822
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	991,471	472,246
Restricted cash, beginning of period	282,039	3,034
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280
Cash and cash equivalents, end of period	412,979	399,881
Restricted cash, end of period	282,373	2,941
Cash and cash equivalents and restricted cash, end of period	$ 695,352	$ 402,822

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock Mandatory Convertible Preferred Shares	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Capital in Excess of Par Cumulative effect period of adoption adjustment	Capital in Excess of Par Cumulative Effect, Period of Adoption, Adjusted Balance	Capital in Excess of Par	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Loss) Cumulative effect period of adoption adjustment	Retained Earnings (Accumulated Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Accumulated Loss)	Treasury Shares Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Shares	Non-controlling Interest Cumulative Effect, Period of Adoption, Adjusted Balance	Non-controlling Interest	Cumulative effect period of adoption adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total
Beginning Balance at Dec. 31, 2020	$ 5		$ 419			$ 3,423,935		$ (11,124)			$ (946,100)		$ (1,315,751)		$ 105,424			$ 1,256,808
Beginning Balance (in shares) at Dec. 31, 2020	4,870		8,383
Increase (Decrease) in Equity
Net income (loss)											(333,095)				14,390			(318,705)
PSU distribution equivalent rights											(10)							(10)
Dividends declared to preferred shareholders											(3,653)							(3,653)
Issuance of warrants on common shares											(2,719)							(2,719)
Other comprehensive income (loss), net of tax								2,500										2,500
Share-based compensation						10,740												10,740
Conversion of preferred shares	$ (5)
Conversion of preferred shares (in shares)	(4,870)
Conversion of preferred shares			$ 34			(34)												(5)
Conversion of preferred shares (in shares)			668
Noncontrolling interest contributions (distributions)															(1,790)			(1,790)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(4,732)							(4,732)
Other			$ 6			(1,497)												(1,491)
Other (in shares)			130
Ending Balance at Jun. 30, 2021	$ 0		$ 459			3,433,144		(8,624)			(1,290,309)		(1,315,751)		118,024			936,943
Ending Balance (in shares) at Jun. 30, 2021	0		9,181
Beginning Balance at Mar. 31, 2021	$ 5		$ 417			3,429,089		(10,756)			(1,089,251)		(1,315,751)		114,201			1,127,954
Beginning Balance (in shares) at Mar. 31, 2021	4,870		8,503
Increase (Decrease) in Equity
Net income (loss)											(196,009)				5,614			(190,395)
Issuance of warrants on common shares											(2,719)							(2,719)
Other comprehensive income (loss), net of tax								2,132										2,132
Share-based compensation						3,965												3,965
Conversion of preferred shares	$ (5)
Conversion of preferred shares (in shares)	(4,870)
Conversion of preferred shares			$ 34			(34)												(5)
Conversion of preferred shares (in shares)			668
Noncontrolling interest contributions (distributions)															(1,791)			(1,791)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(2,330)							(2,330)
Other			$ 8			124												132
Other (in shares)			10
Ending Balance at Jun. 30, 2021	$ 0		$ 459			3,433,144		(8,624)			(1,290,309)		(1,315,751)		118,024			936,943
Ending Balance (in shares) at Jun. 30, 2021	0		9,181
Beginning Balance at Dec. 31, 2021			$ 466			3,454,563		(10,634)			(1,537,988)		(1,315,751)		128,282			718,938
Beginning Balance (in shares) at Dec. 31, 2021			9,295
Increase (Decrease) in Equity
Net income (loss)											(267,413)				22,810			(244,603)
PSU distribution equivalent rights											(64)							(64)
Warrant Exercise, net of tax			$ 52			152,451												152,503
Warrant Exercise, net of tax (in shares)			1,051
Other comprehensive income (loss), net of tax								678										678
Share-based compensation						7,830												7,830
Noncontrolling interest contributions (distributions)															(3,490)			(3,490)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(5,119)							(5,119)
Other			$ 7			(4,523)					(175)							(4,691)
Other (in shares)			163
Ending Balance at Jun. 30, 2022		$ 466	$ 525	$ (81,881)	$ 3,372,682	3,528,440	$ (10,634)	(9,956)	$ 60,701	$ (1,477,287)	(1,750,058)	$ (1,315,751)	(1,315,751)	$ 128,282	147,602	$ (21,180)	$ 697,758	600,802
Ending Balance (in shares) at Jun. 30, 2022		9,295	10,509
Beginning Balance at Mar. 31, 2022			$ 523			3,519,014		(9,298)			(1,664,512)		(1,315,751)		137,114			667,090
Beginning Balance (in shares) at Mar. 31, 2022			10,475
Increase (Decrease) in Equity
Net income (loss)											(82,917)				12,982			(69,935)
PSU distribution equivalent rights											(55)							(55)
Warrant Exercise, net of tax						5,475												5,475
Warrant Exercise, net of tax (in shares)			27
Other comprehensive income (loss), net of tax								(658)										(658)
Share-based compensation						3,951												3,951
Noncontrolling interest contributions (distributions)															(2,494)			(2,494)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(2,574)							(2,574)
Other			$ 2															2
Other (in shares)			7
Ending Balance at Jun. 30, 2022		$ 466	$ 525	$ (81,881)	$ 3,372,682	$ 3,528,440	$ (10,634)	$ (9,956)	$ 60,701	$ (1,477,287)	$ (1,750,058)	$ (1,315,751)	$ (1,315,751)	$ 128,282	$ 147,602	$ (21,180)	$ 697,758	$ 600,802
Ending Balance (in shares) at Jun. 30, 2022		9,295	10,509

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2021 $ / shares
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Dividends declared to preferred shareholders (in dollars per share)	$ 0.75

General

General	6 Months Ended
	Jun. 30, 2022
General
General	Note 1 General ​ Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires. References in this 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. These services and technologies include tubular running services, wellbore placement solutions, directional drilling, measurement-while-drilling (“MWD”), logging-while-drilling (“LWD”) systems and services, equipment manufacturing, rig instrumentation and drilling optimization software. ​ 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 June 30, 2022 included: ​ ● 301 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and ​ ● 29 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. ​ The short- and long-term implications are difficult to predict at this time. We continue to actively monitor this dynamic situation and will fulfill any existing obligations in full compliance with applicable international laws and sanctions. As of June 30, 2022, of our property, plant and equipment, net was located in Russia. For the six months ending June 30, 2022, ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or “Commission”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments ​ Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (a) the power to direct activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​ Reclassification of Prior Year Presentation ​ Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. ​ Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 113,580 ​ $ 105,638 ​ Work-in-progress ​ 2,570 ​ 1,368 ​ Finished goods ​ 4,464 ​ 19,442 ​ ​ ​ $ 120,614 ​ $ 126,448 ​ ​ Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“NETC”) is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period. ​ Recently adopted accounting pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40 debt on our condensed consolidated balance sheet. Also, we recognized the cumulative effect of this change as a $60.7 million adjustment to the opening balance of retained earnings (accumulated deficit) and an $81.9 million adjustment to capital in excess of par in our condensed consolidated statement of changes in equity for the six months ended June 30, 2022. We will revise our condensed consolidated statement of changes in equity for the three months ended March 31, 2022, in future filings to correctly reflect the cumulative effect of this change as of January 1, 2022.

Joint Ventures

Joint Ventures	6 Months Ended
	Jun. 30, 2022
Joint Ventures
Joint Ventures	Note 3 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco to form a joint venture known as SANAD to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD is equally owned by Saudi Aramco and Nabors. ​ During 2017, Nabors and Saudi Aramco each contributed $20 million in cash for the purpose of capitalizing the joint venture upon formation. In addition, since inception Nabors and Saudi Aramco have each contributed a combination of drilling rigs, drilling rig equipment and other assets, including cash, each with a value of approximately $394 million to the joint venture. The contributions were received in exchange for redeemable ownership interests which accrue interest annually, have a twenty-five year maturity and are required to be converted to authorized capital should certain events occur, including the accumulation of specified losses. In the accompanying condensed consolidated balance sheet, Nabors has reported Saudi Aramco’s share of authorized capital as a component of noncontrolling interest in equity and Saudi Aramco’s share of the redeemable ownership interests as redeemable noncontrolling interest in subsidiary, classified as mezzanine equity. As of June 30, 2022, the amount included in redeemable noncontrolling interest was $398.9 million. The accrued interest on the redeemable ownership interest is a non-cash financing activity and is reported as an increase in the redeemable noncontrolling interest in subsidiary line in our condensed consolidated balance sheet. In 2021, SANAD settled approximately $120 million of the accrued interest from inception to December 2021, by making cash payments to each partner for their respective amounts. The assets and liabilities included in the condensed balance sheet below are (a) assets that can either be used to settle obligations of the VIE or be made available in the future to the equity owners through dividends, distributions or in exchange of the redeemable ownership interests (upon mutual agreement of the owners) or (b) liabilities for which creditors do not have recourse to other assets of Nabors. ​ The condensed balance sheet of SANAD, as included in our condensed consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 309,087 ​ $ 293,037 ​ Accounts receivable ​ 76,865 ​ 88,174 ​ Other current assets ​ 6,886 ​ 6,662 ​ Property, plant and equipment, net ​ 483,092 ​ 467,587 ​ Other long-term assets ​ 20,084 ​ 19,010 ​ Total assets ​ $ 896,014 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 51,031 ​ $ 61,278 ​ Accrued liabilities ​ 12,418 ​ 6,021 ​ Other liabilities ​ ​ 22,783 ​ ​ 26,300 ​ Total liabilities ​ $ 86,232 ​ $ 93,599 ​ ​

Accounts Receivable Purchase an

Accounts Receivable Purchase and Sales Agreement	6 Months Ended
	Jun. 30, 2022
Accounts Receivable Purchase and Sales Agreement
Accounts Receivable Purchase and Sales Agreement	Note 4 Accounts Receivable Purchase and Sales Agreements ​ The Company has entered into an accounts receivable sales agreement (the “A/R Sales Agreement”) and an accounts receivable purchase agreement (the “A/R Purchase Agreement,” and, together with the A/R Sales Agreement, the “A/R Facility”). As part of the A/R Facility, the Company continuously sells designated pools of receivables as they are originated by it and certain U.S. subsidiaries to a separate, bankruptcy-remote, special purpose entity (“SPE”) pursuant to the A/R Sales Agreement. Pursuant to the A/R Purchase Agreement, the SPE in turn sells, transfers, conveys and assigns to unaffiliated third party financial institutions (the “Purchasers”) all the rights, title and interest in and to its pool of eligible receivables (the “Eligible Receivables”). The sale of the Eligible Receivables qualifies for sale accounting treatment in accordance with ASC 860 – Transfers and Servicing. During the period of this program, cash receipts from the Purchasers at the time of the sale are classified as operating activities in our consolidated statement of cash flows and the associated receivables are derecognized from the Company’s consolidated balance sheet at the time of the sale. The remaining receivables held by the SPE were pledged to secure the collectability of the sold Eligible Receivables. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows in our consolidated statement of cash flows at the time of collection. The amount of receivables pledged as collateral as of June 30, 2022 and December 31, 2021 is approximately $63.3 million and $44.2 million, respectively. ​ In July 2021, we entered into the First Amendment to the A/R Purchase Agreement (the “First Amendment”), which reduced the commitments of the third-party financial institutions (the “Purchasers”) from $250 million to $150 million and extended the term of the agreements by two years, to August 13, 2023. ​ In June 2022, we entered into the Third Amendment to the A/R Purchase Agreement which extended the term of the A/R Purchase Agreement to August 13, 2024 and increased the commitments of the Purchasers under the A/R Purchase Agreement from $150 million to $250 million, with the possibility of being increased up to $300 million, subject to lender approval. The expiration of the agreement can be accelerated to November 16, 2022, if any of the 5.5% Senior Notes due 2023 remain outstanding as of such date; to June 17, 2023 if any of the 5.1% Senior Notes remain outstanding as of such date; or, to October 17, 2023 if $88.5 million or more of the outstanding aggregate principal amount of the 0.75% Senior Exchangeable Notes remain outstanding and not refinanced as of such date. ​ The amount available for sale to the Purchasers under the A/R Purchase Agreement fluctuates over time based on the total amount of Eligible Receivables generated during the normal course of business after excluding excess concentrations and certain other ineligible receivables. As of June 30, 2022, approximately $154.0 million had been sold to and as yet uncollected by the Purchasers. As of December 31, 2021, the corresponding number was approximately $113.0 million. ​

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt
Debt	Note 5 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 (1) ​ $ 21,116 ​ $ 24,446 ​ 5.10% senior notes due September 2023 ​ 53,622 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 177,005 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 518,071 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 210,242 ​ ​ 218,082 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ — ​ ​ 460,000 ​ ​ ​ $ 2,627,567 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 26,057 ​ ​ 30,805 ​ Long-term debt ​ $ 2,601,510 ​ $ 3,262,795 ​ ​ (1) The 5.50% senior notes due January 2023 were classified as long-term as of June 30, 2022, because we had the ability and intent to repay this obligation utilizing our 2022 Credit Agreement. ​ During the six months ended June 30, 2022, we repurchased $51.5 million aggregate principal amount of various outstanding Nabors Delaware’s notes for approximately $52.3 million in cash, including principal and $0.8 million in accrued and unpaid interest. In connection with these repurchases, we recognized a $2.0 million gain for the six months ended June 30, 2022 which is included in Other, net in our condensed consolidated statement of income (loss). Also, during the six months ended June 30, 2022, ​ Exchange Transactions ​ During the first quarter of 2021, we entered into two private exchange transactions in which Nabors Delaware exchanged 9.0% senior priority guaranteed notes due 2025 (the “9.0% Exchange Notes”) for various amounts of existing outstanding notes. Nabors Delaware did not receive any cash proceeds from the issuance of the Exchange Notes. Collectively from the series of exchanges, Nabors Delaware issued Notes. ​ We recorded a minimal gain in connection with the exchange transactions, which was accounted for in accordance with ASC 470-60, Troubled Debt Restructuring by Debtors. Under ASC 470-60, a gain is recorded in an amount equal to the sum of the future undiscounted payments (principal and interest) related to the new Exchange Notes plus the costs incurred in connection with the transaction, less the carrying value of the notes that were exchanged. In relation to the transactions, we recorded million related to future contractual interest payments on the new Exchange Notes and have included this amount in accrued liabilities and other long-term liabilities. ​ The aggregate principal amounts and recognized gain for such transactions were as follows: ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2021 Exchanged ​ ​ (in thousands) 0.75% senior exchangeable notes due January 2024 ​ $ 35,000 5.75% senior notes due February 2025 ​ 5,000 Aggregate principal amount exchanged ​ 40,000 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050 ​ 0.75% Senior Exchangeable Notes Due January 2024 ​ In January 2017, Nabors Delaware issued $575.0 million in aggregate principal amount of 0.75% exchangeable senior unsecured notes due 2024, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of 0.75% per year payable semiannually on January 15 and July 15 of each year, beginning on July 15, 2017. As of June 30, 2022 and December 31, 2021, there was approximately million in aggregate principal amount that remained outstanding, respectively. ​ The exchangeable notes are currently exchangeable, under certain conditions, at an exchange rate of .8018 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an exchange price of approximately $1,247.19 per common share). Upon any exchange, as a result of an amendment to the notes, Nabors Delaware will settle its exchange obligation in cash. The exchangeable notes were originally bifurcated for accounting purposes into debt and equity components of $411.2 million and $163.8 million, respectively, based on the terms of the notes and the relative fair value at the issuance date. The adoption of ASU 2020-06 effective January 1, 2022 . ​ 2018 Revolving Credit Facility ​ In October 2018, Nabors Delaware and Nabors Drilling Canada Limited (“Nabors Canada” and together with Nabors Delaware, the “Borrowers”) entered into a credit agreement dated October 11, 2018 by and among the Borrowers, the guarantors identified therein, HSBC Bank Canada, as the Canadian lender, the issuing banks and other lenders party thereto (the “U.S. Lenders”) and Citibank, N.A., as administrative agent solely for the U.S. Lenders (as amended, restated, supplemented or otherwise modified from time to time, the “2018 Revolving Credit Facility”). As of January 21, 2022, we repaid all amounts outstanding under the 2018 Revolving Credit Facility and the 2018 Revolving Credit Facility was terminated. ​ 2022 Credit Agreement ​ On January 21, 2022, Nabors Delaware entered into a revolving credit agreement between Nabors Delaware, the guarantors from time to time party thereto, the issuing banks (the “Issuing Banks”) and other lenders party thereto (the “Lenders”) and Citibank, N.A., as administrative agent (the “2022 Credit Agreement”). Under the 2022 Credit Agreement, the Lenders have committed to provide to Nabors Delaware up to an aggregate principal amount at any time outstanding not in excess of $350.0 million (with an accordion feature for an additional $100.0 million) under a secured revolving credit facility, including sub-facilities provided by certain of the Lenders for letters of credit in an aggregate principal amount at any time outstanding not in excess of $100.0 million. ​ The 2022 Credit Agreement permits the incurrence of additional indebtedness secured by liens, which may include liens on the collateral securing the facility, in an amount up to $150.0 million as well as a grower basket for term loans in an amount not to exceed $100.0 million secured by liens not on the collateral. The Company is required to maintain an interest coverage ratio (EBITDA/interest expense), which increases on a quarterly basis, and a minimum guarantor value, requiring the guarantors (other than the Company) and their subsidiaries to own at least of the consolidated property, plant and equipment of the Company. The facility matures on the earlier of (a) January 21, 2026 and (b) (i) to the extent any principal amount of Nabors Delaware’s existing th Additionally, the Company is subject to certain covenants, which are subject to certain exceptions and include, among others, (a) a covenant restricting our ability to incur liens (subject to the additional liens basket of up to $150.0 million) , (b) a covenant restricting its ability to pay dividends or make other distributions with respect to its capital stock and to repurchase certain indebtedness and (c) a covenant restricting the ability of the Company’s subsidiaries to incur debt (subject to the grower basket of up to $100.0 million). The agreement also includes a collateral coverage requirement that the collateral rig fair value is to be no less than the collateral coverage threshold, as defined in the agreement. This requirement includes an independent appraisal report to be delivered every 6 months following the closing date. As of June 30, 2022, we had no borrowings outstanding under our 2022 Credit Agreement. The weighted average interest rate on borrowings under the 2022 Credit Agreement at June 30, 2022 was ​ As of the date of this report, we were in compliance with all covenants under the 2022 Credit Agreement. We expect to remain in compliance with all covenants under the 2022 Credit Agreement during the twelve month period following the date of this report based on our current operational and financial projections. However, we can make no assurance of continued compliance if our current projections or material underlying assumptions prove to be incorrect. If we fail to comply with the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Shareholders' Equity
Shareholders' Equity	Note 6 Shareholders’ Equity ​ Common shares ​ On July 19, 2021, we issued 147,974 shares, valued at approximately $12.9 million, in connection with the purchase of certain development stage technologies in the energy transition space. Of the shares issued, ​ Common stock warrants ​ On May 27, 2021, the Board declared a distribution of warrants to purchase its common shares (the “Warrants”) to holders of the Company’s common shares. Holders of Nabors common shares received two million Warrants on June 11, 2021 to shareholders of record as of June 4, 2021. As of June 30, 2022, ​ Each Warrant represents the right to purchase one common share at an initial exercise price of $166.66667 per Warrant, subject to certain adjustments (the “Exercise Price”). In addition, Warrants submitted for exercise prior to April 25, 2022 may have been eligible to receive an additional one higher than the sum of the volume weighted average prices of Nabors’ common shares on each of the second, third and fourth days before any Warrant holder exercised its Warrants. Effective as of April 25, 2022, Warrant holders were no longer entitled to receive any incentive shares when exercising the Warrants. Payment for common shares on exercise of Warrants may be in (a) cash or (b)“Designated Notes,” which the Company initially defined as (x) Nabors Delaware’s (i) 5.10% Notes due 2023, (ii) 0.75% Exchangeable Notes due 2024, (iii) 5.75% Notes due 2025 and (y) the Company’s 7.25% Notes due 2026 0.75% Exchangeable Notes due 2024 were removed from the list of Designated Notes. of the market price of the common shares. The Warrants expire on June 11, 2026, but the expiration date may be accelerated at any time by the Company upon ​ The Warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the Warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Warrants was initially measured at fair value using a Monte Carlo pricing model due to the level of market activity. As of June 30, 2022, At distribution, the fair value of the Warrants was million. On June 30, 2022, the fair value of the Warrants was approximately million. During the three and six months ended June 30, 2022, approximately million and

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	Note 7 Fair Value Measurements ​ Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best information available. Accordingly, we employ valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ​ The use of unobservable inputs is intended to allow for fair value determinations in situations where there is little, if any, market activity for the asset or liability at the measurement date. We are able to classify fair value balances utilizing a fair value hierarchy based on the observability of those inputs. ​ Under the fair value hierarchy: ​ ● Level 1 measurements include unadjusted quoted market prices for identical assets or liabilities in an active market; ​ ● Level 2 measurements include quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and ​ ● Level 3 measurements include those that are unobservable and of a subjective nature. ​ Our financial liabilities that are accounted for at fair value on a recurring basis as of June 30, 2022 consisted of the Warrants. During the first quarter of 2022, the Warrants transferred from using Level 3 inputs to Level 1 measurements due to increased trading volume. As of June 30, 2022, the Warrants were carried at fair market value and totaled ​ Recurring Fair Value Measurements ​ The fair value of the Warrants was initially measured at fair value using a Monte Carlo option pricing model. As of December 31, 2021, the estimated fair value of the Warrants was determined using Level 3 inputs. Inherent in the option pricing simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of the Warrants based on implied and historical volatility of the company’s traded common stock. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the Warrants is based on the Company’s ability to initiate expiration, subject to a ​ Nonrecurring Fair Value Measurements ​ We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily related to assets held for sale, goodwill, intangible assets and other long-lived assets and assets acquired and liabilities assumed in a business combination. Based upon our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs. ​ Fair Value of Financial Instruments ​ We estimate the fair value of our financial instruments in accordance with U.S. GAAP. The fair value of our long-term debt and revolving credit facilities is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.50% senior notes due January 2023 $ 21,116 ​ $ 21,267 $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 53,622 ​ 54,054 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 177,005 ​ 162,075 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 518,071 ​ 463,275 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — ​ — 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ ​ 210,242 ​ ​ 210,637 ​ ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 497,085 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 662,193 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 335,321 389,609 ​ 346,966 2018 revolving credit facility — ​ — 460,000 ​ 460,000 ​ ​ $ 2,627,567 ​ $ 2,405,907 ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ 26,057 ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ $ 2,601,510 ​ ​ ​ ​ $ 3,262,795 ​ ​ ​ ​ The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 8 Commitments and Contingencies ​ Contingencies ​ Income Tax ​ We operate in a number of countries and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. ​ In certain jurisdictions we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount we determine to be more likely than not unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred assets. Any change in the ability to utilize such deferred assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize the deferred tax assets that we have recognized. However, it is possible that some of our recognized deferred tax assets, relating to net operating loss carryforwards, could expire unused or could carryforward indefinitely without utilization. Therefore, unless we are able to generate sufficient taxable income from our component operations, a substantial valuation allowance to reduce our deferred tax assets may be required, which would materially increase our tax expense in the period the allowance is recognized and materially adversely affect our results of operations and statement of financial condition. ​ Litigation ​ Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. ​ In March 2011, the Court of Ouargla entered a judgment of approximately $19.3 million (at June 30, 2022 exchange rates) against us relating to alleged violations of Algeria’s foreign currency exchange controls, which require that goods and services provided locally be invoiced and paid in local currency. The case relates to certain foreign currency payments made to us by CEPSA, a Spanish operator, for wells drilled in 2006. Approximately $7.5 million of the total contract amount was paid offshore in foreign currency, and approximately $3.2 million was paid in local currency. The judgment includes fines and penalties of approximately four times the amount at issue. We have appealed the ruling based on our understanding that the law in question applies only to resident entities incorporated under Algerian law. An intermediate court of appeals upheld the lower court’s ruling, and we appealed the matter to the Supreme Court. On September 25, 2014, the Supreme Court overturned the verdict against us, and the case was reheard by the Ouargla Court of Appeals on March 22, 2015 in light of the Supreme Court’s opinion. On March 29, 2015, the Ouargla Court of Appeals reinstated the initial judgment against us. We appealed this decision again to the Supreme Court, which again overturned the appeals court’s decision. The case was moved back to the court of appeals, which, once again, reinstated the verdict, failing to abide by the Supreme Court’s ruling. Accordingly, we are appealing once more to the Supreme Court to try to get a final ruling on the matter. While our payments were consistent with our historical operations in the country, and, we believe, those of other multinational corporations there, as well as interpretations of the law by the Central Bank of Algeria, the ultimate resolution of this matter could result in a loss of up to ​ Following a routine audit conducted in May and June of 2018 by the Atyrau Oblast Ecology Department (the “AOED”), our joint venture in Kazakhstan, KMG Nabors Drilling Company (“KNDC”), was administratively fined for not having emissions permits for KNDC owned or leased equipment, due to a change in interpretation by the AOED that the owner/lessor of the equipment that emits the pollutants must have its own permits. Administrative fines of $0.8 million were paid by KNDC for such violations. AOED also assessed additional “environmental damages” in the amount of $3.4 million for the period. KNDC appealed and, ultimately, the Kazakhstan Supreme Court ruled in KNDC’s favor on July 21, 2021, terminating the administrative case for lack of evidence. KNDC was reimbursed by the AOED for the environmental damages on December 27, 2021. With the potential for additional damages for later year audits, KNDC and the operator have executed an agreement formalizing the operator’s obligation to reimburse KNDC for many of the financial expenses related to this case as well as penalties and expenses related to future audit periods. Since 2019, KNDC has been in full compliance with such regulations. Another audit by AOED was performed for the second half of 2018, but KNDC continues to appeal this decision in the same manner as the prior audit. Meanwhile, KNDC received notice from government officials that certain of our employees may be held personally responsible, but considering the numerous court proceedings, the governmental officials temporarily suspended any criminal investigations. On December 10, 2021, the regional court in Atyrau Region upheld KNDC’s position and ruled in our favor. While the time for AOED to appeal has lapsed, it is possible that the General Prosecutor or the Supreme Court’s Chairman can attempt to begin a review, although that has not yet happened. The same legal status applies for AOED’s appeal related to damages arising out of emissions in June – December 2018. AOED also carried out a planned audit for the period January 2019 – February 2022 which had no material findings. We continue to be engaged and are monitoring the situation. ​ Off-Balance Sheet Arrangements (Including Guarantees) ​ We are a party to some transactions, agreements or other contractual arrangements defined as “off-balance sheet arrangements” that could have a material future effect on our financial position, results of operations, liquidity and capital resources. The most significant of these off-balance sheet arrangements include the A/R Facility (see Note 4—Accounts Receivable Purchase and Sales Agreements) and certain agreements and obligations under which we provide financial or performance assurance to third parties. Certain of these financial or performance assurances serve as guarantees, including standby letters of credit issued on behalf of insurance carriers in conjunction with our workers’ compensation insurance program and other financial surety instruments such as bonds. In addition, we have provided indemnifications, which serve as guarantees, to some third parties. These guarantees include indemnification provided by Nabors to our share transfer agent and our insurance carriers. We are not able to estimate the potential future maximum payments that might be due under our indemnification guarantees. ​ Management believes the likelihood that we would be required to perform or otherwise incur any material losses associated with any of these guarantees is remote. The following table summarizes the total maximum amount of financial guarantees issued by Nabors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 15,780 39,784 8,488 35,977 ​ $ 100,029 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	6 Months Ended
	Jun. 30, 2022
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 9 Earnings (Losses) Per Share ​ ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The participating security holders are not contractually obligated to share in losses. Therefore, losses are not allocated to the participating security holders. ​ Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. ​ Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted shares. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (69,935) ​ $ (190,403) ​ $ (244,603) ​ $ (318,732) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (12,982) ​ (5,614) ​ (22,810) ​ (14,390) ​ Less: preferred stock dividends ​ ​ — ​ — ​ — ​ (3,653) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (2,574) ​ ​ (2,330) ​ ​ (5,119) ​ ​ (4,732) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (85,491) ​ $ (198,347) ​ $ (272,532) ​ $ (341,507) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 8 ​ $ — ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 9,081 ​ 7,460 ​ 8,696 ​ 7,281 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ Basic from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Basic ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (85,491) ​ $ (198,347) ​ $ (272,532) ​ $ (341,507) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 8 ​ $ — ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 9,081 ​ ​ 7,460 ​ ​ 8,696 ​ ​ 7,281 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ Diluted from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Diluted ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options with exercise prices greater than the average market price of Nabors’ common shares and shares related to the outstanding Warrants, because their inclusion would be anti-dilutive and because they are not considered participating securities. In any period during which the average market price of Nabors’ common shares exceeds the exercise prices of the stock options, such stock options will be included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock is included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities. For periods in which we experience a net loss from continuing operations, all potential common shares have been excluded from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive. The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2022 2021 2022 2021 Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 3,368 ​ ​ 5,075 ​ ​ 3,369 ​ ​ 5,074 ​ ​

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	6 Months Ended
	Jun. 30, 2022
Supplemental Balance Sheet and Income Statement Information
Supplemental Balance Sheet and Income Statement Information	Note 10 Supplemental Balance Sheet and Income Statement Information ​ Accrued liabilities included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 67,219 ​ $ 51,993 ​ Deferred revenue and proceeds on insurance and asset sales ​ 27,525 ​ ​ 59,816 ​ Other taxes payable ​ 32,665 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 70,333 ​ 71,814 ​ Litigation reserves ​ 16,432 ​ 14,939 ​ Other accrued liabilities ​ 12,041 ​ 7,688 ​ ​ ​ $ 232,803 ​ $ 247,171 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 ​ ​ (In thousands) ​ Interest and dividend income ​ $ 1,324 ​ $ (290) ​ $ 1,721 ​ $ 1,003 ​ Gains (losses) on marketable securities ​ (502) ​ 228 ​ (736) ​ 198 ​ ​ ​ $ 822 ​ $ (62) ​ $ 985 ​ $ 1,201 ​ ​ Other, net included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ (3,597) ​ $ 8,965 ​ $ (3,521) ​ $ 17,488 ​ Warrant and derivative valuation ​ ​ ​ 21,981 ​ ​ — ​ ​ 93,733 ​ ​ — ​ Impairment of Canada Drilling assets ​ ​ ​ — ​ ​ 58,000 ​ ​ — ​ ​ 58,000 ​ Litigation expenses and reserves ​ ​ 5,016 ​ ​ 1,847 ​ ​ 8,128 ​ ​ 3,341 ​ Foreign currency transaction losses (gains) ​ ​ (7,391) ​ ​ 148 ​ ​ (3,177) ​ ​ 2,527 ​ (Gain) loss on debt buyback ​ ​ ​ (2,013) ​ ​ (123) ​ ​ (1,977) ​ ​ (8,185) ​ Other losses (gains) ​ ​ 532 ​ ​ (2,382) ​ ​ 1,743 ​ ​ 630 ​ ​ ​ ​ $ 14,528 ​ $ 66,455 ​ $ 94,929 ​ $ 73,801 ​ ​ The changes in accumulated other comprehensive income (loss), by component, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ (1,900) ​ 4,320 ​ ​ 2,420 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 80 ​ ​ — ​ ​ 80 ​ Net other comprehensive income (loss) ​ — ​ (1,820) ​ 4,320 ​ 2,500 ​ As of June 30, 2021 ​ $ 2 ​ $ (5,436) ​ $ (3,190) ​ $ (8,624) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ 1,428 ​ (830) ​ 598 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 80 ​ — ​ 80 ​ Net other comprehensive income (loss) ​ — ​ 1,508 ​ (830) ​ 678 ​ As of June 30, 2022 ​ $ 2 ​ $ (3,848) ​ $ (6,110) ​ $ (9,956) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ $ 104 ​ $ 104 ​ Total income (loss) from continuing operations before income tax ​ ​ (52) ​ (52) ​ (104) ​ (104) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ ​ (24) ​ ​ (24) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​ $ (80) ​ $ (80) ​ ​

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Information
Segment Information	Note 11 Segment Information ​ The following table sets forth financial information with respect to our reportable operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 253,008 ​ $ 161,606 ​ $ 470,591 ​ $ 303,905 ​ Canada Drilling ​ ​ — ​ 12,313 ​ — ​ 33,302 ​ International Drilling ​ ​ 296,320 ​ 255,282 ​ 575,350 ​ 502,120 ​ Drilling Solutions ​ ​ 55,879 ​ 39,111 ​ 110,061 ​ 74,817 ​ Rig Technologies ​ ​ 45,094 ​ 34,552 ​ 81,830 ​ 60,300 ​ Other reconciling items (1) ​ ​ (19,358) ​ (13,531) ​ (38,350) ​ (24,600) ​ Total ​ ​ $ 630,943 ​ $ 489,333 ​ $ 1,199,482 ​ $ 949,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 8,288 ​ $ (20,869) ​ $ 2,437 ​ $ (44,205) ​ Canada Drilling ​ ​ (15) ​ (2,608) ​ (34) ​ 1,299 ​ International Drilling ​ ​ 4,605 ​ (8,439) ​ (1,722) ​ (27,071) ​ Drilling Solutions ​ ​ 18,260 ​ 6,524 ​ 32,969 ​ 11,234 ​ Rig Technologies ​ ​ 2,127 ​ (692) ​ (624) ​ (3,261) ​ Total segment adjusted operating income (loss) ​ ​ $ 33,265 ​ $ (26,084) ​ $ 33,026 ​ $ (62,004) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ (69,935) ​ $ (190,395) ​ $ (244,603) ​ $ (318,705) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ — ​ ​ (8) ​ ​ — ​ ​ (27) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ (69,935) ​ ​ (190,403) ​ ​ (244,603) ​ ​ (318,732) ​ Income tax expense (benefit) ​ ​ ​ 9,353 ​ ​ 24,719 ​ ​ 23,024 ​ ​ 34,444 ​ Income (loss) from continuing operations before income taxes ​ ​ $ (60,582) ​ $ (165,684) ​ ​ (221,579) ​ $ (284,288) ​ Investment (income) loss ​ ​ (822) ​ ​ 62 ​ (985) ​ ​ (1,201) ​ Interest expense ​ ​ ​ 42,899 ​ ​ 41,714 ​ ​ 89,809 ​ ​ 84,689 ​ Other, net ​ ​ ​ 14,528 ​ ​ 66,455 ​ ​ 94,929 ​ ​ 73,801 ​ Other reconciling items (3) ​ ​ 37,242 ​ 31,369 ​ 70,852 ​ 64,995 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 33,265 ​ $ (26,084) ​ $ 33,026 ​ $ (62,004) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,496,033 ​ $ 1,606,683 ​ Canada Drilling ​ 410 ​ 1,392 ​ International Drilling ​ 2,290,381 ​ 2,380,703 ​ Drilling Solutions ​ 60,220 ​ 65,899 ​ Rig Technologies ​ 175,962 ​ 190,489 ​ Other reconciling items (3) ​ 777,977 ​ 1,280,198 ​ Total ​ $ 4,800,983 ​ $ 5,525,364 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (2) Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation from net income (loss) is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Revenue Recognition	Note 12 Revenue Recognition ​ We recognize revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Contract drilling revenues are recorded over time utilizing the input method based on time elapsed. The measurement of progress considers the transfer of the service to the customer as we provide daily drilling services. We receive payment after the services have been performed by billing customers periodically (typically monthly). However, a portion of our revenues are recognized at a point-in-time as control is transferred at a distinct point in time such as with the sale of our top drives and other capital equipment. Within our drilling contracts, we have identified one performance obligation in which the transaction price is allocated. ​ Disaggregation of revenue ​ In the following table, revenue is disaggregated by geographical region. The table also includes a reconciliation of the disaggregated revenue with the reportable segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 207,685 ​ $ — ​ $ — ​ $ 35,909 ​ $ 27,707 ​ $ — ​ $ 271,301 ​ U.S. Offshore Gulf of Mexico ​ 29,933 ​ — ​ — ​ 2,366 ​ — ​ — ​ ​ 32,299 ​ Alaska ​ 15,390 ​ — ​ — ​ 478 ​ — ​ — ​ ​ 15,868 ​ Canada ​ — ​ — ​ — ​ 341 ​ 1,240 ​ — ​ ​ 1,581 ​ Middle East & Asia ​ — ​ — ​ 195,437 ​ 9,449 ​ 13,007 ​ — ​ ​ 217,893 ​ Latin America ​ — ​ — ​ 78,605 ​ 7,063 ​ — ​ — ​ ​ 85,668 ​ Europe, Africa & CIS ​ — ​ — ​ 22,278 ​ 273 ​ 3,140 ​ — ​ ​ 25,691 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (19,358) ​ (19,358) ​ Total ​ $ 253,008 ​ $ — ​ $ 296,320 ​ $ 55,879 ​ $ 45,094 ​ $ (19,358) ​ $ 630,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2022 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 380,483 ​ $ — ​ $ — ​ $ 69,970 ​ $ 50,398 ​ $ — ​ $ 500,851 ​ U.S. Offshore Gulf of Mexico ​ 60,373 ​ — ​ — ​ 5,603 ​ — ​ — ​ ​ 65,976 ​ Alaska ​ 29,735 ​ — ​ — ​ 754 ​ — ​ — ​ ​ 30,489 ​ Canada ​ — ​ — ​ — ​ 777 ​ 2,219 ​ — ​ ​ 2,996 ​ Middle East & Asia ​ — ​ — ​ 386,134 ​ 19,474 ​ 23,805 ​ — ​ ​ 429,413 ​ Latin America ​ — ​ — ​ 147,500 ​ 12,990 ​ — ​ — ​ ​ 160,490 ​ Europe, Africa & CIS ​ — ​ — ​ 41,716 ​ 493 ​ 5,408 ​ — ​ ​ 47,617 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (38,350) ​ (38,350) ​ Total ​ $ 470,591 ​ $ — ​ $ 575,350 ​ $ 110,061 ​ $ 81,830 ​ $ (38,350) ​ $ 1,199,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 121,360 ​ $ — ​ $ — ​ $ 21,436 ​ $ 15,448 ​ $ — ​ $ 158,244 ​ U.S. Offshore Gulf of Mexico ​ 32,967 ​ — ​ — ​ 1,822 ​ — ​ — ​ ​ 34,789 ​ Alaska ​ 7,279 ​ — ​ — ​ 185 ​ 14 ​ — ​ ​ 7,478 ​ Canada ​ — ​ 12,313 ​ — ​ 204 ​ 1,383 ​ — ​ ​ 13,900 ​ Middle East & Asia ​ — ​ — ​ 174,339 ​ 9,457 ​ 13,575 ​ — ​ ​ 197,371 ​ Latin America ​ — ​ — ​ 57,931 ​ 5,658 ​ 163 ​ — ​ ​ 63,752 ​ Europe, Africa & CIS ​ — ​ — ​ 23,012 ​ 349 ​ 3,969 ​ — ​ ​ 27,330 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (13,531) ​ (13,531) ​ Total ​ $ 161,606 ​ $ 12,313 ​ $ 255,282 ​ $ 39,111 ​ $ 34,552 ​ $ (13,531) ​ $ 489,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 230,896 ​ $ — ​ $ — ​ $ 39,884 ​ $ 27,985 ​ $ — ​ $ 298,765 U.S. Offshore Gulf of Mexico ​ 60,159 ​ — ​ — ​ 4,558 ​ — ​ — ​ ​ 64,717 Alaska ​ 12,850 ​ — ​ — ​ 322 ​ 14 ​ — ​ ​ 13,186 Canada ​ — ​ 33,302 ​ — ​ 658 ​ 2,283 ​ — ​ ​ 36,243 Middle East & Asia ​ — ​ — ​ 342,525 ​ 18,448 ​ 22,655 ​ — ​ ​ 383,628 Latin America ​ — ​ — ​ 113,839 ​ 10,224 ​ 176 ​ — ​ ​ 124,239 Europe, Africa & CIS ​ — ​ — ​ 45,756 ​ 723 ​ 7,187 ​ — ​ ​ 53,666 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,600) ​ (24,600) Total ​ $ 303,905 ​ $ 33,302 ​ $ 502,120 ​ $ 74,817 ​ $ 60,300 ​ $ (24,600) ​ $ 949,844 ​ Contract balances ​ We perform our obligations under a contract with a customer by transferring goods or services in exchange for consideration from the customer. We recognize a contract asset or liability when we transfer goods or services to a customer and bill an amount which differs from the revenue allocated to the related performance obligations. ​ The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on our condensed consolidated balance sheet. In general, we receive payments from customers based on dayrates as stipulated in our contracts (e.g., operating rate, standby rate, etc.). The invoices billed to the customer are based on the varying rates applicable to the operating status on each rig. Accounts receivable are recorded when the right to consideration becomes unconditional. ​ Dayrate contracts also may contain fees charged to the customer for up-front rig modifications, mobilization and demobilization of equipment and personnel. These fees are associated with contract fulfillment activities, and the related revenue (subject to any constraint on estimates of variable consideration) is allocated to a single performance obligation and recognized ratably over the initial term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. ​ We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. ​ The opening and closing balances of our receivables, contract assets and current and long-term contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3 As of June 30, 2022 ​ $ 364.9 ​ $ 22.9 ​ $ 1.1 ​ $ 8.0 ​ $ 27.7 ​ Approximately 57% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2022 2023 2024 ​ Additionally, 88% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2022, of which 66% was recognized during the six months ended June 30, 2022, and 12% is expected to be recognized during 2023. This disclosure does not include variable consideration allocated entirely to a wholly unsatisfied performance obligation or promise to transfer a distinct good or service that forms part of a single performance obligation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or “Commission”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments ​
Principles of Consolidation	Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (a) the power to direct activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation ​ Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. ​
Inventory	Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 113,580 ​ $ 105,638 ​ Work-in-progress ​ 2,570 ​ 1,368 ​ Finished goods ​ 4,464 ​ 19,442 ​ ​ ​ $ 120,614 ​ $ 126,448 ​
Special Purpose Acquisition Company	Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“NETC”) is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period. ​
Recently Accounting Pronouncements Adopted	Recently adopted accounting pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40 debt on our condensed consolidated balance sheet. Also, we recognized the cumulative effect of this change as a $60.7 million adjustment to the opening balance of retained earnings (accumulated deficit) and an $81.9 million adjustment to capital in excess of par in our condensed consolidated statement of changes in equity for the six months ended June 30, 2022. We will revise our condensed consolidated statement of changes in equity for the three months ended March 31, 2022, in future filings to correctly reflect the cumulative effect of this change as of January 1, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 113,580 ​ $ 105,638 ​ Work-in-progress ​ 2,570 ​ 1,368 ​ Finished goods ​ 4,464 ​ 19,442 ​ ​ ​ $ 120,614 ​ $ 126,448 ​

Joint Ventures (Tables)

Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2022
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 309,087 ​ $ 293,037 ​ Accounts receivable ​ 76,865 ​ 88,174 ​ Other current assets ​ 6,886 ​ 6,662 ​ Property, plant and equipment, net ​ 483,092 ​ 467,587 ​ Other long-term assets ​ 20,084 ​ 19,010 ​ Total assets ​ $ 896,014 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 51,031 ​ $ 61,278 ​ Accrued liabilities ​ 12,418 ​ 6,021 ​ Other liabilities ​ ​ 22,783 ​ ​ 26,300 ​ Total liabilities ​ $ 86,232 ​ $ 93,599 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt
Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 (1) ​ $ 21,116 ​ $ 24,446 ​ 5.10% senior notes due September 2023 ​ 53,622 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 177,005 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 518,071 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 210,242 ​ ​ 218,082 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ — ​ ​ 460,000 ​ ​ ​ $ 2,627,567 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 26,057 ​ ​ 30,805 ​ Long-term debt ​ $ 2,601,510 ​ $ 3,262,795 ​ ​ (1) The 5.50% senior notes due January 2023 were classified as long-term as of June 30, 2022, because we had the ability and intent to repay this obligation utilizing our 2022 Credit Agreement. ​
The aggregate principal amounts and recognized gain	​ The aggregate principal amounts and recognized gain for such transactions were as follows: ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2021 Exchanged ​ ​ (in thousands) 0.75% senior exchangeable notes due January 2024 ​ $ 35,000 5.75% senior notes due February 2025 ​ 5,000 Aggregate principal amount exchanged ​ 40,000 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.50% senior notes due January 2023 $ 21,116 ​ $ 21,267 $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 53,622 ​ 54,054 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 177,005 ​ 162,075 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 518,071 ​ 463,275 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — ​ — 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ ​ 210,242 ​ ​ 210,637 ​ ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 497,085 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 662,193 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 335,321 389,609 ​ 346,966 2018 revolving credit facility — ​ — 460,000 ​ 460,000 ​ ​ $ 2,627,567 ​ $ 2,405,907 ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ 26,057 ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ $ 2,601,510 ​ ​ ​ ​ $ 3,262,795 ​ ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Summary of financial guarantees maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 15,780 39,784 8,488 35,977 ​ $ 100,029 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (69,935) ​ $ (190,403) ​ $ (244,603) ​ $ (318,732) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (12,982) ​ (5,614) ​ (22,810) ​ (14,390) ​ Less: preferred stock dividends ​ ​ — ​ — ​ — ​ (3,653) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (2,574) ​ ​ (2,330) ​ ​ (5,119) ​ ​ (4,732) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (85,491) ​ $ (198,347) ​ $ (272,532) ​ $ (341,507) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 8 ​ $ — ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 9,081 ​ 7,460 ​ 8,696 ​ 7,281 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ Basic from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Basic ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (85,491) ​ $ (198,347) ​ $ (272,532) ​ $ (341,507) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 8 ​ $ — ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 9,081 ​ ​ 7,460 ​ ​ 8,696 ​ ​ 7,281 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ Diluted from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Diluted ​ ​ $ (9.41) ​ $ (26.59) ​ $ (31.34) ​ $ (46.90) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2022 2021 2022 2021 Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 3,368 ​ ​ 5,075 ​ ​ 3,369 ​ ​ 5,074 ​

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Balance Sheet and Income Statement Information
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 67,219 ​ $ 51,993 ​ Deferred revenue and proceeds on insurance and asset sales ​ 27,525 ​ ​ 59,816 ​ Other taxes payable ​ 32,665 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 70,333 ​ 71,814 ​ Litigation reserves ​ 16,432 ​ 14,939 ​ Other accrued liabilities ​ 12,041 ​ 7,688 ​ ​ ​ $ 232,803 ​ $ 247,171 ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 ​ ​ (In thousands) ​ Interest and dividend income ​ $ 1,324 ​ $ (290) ​ $ 1,721 ​ $ 1,003 ​ Gains (losses) on marketable securities ​ (502) ​ 228 ​ (736) ​ 198 ​ ​ ​ $ 822 ​ $ (62) ​ $ 985 ​ $ 1,201 ​
Schedule of other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ (3,597) ​ $ 8,965 ​ $ (3,521) ​ $ 17,488 ​ Warrant and derivative valuation ​ ​ ​ 21,981 ​ ​ — ​ ​ 93,733 ​ ​ — ​ Impairment of Canada Drilling assets ​ ​ ​ — ​ ​ 58,000 ​ ​ — ​ ​ 58,000 ​ Litigation expenses and reserves ​ ​ 5,016 ​ ​ 1,847 ​ ​ 8,128 ​ ​ 3,341 ​ Foreign currency transaction losses (gains) ​ ​ (7,391) ​ ​ 148 ​ ​ (3,177) ​ ​ 2,527 ​ (Gain) loss on debt buyback ​ ​ ​ (2,013) ​ ​ (123) ​ ​ (1,977) ​ ​ (8,185) ​ Other losses (gains) ​ ​ 532 ​ ​ (2,382) ​ ​ 1,743 ​ ​ 630 ​ ​ ​ ​ $ 14,528 ​ $ 66,455 ​ $ 94,929 ​ $ 73,801 ​
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ (1,900) ​ 4,320 ​ ​ 2,420 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 80 ​ ​ — ​ ​ 80 ​ Net other comprehensive income (loss) ​ — ​ (1,820) ​ 4,320 ​ 2,500 ​ As of June 30, 2021 ​ $ 2 ​ $ (5,436) ​ $ (3,190) ​ $ (8,624) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ 1,428 ​ (830) ​ 598 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 80 ​ — ​ 80 ​ Net other comprehensive income (loss) ​ — ​ 1,508 ​ (830) ​ 678 ​ As of June 30, 2022 ​ $ 2 ​ $ (3,848) ​ $ (6,110) ​ $ (9,956) ​ (1) All amounts are net of tax.
Schedule of line items that were reclassified to net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ $ 104 ​ $ 104 ​ Total income (loss) from continuing operations before income tax ​ ​ (52) ​ (52) ​ (104) ​ (104) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ ​ (24) ​ ​ (24) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​ $ (80) ​ $ (80) ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 253,008 ​ $ 161,606 ​ $ 470,591 ​ $ 303,905 ​ Canada Drilling ​ ​ — ​ 12,313 ​ — ​ 33,302 ​ International Drilling ​ ​ 296,320 ​ 255,282 ​ 575,350 ​ 502,120 ​ Drilling Solutions ​ ​ 55,879 ​ 39,111 ​ 110,061 ​ 74,817 ​ Rig Technologies ​ ​ 45,094 ​ 34,552 ​ 81,830 ​ 60,300 ​ Other reconciling items (1) ​ ​ (19,358) ​ (13,531) ​ (38,350) ​ (24,600) ​ Total ​ ​ $ 630,943 ​ $ 489,333 ​ $ 1,199,482 ​ $ 949,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 8,288 ​ $ (20,869) ​ $ 2,437 ​ $ (44,205) ​ Canada Drilling ​ ​ (15) ​ (2,608) ​ (34) ​ 1,299 ​ International Drilling ​ ​ 4,605 ​ (8,439) ​ (1,722) ​ (27,071) ​ Drilling Solutions ​ ​ 18,260 ​ 6,524 ​ 32,969 ​ 11,234 ​ Rig Technologies ​ ​ 2,127 ​ (692) ​ (624) ​ (3,261) ​ Total segment adjusted operating income (loss) ​ ​ $ 33,265 ​ $ (26,084) ​ $ 33,026 ​ $ (62,004) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 2021 2022 2021 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ (69,935) ​ $ (190,395) ​ $ (244,603) ​ $ (318,705) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ — ​ ​ (8) ​ ​ — ​ ​ (27) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ (69,935) ​ ​ (190,403) ​ ​ (244,603) ​ ​ (318,732) ​ Income tax expense (benefit) ​ ​ ​ 9,353 ​ ​ 24,719 ​ ​ 23,024 ​ ​ 34,444 ​ Income (loss) from continuing operations before income taxes ​ ​ $ (60,582) ​ $ (165,684) ​ ​ (221,579) ​ $ (284,288) ​ Investment (income) loss ​ ​ (822) ​ ​ 62 ​ (985) ​ ​ (1,201) ​ Interest expense ​ ​ ​ 42,899 ​ ​ 41,714 ​ ​ 89,809 ​ ​ 84,689 ​ Other, net ​ ​ ​ 14,528 ​ ​ 66,455 ​ ​ 94,929 ​ ​ 73,801 ​ Other reconciling items (3) ​ ​ 37,242 ​ 31,369 ​ 70,852 ​ 64,995 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 33,265 ​ $ (26,084) ​ $ 33,026 ​ $ (62,004) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,496,033 ​ $ 1,606,683 ​ Canada Drilling ​ 410 ​ 1,392 ​ International Drilling ​ 2,290,381 ​ 2,380,703 ​ Drilling Solutions ​ 60,220 ​ 65,899 ​ Rig Technologies ​ 175,962 ​ 190,489 ​ Other reconciling items (3) ​ 777,977 ​ 1,280,198 ​ Total ​ $ 4,800,983 ​ $ 5,525,364 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (2) Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation from net income (loss) is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Schedule of revenue, disaggregated by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 207,685 ​ $ — ​ $ — ​ $ 35,909 ​ $ 27,707 ​ $ — ​ $ 271,301 ​ U.S. Offshore Gulf of Mexico ​ 29,933 ​ — ​ — ​ 2,366 ​ — ​ — ​ ​ 32,299 ​ Alaska ​ 15,390 ​ — ​ — ​ 478 ​ — ​ — ​ ​ 15,868 ​ Canada ​ — ​ — ​ — ​ 341 ​ 1,240 ​ — ​ ​ 1,581 ​ Middle East & Asia ​ — ​ — ​ 195,437 ​ 9,449 ​ 13,007 ​ — ​ ​ 217,893 ​ Latin America ​ — ​ — ​ 78,605 ​ 7,063 ​ — ​ — ​ ​ 85,668 ​ Europe, Africa & CIS ​ — ​ — ​ 22,278 ​ 273 ​ 3,140 ​ — ​ ​ 25,691 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (19,358) ​ (19,358) ​ Total ​ $ 253,008 ​ $ — ​ $ 296,320 ​ $ 55,879 ​ $ 45,094 ​ $ (19,358) ​ $ 630,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2022 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 380,483 ​ $ — ​ $ — ​ $ 69,970 ​ $ 50,398 ​ $ — ​ $ 500,851 ​ U.S. Offshore Gulf of Mexico ​ 60,373 ​ — ​ — ​ 5,603 ​ — ​ — ​ ​ 65,976 ​ Alaska ​ 29,735 ​ — ​ — ​ 754 ​ — ​ — ​ ​ 30,489 ​ Canada ​ — ​ — ​ — ​ 777 ​ 2,219 ​ — ​ ​ 2,996 ​ Middle East & Asia ​ — ​ — ​ 386,134 ​ 19,474 ​ 23,805 ​ — ​ ​ 429,413 ​ Latin America ​ — ​ — ​ 147,500 ​ 12,990 ​ — ​ — ​ ​ 160,490 ​ Europe, Africa & CIS ​ — ​ — ​ 41,716 ​ 493 ​ 5,408 ​ — ​ ​ 47,617 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (38,350) ​ (38,350) ​ Total ​ $ 470,591 ​ $ — ​ $ 575,350 ​ $ 110,061 ​ $ 81,830 ​ $ (38,350) ​ $ 1,199,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 121,360 ​ $ — ​ $ — ​ $ 21,436 ​ $ 15,448 ​ $ — ​ $ 158,244 ​ U.S. Offshore Gulf of Mexico ​ 32,967 ​ — ​ — ​ 1,822 ​ — ​ — ​ ​ 34,789 ​ Alaska ​ 7,279 ​ — ​ — ​ 185 ​ 14 ​ — ​ ​ 7,478 ​ Canada ​ — ​ 12,313 ​ — ​ 204 ​ 1,383 ​ — ​ ​ 13,900 ​ Middle East & Asia ​ — ​ — ​ 174,339 ​ 9,457 ​ 13,575 ​ — ​ ​ 197,371 ​ Latin America ​ — ​ — ​ 57,931 ​ 5,658 ​ 163 ​ — ​ ​ 63,752 ​ Europe, Africa & CIS ​ — ​ — ​ 23,012 ​ 349 ​ 3,969 ​ — ​ ​ 27,330 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (13,531) ​ (13,531) ​ Total ​ $ 161,606 ​ $ 12,313 ​ $ 255,282 ​ $ 39,111 ​ $ 34,552 ​ $ (13,531) ​ $ 489,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 230,896 ​ $ — ​ $ — ​ $ 39,884 ​ $ 27,985 ​ $ — ​ $ 298,765 U.S. Offshore Gulf of Mexico ​ 60,159 ​ — ​ — ​ 4,558 ​ — ​ — ​ ​ 64,717 Alaska ​ 12,850 ​ — ​ — ​ 322 ​ 14 ​ — ​ ​ 13,186 Canada ​ — ​ 33,302 ​ — ​ 658 ​ 2,283 ​ — ​ ​ 36,243 Middle East & Asia ​ — ​ — ​ 342,525 ​ 18,448 ​ 22,655 ​ — ​ ​ 383,628 Latin America ​ — ​ — ​ 113,839 ​ 10,224 ​ 176 ​ — ​ ​ 124,239 Europe, Africa & CIS ​ — ​ — ​ 45,756 ​ 723 ​ 7,187 ​ — ​ ​ 53,666 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,600) ​ (24,600) Total ​ $ 303,905 ​ $ 33,302 ​ $ 502,120 ​ $ 74,817 ​ $ 60,300 ​ $ (24,600) ​ $ 949,844
Summary of receivables, contract assets, current and long-term contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3 As of June 30, 2022 ​ $ 364.9 ​ $ 22.9 ​ $ 1.1 ​ $ 8.0 ​ $ 27.7

General (Details)

General (Details)	6 Months Ended
	Jun. 30, 2022 item country
General
Actively marketed rigs for land based drilling operations	301
Actively marketed rigs for offshore based drilling operations	29
Minimum
General
Number of countries company has actively marketed rigs for land based drilling operations | country	15
Geographic Concentration Risk | Sales Revenue | Russia
General
Concentration risk (as a percent)	1.60%
Geographic Concentration Risk | Property, Plant and Equipment, Net. | Russia
General
Concentration risk (as a percent)	1.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory, net
Raw materials	$ 113,580	$ 105,638
Work-in-progress	2,570	1,368
Finished goods	4,464	19,442
Total inventory	$ 120,614	$ 126,448

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - SPAC (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Restricted cash held in trust	$ 281,938	$ 281,523
NETC
Summary of Significant Accounting Policies
Restricted cash held in trust	281,500
Redeemable noncontrolling interest in subsidiary	$ 281,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recently adopted accounting pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Accumulated deficit	$ (1,750,058)		$ (1,537,988)
ASU 2020-06 | Cumulative effect period of adoption adjustment
Summary of Significant Accounting Policies
Unamortized debt discount		$ (27,500)
Accumulated deficit		60,700
Capital in excess of par value		$ (81,900)

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2017	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Joint Ventures
Redeemable noncontrolling interest		$ 675,283		$ 680,403
Assets:
Cash and cash equivalents		991,471		412,979	$ 399,881	$ 472,246
Accounts receivable		287,572		278,112
Other current assets		96,301		106,676
Property, plant and equipment, net		3,348,498		3,186,849
Other long-term assets		134,903		148,368
Total assets	[1]	5,525,364		4,800,983
Liabilities:
Accounts payable		253,748		271,117
Other liabilities		340,347		391,808
Total liabilities	[1]	4,131,143		3,519,778
SANAD
Assets:
Cash and cash equivalents		293,037		309,087
Accounts receivable		88,174		76,865
Other current assets		6,662		6,886
Property, plant and equipment, net		467,587		483,092
Other long-term assets		19,010		20,084
Total assets		874,470		896,014
Liabilities:
Accounts payable		61,278		51,031
Accrued liabilities		6,021		12,418
Other liabilities		26,300		22,783
Total liabilities		93,599		86,232
SANAD | Saudi Aramco
Joint Ventures
Redeemable noncontrolling interest				$ 398,900
SANAD | Joint Venture
Joint Ventures
Cash contribution by each party in joint venture			$ 20,000
Additional contribution amount			$ 394,000
Maturity period			25 years
Settled accrued interest		$ 120,000
[1] The condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Accounts Receivable Purchase _2

Accounts Receivable Purchase and Sales Agreement (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Mar. 21, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2017
5.50% senior notes due January 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.50%		5.50%
5.10% senior notes due September 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		0.75%	0.75%	0.75%	0.75%	0.75%
Asset Pledged as Collateral
Accounts Receivable Sales Agreement
Trade receivables		$ 63.3		$ 44.2
Accounts Receivable Sales Agreement
Accounts Receivable Sales Agreement
Agreement amount					$ 250
Receivables sold		154		$ 113
Accounts Receivable Sales Agreement, First Amendment
Accounts Receivable Sales Agreement
Agreement amount	$ 150
Agreement expiration term extension (in years)	2 years
Accounts Receivable Sales Agreement, Third Amendment
Accounts Receivable Sales Agreement
Agreement amount		250
Accounts Receivable Sales Agreement, Third Amendment | Accelerated Expiration of Agreement, October 17, 2023
Accounts Receivable Sales Agreement
Threshold amount of remaining principal balance		$ 88.5
Accounts Receivable Sales Agreement, Third Amendment | 5.50% senior notes due January 2023 | Accelerated Expiration of Agreement, November 19, 2022
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.50%
Accounts Receivable Sales Agreement, Third Amendment | 5.10% senior notes due September 2023 | Accelerated Expiration of Agreement, June 17, 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.10%
Accounts Receivable Sales Agreement, Third Amendment | 0.75% senior exchangeable notes due January 2024 | Accelerated Expiration of Agreement, October 17, 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		0.75%
Accounts Receivable Sales Agreement, Third Amendment | Maximum
Accounts Receivable Sales Agreement
Agreement amount		$ 300

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Mar. 21, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2017
Debt
Long-term Debt, Gross	$ 2,627,567		$ 3,293,600
Less: Deferred financing costs	(26,057)		(30,805)
Long-term Debt	2,601,510		3,262,795
Principal amount of notes repurchased	51,500
Repurchase amount	52,300
Payment of accrued and unpaid interest	800
Maturity value of notes tendered by warrant holders	131,700
Other, net
Debt
Gain on repurchase of debt	2,000
5.50% senior notes due January 2023
Debt
Long-term Debt, Gross	$ 21,116		$ 24,446
Interest rate on senior notes (as a percent)	5.50%		5.50%
5.10% senior notes due September 2023
Debt
Long-term Debt, Gross	$ 53,622		$ 82,703
Interest rate on senior notes (as a percent)	5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Debt
Long-term Debt, Gross	$ 177,005		$ 259,839
Interest rate on senior notes (as a percent)	0.75%	0.75%	0.75%	0.75%	0.75%
Long-term Debt	$ 177,000		$ 287,300
5.75% senior notes due February 2025
Debt
Long-term Debt, Gross	$ 518,071		$ 548,458
Interest rate on senior notes (as a percent)	5.75%		5.75%	5.75%
6.50% senior priority guaranteed notes due February 2025
Debt
Long-term Debt, Gross			$ 50,485
Interest rate on senior notes (as a percent)			6.50%
9.00% senior priority guaranteed notes due February 2025
Debt
Long-term Debt, Gross	$ 210,242		$ 218,082
Interest rate on senior notes (as a percent)	9%		9%
7.25% senior guaranteed notes due January 2026
Debt
Long-term Debt, Gross	$ 557,902		$ 559,978
Interest rate on senior notes (as a percent)	7.25%		7.25%
7.375% senior priority guaranteed notes due May 2027
Debt
Long-term Debt, Gross	$ 700,000		$ 700,000
Interest rate on senior notes (as a percent)	7.375%		7.375%
7.50% senior guaranteed notes due January 2028
Debt
Long-term Debt, Gross	$ 389,609		$ 389,609
Interest rate on senior notes (as a percent)	7.50%		7.50%
2018 revolving credit facility
Debt
Long-term Debt, Gross			$ 460,000

Debt - Exchange Transactions (D

Debt - Exchange Transactions (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022	Mar. 21, 2022	Dec. 31, 2021	Jan. 31, 2017 USD ($)
Debt
Number private exchange transactions entered into during the period | item	2
Senior Notes
Debt
Aggregate principal amount exchanged	$ 40,000	$ 40,000
Aggregate principal amount of debt issued in exchanges		$ 26,050
Senior Notes | Accrued liabilities and other long-term liabilities
Debt
Future contractual interest payments	$ 9,400
9.0% Exchange Notes
Debt
Interest rate on senior notes (as a percent)	9%
Aggregate principal amount of debt issued in exchanges	$ 26,100
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)		0.75%	0.75%	0.75%	0.75%	0.75%
Aggregate principal amount exchanged		$ 35,000
Aggregate principal amount of debt issued in exchanges						$ 575,000
5.75% senior notes due February 2025
Debt
Interest rate on senior notes (as a percent)		5.75%	5.75%		5.75%
Aggregate principal amount exchanged		$ 5,000

Debt - Senior Exchangeable Note

Debt - Senior Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 31, 2017 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Mar. 21, 2022	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021
Debt
Aggregate principal amount outstanding		$ 2,601,510			$ 3,262,795
Unamortized issuance costs		$ 26,057			$ 30,805
ASU 2020-06 | Cumulative effect period of adoption adjustment
Debt
Unamortized debt discount				$ (27,500)
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)	0.75%	0.75%	0.75%		0.75%	0.75%
Aggregate principal amount at issuance	$ 575,000
Aggregate principal amount outstanding		$ 177,000			$ 287,300
Exchange rate of common shares per $1,000 principal amount	0.8018
Exchange price per common share | $ / shares	$ 1,247.19
Debt component	$ 411,200
Equity component	$ 163,800

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Millions	Jan. 21, 2022	Jun. 30, 2022	Mar. 21, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2017
5.10% senior notes due September 2023
Debt
Interest rate on senior notes (as a percent)		5.10%		5.10%
5.50% senior notes due January 2023
Debt
Interest rate on senior notes (as a percent)		5.50%		5.50%
5.75% senior notes due February 2025
Debt
Interest rate on senior notes (as a percent)		5.75%		5.75%	5.75%
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)		0.75%	0.75%	0.75%	0.75%	0.75%
2022 Credit Agreement
Debt
Percentage of property, plant and equipment to be owned by the revolver guarantor and its subsidiaries	90%
Threshold percentage of outstanding principal amount of relevant debt to remaining outstanding	50%
Outstanding balance		$ 0
Weighted average interest rate (as a percent)		3.66%
2022 Credit Agreement | Debt covenant
Debt
Threshold amount beyond which the debt instrument covenant restricts the company's ability to incur liens	$ 150
Threshold amount beyond which the debt instrument covenant restricts the company's subsidiaries to incur debt	100
Revolving credit facility
Debt
Maximum borrowing capacity	350
Additional borrowing capacity under terms of accordion feature	100
Letters of credit
Debt
Maximum borrowing capacity	100
Collateralized debt
Debt
Maximum borrowing capacity	150
Term loans
Debt
Maximum borrowing capacity	$ 100

Shareholders Equity (Details)

Shareholders Equity (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jul. 19, 2021 USD ($) shares	Jun. 11, 2021 shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) D $ / shares shares	Mar. 21, 2022	Dec. 31, 2021	Jun. 30, 2021	May 27, 2021 USD ($) item shares	Jan. 31, 2017
Shareholders' Equity
Multiplying factor for exercise of warrants | item								3
Percentage volume weighted average price of stock times factor must exceed sum of volume weighted average prices of second, third and fourth days before exercise								6%
Conversion price percentage			95%	95%
Loss recognized from increase in liability | $			$ (21,981)	$ (93,733)
Proceeds from issuance of common shares, net of issuance costs | $				$ 3,767
5.10% senior notes due September 2023
Shareholders' Equity
Interest rate (as a percent)			5.10%	5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Shareholders' Equity
Interest rate (as a percent)			0.75%	0.75%	0.75%	0.75%	0.75%		0.75%
5.75% senior notes due February 2025
Shareholders' Equity
Interest rate (as a percent)			5.75%	5.75%		5.75%	5.75%
7.25% senior notes due January 2026
Shareholders' Equity
Interest rate (as a percent)			7.25%	7.25%
Common Stock Warrants
Shareholders' Equity
Number of warrants received per common share held								0.40
Number of warrants issued		3,200,000
Number of business day notice period | D				20
Fair value of outstanding warrants | $			$ 78,700	$ 78,700				$ 2,700
Loss recognized from increase in liability | $			$ (23,800)	$ (97,000)
Warrants outstanding			2,500,000	2,500,000
Common Stock
Shareholders' Equity
Shares issued in connection with acquisition of certain development stage technologies in the energy transition space	147,974
Value of shares issued in connection with acquisition of certain development stage technologies in the energy transition space | $	$ 12,900
Number of shares which may be forfeited under certain conditions	71,280
Forfeiture period	2 years
Aggregate number of shares issued from the exercise of warrants			1,100,000	1,100,000
Number of shares which may be purchased by each right			1	1
Exercise price (in dollars per share) | $ / shares			$ 166.66667	$ 166.66667
Number of additional securities which may be issued due to the incentive share component			0.333	0.333

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) D	Dec. 31, 2021 USD ($)	Mar. 21, 2022	Jun. 30, 2021	May 27, 2021 USD ($)	Jan. 31, 2017
Fair Value of Financial Instruments
Deferred finance costs	$ 26,057	$ 30,805
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.50%	5.50%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	0.75%	0.75%	0.75%	0.75%		0.75%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.75%	5.75%		5.75%
6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)		6.50%
9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9%	9%
7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.25%	7.25%
7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.375%	7.375%
7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.50%	7.50%
Fair Value
Fair Value of Financial Instruments
Debt	$ 2,405,907	$ 3,206,746
Fair Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	21,267	24,736
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	54,054	84,044
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	162,075	257,730
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	463,275	508,881
Fair Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt		50,490
Fair Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	210,637	226,914
Fair Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	497,085	522,079
Fair Value | 7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Debt	662,193	724,906
Fair Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	335,321	346,966
Fair Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt		460,000
Carrying Value
Fair Value of Financial Instruments
Debt	2,627,567	3,293,600
Deferred finance costs	26,057	30,805
Debt, net of financing costs	2,601,510	3,262,795
Carrying Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	21,116	24,446
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	53,622	82,703
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	177,005	259,839
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	518,071	548,458
Carrying Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt		50,485
Carrying Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	210,242	218,082
Carrying Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	557,902	559,978
Carrying Value | 7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Debt	700,000	700,000
Carrying Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	389,609	389,609
Carrying Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt		$ 460,000
Common Stock Warrants
Fair Value Measurements
Common stock warrants, fair value	$ 78,700				$ 2,700
Number of business day notice period | D	20

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2011	Jun. 30, 2022	Dec. 31, 2018
Court of Ouargla Algeria Foreign Currency Controls
Commitments and Contingencies
Litigation amount as per judgment	$ 19.3
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
Court of Ouargla Algeria Foreign Currency Controls | Maximum
Commitments and Contingencies
Potential judgment in excess of accrual		$ 11.3
Atyrau Oblast Ecology Department | Minimum
Commitments and Contingencies
Environmental damages			$ 3.4
KMG Nabors Drilling Company Joint Venture
Commitments and Contingencies
Administrative fines			$ 0.8

Commitments and Contingencies_2

Commitments and Contingencies - Financial Guarantees (Details) - Financial standby letters of credit and other financial surety instruments $ in Thousands	Mar. 31, 2022 USD ($)
Summary of total maximum amount of financial guarantees issued
2022	$ 15,780
2023	39,784
2024	8,488
Thereafter	35,977
Total	$ 100,029

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (69,935)	$ (190,403)	$ (244,603)	$ (318,732)
Less: net (income) loss attributable to noncontrolling interest	(12,982)	(5,614)	(22,810)	(14,390)
Less: preferred stock dividends				(3,653)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(2,574)	(2,330)	(5,119)	(4,732)
Adjusted income (loss) from continuing operations, net of tax - basic	$ (85,491)	(198,347)	$ (272,532)	(341,507)
Income (loss) from discontinued operations, net of tax		$ 8		$ 27
Weighted-average number of shares outstanding - basic	9,081	7,460	8,696	7,281
Earnings (losses) Per Share:
Basic from continuing operations (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)
Total Basic (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (85,491)	$ (198,347)	$ (272,532)	$ (341,507)
Adjusted income (loss) from continuing operations, net of tax - diluted	$ (85,491)	(198,347)	$ (272,532)	(341,507)
Income (loss) from discontinued operations, net of tax		$ 8		$ 27
Weighted-average number of shares outstanding - basic	9,081	7,460	8,696	7,281
Weighted-average number of shares outstanding - diluted	9,081	7,460	8,696	7,281
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)
Total Diluted (in dollars per share)	$ (9.41)	$ (26.59)	$ (31.34)	$ (46.90)

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	3,368	5,075	3,369	5,074

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued liabilities
Accrued compensation	$ 67,219	$ 51,993
Deferred revenue and proceeds on insurance and asset sales	27,525	59,816
Other taxes payable	32,665	34,333
Workers' compensation liabilities	6,588	6,588
Interest payable	70,333	71,814
Litigation reserves	16,432	14,939
Other accrued liabilities	12,041	7,688
Total accrued liabilities	$ 232,803	$ 247,171

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investment income (loss)
Interest and dividend income	$ 1,324	$ (290)	$ 1,721	$ 1,003
Gains (losses) on marketable securities	(502)	228	(736)	198
Investment income (loss)	$ 822	$ (62)	$ 985	$ 1,201

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Income Statement Information - Other, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other, net
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ (3,597)	$ 8,965	$ (3,521)	$ 17,488
Warrant and derivative valuation	21,981		93,733
Impairment of Canada Drilling assets		58,000		58,000
Litigation expenses and reserves	5,016	1,847	8,128	3,341
Foreign currency transaction losses (gains)	(7,391)	148	(3,177)	2,527
(Gain) loss on debt buyback	(2,013)	(123)	(1,977)	(8,185)
Other losses (gains)	532	(2,382)	1,743	630
Total other, net	$ 14,528	$ 66,455	$ 94,929	$ 73,801

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Income Statement Information - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes in accumulated other comprehensive income (loss)
Beginning balance			$ 590,656
Other comprehensive income (loss), net of tax	$ (658)	$ 2,132	678	$ 2,500
Ending balance	453,200		453,200
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance			(10,634)	(11,124)
Other comprehensive income (loss) before reclassifications			598	2,420
Amounts reclassified from accumulated other comprehensive income (loss)			80	80
Other comprehensive income (loss), net of tax			678	2,500
Ending balance	(9,956)	(8,624)	(9,956)	(8,624)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Beginning balance			2	2
Ending balance	2	2	2	2
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Beginning balance			(5,356)	(3,616)
Other comprehensive income (loss) before reclassifications			1,428	(1,900)
Amounts reclassified from accumulated other comprehensive income (loss)			80	80
Other comprehensive income (loss), net of tax			1,508	(1,820)
Ending balance	(3,848)	(5,436)	(3,848)	(5,436)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Beginning balance			(5,280)	(7,510)
Other comprehensive income (loss) before reclassifications			(830)	4,320
Other comprehensive income (loss), net of tax			(830)	4,320
Ending balance	$ (6,110)	$ (3,190)	$ (6,110)	$ (3,190)

Supplemental Balance Sheet an_7

Supplemental Balance Sheet and Income Statement Information - Reclassified to net income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	$ 58,167	$ 51,580	$ 111,806	$ 106,240
Income (loss) from continuing operations before income taxes	(60,582)	(165,684)	(221,579)	(284,288)
Tax expense (benefit)	9,353	24,719	23,024	34,444
Net income (loss)	(69,935)	(190,395)	(244,603)	(318,705)
Reclassification out of Accumulated Other Comprehensive Income
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	52	52	104	104
Income (loss) from continuing operations before income taxes	(52)	(52)	(104)	(104)
Tax expense (benefit)	(12)	(12)	(24)	(24)
Net income (loss)	$ (40)	$ (40)	$ (80)	$ (80)

Segment Information - Operating

Segment Information - Operating revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Information
Operating revenues	$ 630,943	$ 489,333	$ 1,199,482	$ 949,844
U.S. Drilling
Segment Information
Operating revenues	253,008	161,606	470,591	303,905
Canada Drilling
Segment Information
Operating revenues		12,313		33,302
International Drilling
Segment Information
Operating revenues	296,320	255,282	575,350	502,120
Drilling Solutions
Segment Information
Operating revenues	55,879	39,111	110,061	74,817
Rig Technologies
Segment Information
Operating revenues	45,094	34,552	81,830	60,300
Operating segments | U.S. Drilling
Segment Information
Operating revenues	253,008	161,606	470,591	303,905
Operating segments | Canada Drilling
Segment Information
Operating revenues		12,313		33,302
Operating segments | International Drilling
Segment Information
Operating revenues	296,320	255,282	575,350	502,120
Operating segments | Drilling Solutions
Segment Information
Operating revenues	55,879	39,111	110,061	74,817
Operating segments | Rig Technologies
Segment Information
Operating revenues	45,094	34,552	81,830	60,300
Other reconciling items
Segment Information
Operating revenues	$ (19,358)	$ (13,531)	$ (38,350)	$ (24,600)

Segment Information - Adjusted

Segment Information - Adjusted operating income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Information
Adjusted operating income (loss)	$ 33,265	$ (26,084)	$ 33,026	$ (62,004)
Operating segments
Segment Information
Adjusted operating income (loss)	33,265	(26,084)	33,026	(62,004)
Operating segments | U.S. Drilling
Segment Information
Adjusted operating income (loss)	8,288	(20,869)	2,437	(44,205)
Operating segments | Canada Drilling
Segment Information
Adjusted operating income (loss)	(15)	(2,608)	(34)	1,299
Operating segments | International Drilling
Segment Information
Adjusted operating income (loss)	4,605	(8,439)	(1,722)	(27,071)
Operating segments | Drilling Solutions
Segment Information
Adjusted operating income (loss)	18,260	6,524	32,969	11,234
Operating segments | Rig Technologies
Segment Information
Adjusted operating income (loss)	$ 2,127	$ (692)	$ (624)	$ (3,261)

Segment Information - Reconcili

Segment Information - Reconciliation of segment adjusted operating income (loss) to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Net income (loss)	$ (69,935)	$ (190,395)	$ (244,603)	$ (318,705)
Income (loss) from discontinued operations, net of tax		8		27
Income (loss) from continuing operations, net of tax	(69,935)	(190,403)	(244,603)	(318,732)
Income tax expense (benefit)	9,353	24,719	23,024	34,444
Income (loss) from continuing operations before income taxes	(60,582)	(165,684)	(221,579)	(284,288)
Investment income (loss)	(822)	62	(985)	(1,201)
Interest expense	42,899	41,714	89,809	84,689
Other, net	14,528	66,455	94,929	73,801
Total segment adjusted operating income (loss)	33,265	(26,084)	33,026	(62,004)
Operating segments
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Net income (loss)	(69,935)	(190,395)	(244,603)	(318,705)
Income (loss) from discontinued operations, net of tax		(8)		(27)
Income (loss) from continuing operations, net of tax	(69,935)	(190,403)	(244,603)	(318,732)
Income tax expense (benefit)	9,353	24,719	23,024	34,444
Income (loss) from continuing operations before income taxes	(60,582)	(165,684)	(221,579)	(284,288)
Investment income (loss)	(822)	62	(985)	(1,201)
Interest expense	42,899	41,714	89,809	84,689
Other, net	14,528	66,455	94,929	73,801
Total segment adjusted operating income (loss)	33,265	(26,084)	33,026	(62,004)
Other reconciling items
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Other reconciling items	$ 37,242	$ 31,369	$ 70,852	$ 64,995

Segment Information - Total ass

Segment Information - Total assets (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Segment Information
Total assets	[1]	$ 4,800,983	$ 5,525,364
Operating segments | U.S. Drilling
Segment Information
Total assets		1,496,033	1,606,683
Operating segments | Canada Drilling
Segment Information
Total assets		410	1,392
Operating segments | International Drilling
Segment Information
Total assets		2,290,381	2,380,703
Operating segments | Drilling Solutions
Segment Information
Total assets		60,220	65,899
Operating segments | Rig Technologies
Segment Information
Total assets		175,962	190,489
Other reconciling items
Segment Information
Total assets		$ 777,977	$ 1,280,198
[1] The condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition
Revenues	$ 630,943	$ 489,333	$ 1,199,482	$ 949,844
U.S. Drilling
Revenue Recognition
Revenues	253,008	161,606	470,591	303,905
Canada Drilling
Revenue Recognition
Revenues		12,313		33,302
International Drilling
Revenue Recognition
Revenues	296,320	255,282	575,350	502,120
Drilling Solutions
Revenue Recognition
Revenues	55,879	39,111	110,061	74,817
Rig Technologies
Revenue Recognition
Revenues	45,094	34,552	81,830	60,300
Operating segments | Lower 48
Revenue Recognition
Revenues	271,301	158,244	500,851	298,765
Operating segments | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	32,299	34,789	65,976	64,717
Operating segments | Alaska
Revenue Recognition
Revenues	15,868	7,478	30,489	13,186
Operating segments | Canada
Revenue Recognition
Revenues	1,581	13,900	2,996	36,243
Operating segments | Middle East & Asia
Revenue Recognition
Revenues	217,893	197,371	429,413	383,628
Operating segments | Latin America
Revenue Recognition
Revenues	85,668	63,752	160,490	124,239
Operating segments | Europe, Africa & CIS
Revenue Recognition
Revenues	25,691	27,330	47,617	53,666
Operating segments | U.S. Drilling
Revenue Recognition
Revenues	253,008	161,606	470,591	303,905
Operating segments | U.S. Drilling | Lower 48
Revenue Recognition
Revenues	207,685	121,360	380,483	230,896
Operating segments | U.S. Drilling | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	29,933	32,967	60,373	60,159
Operating segments | U.S. Drilling | Alaska
Revenue Recognition
Revenues	15,390	7,279	29,735	12,850
Operating segments | Canada Drilling
Revenue Recognition
Revenues		12,313		33,302
Operating segments | Canada Drilling | Canada
Revenue Recognition
Revenues		12,313		33,302
Operating segments | International Drilling
Revenue Recognition
Revenues	296,320	255,282	575,350	502,120
Operating segments | International Drilling | Middle East & Asia
Revenue Recognition
Revenues	195,437	174,339	386,134	342,525
Operating segments | International Drilling | Latin America
Revenue Recognition
Revenues	78,605	57,931	147,500	113,839
Operating segments | International Drilling | Europe, Africa & CIS
Revenue Recognition
Revenues	22,278	23,012	41,716	45,756
Operating segments | Drilling Solutions
Revenue Recognition
Revenues	55,879	39,111	110,061	74,817
Operating segments | Drilling Solutions | Lower 48
Revenue Recognition
Revenues	35,909	21,436	69,970	39,884
Operating segments | Drilling Solutions | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	2,366	1,822	5,603	4,558
Operating segments | Drilling Solutions | Alaska
Revenue Recognition
Revenues	478	185	754	322
Operating segments | Drilling Solutions | Canada
Revenue Recognition
Revenues	341	204	777	658
Operating segments | Drilling Solutions | Middle East & Asia
Revenue Recognition
Revenues	9,449	9,457	19,474	18,448
Operating segments | Drilling Solutions | Latin America
Revenue Recognition
Revenues	7,063	5,658	12,990	10,224
Operating segments | Drilling Solutions | Europe, Africa & CIS
Revenue Recognition
Revenues	273	349	493	723
Operating segments | Rig Technologies
Revenue Recognition
Revenues	45,094	34,552	81,830	60,300
Operating segments | Rig Technologies | Lower 48
Revenue Recognition
Revenues	27,707	15,448	50,398	27,985
Operating segments | Rig Technologies | Alaska
Revenue Recognition
Revenues		14		14
Operating segments | Rig Technologies | Canada
Revenue Recognition
Revenues	1,240	1,383	2,219	2,283
Operating segments | Rig Technologies | Middle East & Asia
Revenue Recognition
Revenues	13,007	13,575	23,805	22,655
Operating segments | Rig Technologies | Latin America
Revenue Recognition
Revenues		163		176
Operating segments | Rig Technologies | Europe, Africa & CIS
Revenue Recognition
Revenues	3,140	3,969	5,408	7,187
Eliminations & other
Revenue Recognition
Revenues	(19,358)	(13,531)	(38,350)	(24,600)
Eliminations & other | Other
Revenue Recognition
Revenues	$ (19,358)	$ (13,531)	$ (38,350)	$ (24,600)

Revenue Recognition - Receivabl

Revenue Recognition - Receivables, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue Recognition
Contract Receivables	$ 364.9	$ 350
Contract Assets (Current)	22.9	24.9
Contract Assets (Long-term)	1.1	1.9
Contract Liabilities (Current)	8	42.9
Contract Liabilities (Long-term)	$ 27.7	$ 29.3
Contract Asset Balance
2022	88%
Contract percentage recognized	66%
2023	12%
Revenue recognized (as a percent)	35%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details)	6 Months Ended
	Jun. 30, 2022
Remaining performance obligations
Revenue recognized (as a percent)	35%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	57%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	28%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	15%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months