Nabors Industries (NBR) 10-K 9 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 06, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,456,384
Entity Public Float			$ 1,196,211,182
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Entity Central Index Key	0001163739
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 451,025	$ 991,471
Short-term investments		1,290	17
Accounts receivable, net of allowance of $80,021 and $67,292, respectively		327,397	287,572
Inventory, net		127,947	126,448
Other current assets		92,964	96,301
Total current assets		1,000,623	1,501,809
Property, plant and equipment, net		3,026,100	3,348,498
Restricted cash held in trust		284,841	281,523
Deferred income taxes		257,320	258,631
Other long-term assets		160,970	134,903
Total assets	[1]	4,729,854	5,525,364
Current liabilities:
Trade accounts payable		314,041	253,748
Accrued liabilities		247,575	247,171
Income taxes payable		27,990	18,887
Current lease liabilities		6,784	5,422
Total current liabilities		596,390	525,228
Long-term debt		2,537,540	3,262,795
Other long-term liabilities		377,671	340,347
Deferred income taxes		2,858	2,773
Total liabilities	[1]	3,514,459	4,131,143
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest in subsidiary		678,604	675,283
Shareholders' equity:
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 10,505 and 9,295, respectively		525	466
Capital in excess of par value		3,536,373	3,454,563
Accumulated other comprehensive income (loss)		(11,038)	(10,634)
Retained earnings (accumulated deficit)		(1,841,153)	(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		368,956	590,656
Noncontrolling interest		167,835	128,282
Total equity		536,791	718,938
Total liabilities and equity		$ 4,729,854	$ 5,525,364
[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 13—Joint Ventures for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Allowance for accounts receivable	$ 52,895	$ 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	10,505	9,295
Treasury shares, common	1,090	1,090

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues and other income:
Operating revenues	$ 2,653,766	$ 2,017,548	$ 2,134,043
Investment income (loss)	14,992	1,557	1,438
Total revenues and other income	2,668,758	2,019,105	2,135,481
Costs and other deductions:
Direct costs	1,666,004	1,286,896	1,333,072
General and administrative expenses	228,431	213,559	203,515
Research and engineering	49,939	35,153	33,564
Depreciation and amortization	665,072	693,381	853,699
Interest expense	177,895	171,476	206,274
(Gain)/loss on debt buybacks and exchanges	(4,597)	(13,423)	(228,274)
Impairments and other charges		66,731	410,631
Other, net	131,696	53,421	28,567
Total costs and other deductions	2,914,440	2,507,194	2,841,048
Income (loss) from continuing operations before income taxes	(245,682)	(488,089)	(705,567)
Income tax expense (benefit):
Current	54,199	66,327	(7,430)
Deferred	7,337	(10,706)	64,716
Total income tax expense (benefit)	61,536	55,621	57,286
Income (loss) from continuing operations, net of tax	(307,218)	(543,710)	(762,853)
Income (loss) from discontinued operations, net of tax		20	7
Net income (loss)	(307,218)	(543,690)	(762,846)
Less: Net (income) loss attributable to noncontrolling interest	(43,043)	(25,582)	(42,795)
Net income (loss) attributable to Nabors	(350,261)	(569,272)	(805,641)
Less: Preferred stock dividend		(3,653)	(14,611)
Net income (loss) attributable to Nabors common shareholders	(350,261)	(572,925)	(820,252)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(350,261)	(572,945)	(820,259)
Net income (loss) from discontinued operations		20	7
Net income (loss) attributable to Nabors common shareholders	$ (350,261)	$ (572,925)	$ (820,252)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)
Basic from discontinued operations (in dollars per share)
Total Basic (in dollars per share)	(40.52)	(76.58)	(118.69)
Diluted from continuing operations (in dollars per share)	(40.52)	(76.58)	(118.69)
Diluted from discontinued operations (in dollars per share)
Total Diluted (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)
Weighted-average number of common shares outstanding:
Basic (in shares)	8,898	7,605	7,059
Diluted (in shares)	8,898	7,605	7,059

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (350,261)	$ (569,272)	$ (805,641)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	(1,993)	2,230	435
Pension liability amortization and adjustment	1,645	(1,692)	210
Unrealized gains (losses) and amortization on cash flow hedges			160
Other comprehensive income (loss), before tax	(348)	538	805
Income tax expense (benefit) related to items of other comprehensive income (loss)	56	48	141
Other comprehensive income (loss), net of tax	(404)	490	664
Comprehensive income (loss) attributable to Nabors	(350,665)	(568,782)	(804,977)
Comprehensive income (loss) attributable to noncontrolling interest	43,043	25,582	42,795
Comprehensive income (loss)	$ (307,622)	$ (543,200)	$ (762,182)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (307,218)	$ (543,690)	$ (762,846)
Adjustments to net income (loss):
Depreciation and amortization	665,072	693,382	853,697
Deferred income tax expense (benefit)	7,335	(10,711)	64,717
Impairments and other charges		72,497	318,582
Amortization of debt discount and deferred financing costs	8,138	21,359	31,238
Losses (gains) on debt buyback	(4,119)	(13,423)	(228,274)
Losses (gains) on long-lived assets, net	7,352	23,864	64,365
Provision (recovery) of bad debt		(2,515)	18,194
Share-based compensation	15,828	19,362	24,638
Foreign currency transaction losses (gains), net	6,689	4,800	13,133
Mark-to-market loss on warrants	95,909
Noncontrolling interest	(43,043)	(25,582)	(42,795)
Other	869	1,298	3,516
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(54,501)	71,805	67,502
Inventory	928	32,037	6,188
Other current assets	3,690	14,166	38,672
Other long-term assets	(11,196)	17,914	20,830
Trade accounts payable and accrued liabilities	61,636	12,143	(142,826)
Income taxes payable	8,616	5,140	(933)
Other long-term liabilities	39,104	34,930	2,163
Net cash provided by (used for) operating activities	501,089	428,776	349,761
Cash flows from investing activities:
Capital expenditures	(373,445)	(234,040)	(195,523)
Proceeds from sales of assets	26,713	124,301	27,397
Other	(21,976)	(7,486)	2,669
Net cash (used for) provided by investing activities	(368,708)	(117,225)	(165,457)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		700,000	1,000,000
Reduction in long-term debt	(182,601)	(186,958)	(1,394,043)
Debt issuance costs	(3,864)	(16,339)	(28,112)
Proceeds from revolving credit facilities	335,000	1,025,000	1,552,500
Reduction in revolving credit facilities	(795,000)	(1,237,500)	(1,235,000)
Dividends to common and preferred shareholders	(65)	(7,380)	(22,538)
Redeemable noncontrolling interest distribution	(10,324)	(58,524)
Distributions to noncontrolling interest	(3,489)	(3,795)	(5,083)
Sale of non-controlling interest - special purpose acquisition company		276,000
Other	(1,189)	(2,083)	(15,725)
Net cash (used for) provided by financing activities	(661,532)	488,421	(148,001)
Effect of exchange rate changes on cash and cash equivalents	(7,219)	(1,742)	(3,061)
Net increase (decrease) in cash and cash equivalents and restricted cash	(536,370)	798,230	33,242
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280	442,038
Cash and cash equivalents and restricted cash, end of period	737,140	1,273,510	475,280
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	991,471	472,246	435,990
Restricted cash, beginning of period	282,039	3,034	6,048
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280	442,038
Cash and cash equivalents, end of period	451,025	991,471	472,246
Restricted cash, end of period	$ 286,115	$ 282,039	$ 3,034
Restricted cash, Balance Sheet location	Restricted cash held in trust	Restricted cash held in trust	Restricted cash held in trust
Cash and cash equivalents and restricted cash, end of period	$ 737,140	$ 1,273,510	$ 475,280

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock Mandatory Convertible Preferred Shares	Common Stock Adjusted Balance	Common Stock	Capital in Excess of Par Impact of adoption of ASU 2020-06	Capital in Excess of Par Adjusted Balance	Capital in Excess of Par	Accumulated Other Comprehensive Income Adjusted Balance	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Loss) Impact of adoption of ASU 2020-06	Retained Earnings (Accumulated Loss) Adjusted Balance	Retained Earnings (Accumulated Loss)	Treasury Shares Adjusted Balance	Treasury Shares	Non-controlling Interest Adjusted Balance	Non-controlling Interest	Impact of adoption of ASU 2020-06	Adjusted Balance	Total
Beginning Balance at Dec. 31, 2019	$ 6		$ 416			$ 3,412,972		$ (11,788)			$ (104,775)		$ (1,314,020)		$ 67,354			$ 2,050,165
Beginning Balance (in shares) at Dec. 31, 2019	5,613		8,324
Increase (Decrease) in Equity
Net income (loss)											(805,641)				42,795			(762,846)
Dividends declared to common shareholders											(3,632)							(3,632)
Dividends declared to preferred shareholders											(14,610)							(14,610)
Repurchase of shares	$ (1)					(12,127)							$ (1,731)					(13,859)
Repurchase of shares (in shares)	(743)												(34)
Other comprehensive income (loss), net of tax								664										664
Share-based compensation						24,638												24,638
Noncontrolling interest contributions (distributions)															(5,082)			(5,082)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(17,442)							(17,442)
Other			$ 3			(1,548)									357			(1,188)
Other (in shares)			59
Ending Balance at Dec. 31, 2020	$ 5		$ 419			3,423,935		(11,124)			(946,100)		$ (1,315,751)		105,424			1,256,808
Ending Balance (in shares) at Dec. 31, 2020	4,870		8,383
Increase (Decrease) in Equity
Net income (loss)											(569,272)				25,582			(543,690)
PSU distribution equivalent rights											(75)							(75)
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								490										490
Share issuance			$ 7			12,865												12,872
Share issuance (in shares)			148
Share-based compensation						19,361												19,361
Conversion of preferred shares	$ (4,870)
Conversion of preferred shares (in shares)	(5)
Conversion of preferred shares			$ 34			(34)												(5)
Conversion of preferred shares (in shares)			668
Noncontrolling interest contributions (distributions)															(3,793)			(3,793)
Contributions and other from noncontrolling interest															6,298			6,298
IPO SPAC warrants to public holders, net of issuance cost															13,480			13,480
Deemed dividends to SPAC public shareholders											(6,724)				(18,709)			(25,433)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(9,445)							(9,445)
Other			$ 6			(1,564)												(1,558)
Other (in shares)			96
Ending Balance at Dec. 31, 2021	$ 0	$ 466	$ 466	$ (81,881)	$ 3,372,682	3,454,563	$ (10,634)	(10,634)	$ 60,701	$ (1,477,287)	(1,537,988)	$ (1,315,751)	(1,315,751)	$ 128,282	128,282	$ (21,180)	$ 697,758	718,938
Ending Balance (in shares) at Dec. 31, 2021	0	9,295	9,295
Increase (Decrease) in Equity
Net income (loss)											(350,261)				43,043			(307,218)
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								(404)										(404)
Share-based compensation						15,828												15,828
Noncontrolling interest contributions (distributions)															(3,490)			(3,490)
Deemed dividends to SPAC public shareholders											(3,321)							(3,321)
Accrued distribution on redeemable noncontrolling interest in subsidiary											(10,324)							(10,324)
Other			$ 7			(4,588)					40							(4,541)
Other (in shares)			159
Ending Balance at Dec. 31, 2022			$ 525			$ 3,536,373		$ (11,038)			$ (1,841,153)		$ (1,315,751)		$ 167,835			$ 536,791
Ending Balance (in shares) at Dec. 31, 2022			10,505

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Dividends declared to common shareholders (in dollars per share)		$ 0.50
Dividends declared to preferred shareholders (in dollars per share)	$ 0.75	$ 3

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2022
Nature of Operations
Nature of Operations	Note 1 Nature of Operations ​ Unless the context requires otherwise, references in this annual report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries. References in this annual 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. We provide performance tools, directional drilling services, tubular running services and innovative technologies for our own rig fleet and those operated by third parties. In addition, we manufacture advanced drilling equipment and provides drilling rig instrumentation. Also, we have a portfolio of technologies designed to drive energy efficiency and emissions reductions for us and third-party customers. ​ 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 December 31, 2022 included: ​ ● 300 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. As of December 31, 2022, of our property, plant and equipment, net was located in Russia. For the year ending December 31, 2022, of our operating revenues was from operations in Russia. We currently have no assets or operations in Ukraine. ​ The consolidated financial statements and related footnotes are presented in accordance with U.S. GAAP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Principles of Consolidation ​ Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ We consolidate variable interest entities (“VIE’s”) 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 (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and 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 13—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. ​ Cash and Cash Equivalents ​ Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less. ​ Short-term Investments ​ Short-term investments consist primarily of equity securities which are stated at fair value with any changes in fair value recognized in investment income (loss) in our consolidated statements of income (loss). ​ 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 costs methods and includes the cost of materials, labor and manufacturing overhead. Inventory, which is presented net of reserves of $23.0 million and $21.9 million as of December 31, 2022 and 2021, respectively, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 118,351 ​ $ 105,638 ​ Work-in-progress ​ 6,121 ​ 1,368 ​ Finished goods ​ 3,475 ​ 19,442 ​ ​ ​ $ 127,947 ​ $ 126,448 ​ ​ Property, Plant and Equipment ​ Property, plant and equipment, including renewals and betterments, are stated at cost, while maintenance and repairs are expensed currently. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. We provide for the depreciation of our drilling rigs using the units-of-production method. For each day a rig is operating, we depreciate it over an approximate 4,927 8,030 ​ Depreciation on our buildings, oilfield hauling and mobile equipment, and other machinery and equipment is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value (buildings—10 to 30 years; oilfield hauling and mobile equipment and other machinery and equipment—3 to 10 years). Amortization of capitalized leases is included in depreciation and amortization expense. Upon retirement or other disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective property, plant and equipment accounts and any gains or losses are included in our consolidated statements of income (loss). ​ We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to the extent the carrying amount of the long-lived asset exceeds its estimated fair value. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. The determination of future cash flows requires the estimation of utilization, dayrates, operating margins, sustaining capital and remaining economic life. Such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. Significant and unanticipated changes to the assumptions could result in future impairments. A significantly prolonged period of lower oil and natural gas prices could adversely affect the demand for and prices of our services, which could result in future impairment charges. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical. ​ For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as a long-lived asset that is held and used. ​ Goodwill ​ We have historically reviewed goodwill for impairment annually during the second quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than its carrying amount. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. The fair values calculated in these impairment tests were determined using discounted cash flow models, which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying dayrates, utilization and costs. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long-term growth rate of approximately 2%. ​ Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. Due to industry conditions that existed at March 31, 2020 and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we determined a triggering event had occurred and performed a quantitative impairment assessment of our goodwill. Based on the results, we recognized a goodwill impairment of million in the first quarter of 2020 which represented the remaining balance of our goodwill at the time. We have not had any goodwill assets in our financial statements since 2020. See Note 3—Impairments and Other Charges. ​ Litigation and Insurance Reserves ​ We estimate our reserves related to litigation and insurance based on the facts and circumstances specific to the litigation and insurance claims and our past experience with similar claims. We maintain actuarially determined accruals in our consolidated balance sheets to cover self-insurance retentions. See Note 15—Commitments and Contingencies regarding self-insurance accruals. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can reasonably 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. ​ Revenue Recognition ​ We recognize revenues and costs on daywork contracts daily as the work progresses over the contract term. For certain contracts, we receive lump sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. ​ Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. We defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. ​ We recognize revenue for top drives and other capital equipment we manufacture upon transfer of control, which generally occurs when the product has been shipped to the customer. ​ We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the claim is realizable. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other, net in our consolidated statement of income (loss) in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other, net in our consolidated statement of income (loss). ​ We recognize reimbursements received for out of pocket expenses incurred as revenues and account for out of pocket expenses as direct costs. ​ Research and Engineering ​ Research and engineering expenses are expensed as incurred and include costs associated with the research and development of new products and services and costs associated with sustaining engineering of existing products and services. ​ Income Taxes ​ We are a Bermuda exempted company and are not subject to income taxes in Bermuda. We have provided for income taxes based on the tax laws and rates in effect in the countries where we operate and earn income. The income taxes in these jurisdictions vary substantially. Our worldwide effective tax rate for financial statement purposes will continue to fluctuate from year to year due to changes in the geographic mix of pre-tax earnings. ​ We recognize increases to our tax reserves for uncertain tax positions along with interest and penalties as an increase to other long-term liabilities. ​ For U.S. and other jurisdictional income tax purposes, we have net operating loss carryforwards and other tax attributes that we are required to assess quarterly for potential valuation allowances. We consider the sufficiency of existing temporary differences and expected future earnings levels in determining the amount, if any, of valuation allowance required against such carryforwards and against deferred tax assets. ​ Foreign Currency Translation ​ For certain of our foreign subsidiaries, such as those in Canada, the local currency is the functional currency, and therefore translation gains or losses associated with foreign-denominated monetary accounts are accumulated in a separate section of the consolidated statements of changes in equity. For our other international subsidiaries, the U.S. dollar is the functional currency, and therefore local currency transaction gains and losses, arising from remeasurement of payables and receivables denominated in local currency, are included in our consolidated statements of income (loss). ​ 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 in November 2021, $281.5 million was deposited in an interest-bearing U.S. based trust account (“Trust Account”). As of December 31, 2022 and December 31, 2021, the Trust Account balance was million, respectively. 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, ​ 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. ​ Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: ​ ● depreciation of property, plant and equipment; ​ ● impairment of long-lived assets; ​ ● impairment of goodwill and intangible assets; ​ ● income taxes; ​ ● litigation and self-insurance reserves; and ​ ● fair value of assets acquired and liabilities assumed. ​ Recent Accounting Pronouncements Adopted ​ 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

Impairments and Other Charges

Impairments and Other Charges	12 Months Ended
	Dec. 31, 2022
Impairments and Other Charges
Impairments and Other Charges	Note 3 Impairments and Other Charges ​ The components of impairments and other charges are provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ ​ ​ (In thousands) Goodwill impairments ​ $ — ​ $ 27,798 Intangible asset impairment ​ ​ — ​ ​ 83,624 US Drilling ​ ​ — ​ ​ 87,333 Canada Drilling ​ ​ 58,545 ​ ​ — International Drilling ​ ​ 215 ​ ​ 117,113 Drilling Solutions ​ ​ — ​ ​ 28,624 Rig Technologies ​ ​ 418 ​ ​ 2,936 Oil and gas related assets ​ ​ — ​ ​ 24,543 Severance and transaction related costs ​ ​ 6,228 ​ ​ 19,070 Other assets ​ ​ 1,325 ​ ​ 19,590 Total ​ $ 66,731 ​ $ 410,631 ​ We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support an asset’s recorded value, an impairment charge is recognized to the extent the carrying amount of the long-lived asset exceeds its estimated fair value. In determining an asset’s fair value, management considers a number of factors, such as estimated future cash flows from the asset, appraisals, and current market value analysis. The determination of future cash flows requires the estimation of utilization, dayrates, operating margins, sustaining capital and remaining economic life. Such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. A significantly prolonged period of lower oil and natural gas prices could continue to adversely affect the demand for and prices of our services, which could result in future impairment charges. ​ For the year ended December 31, 2021 ​ Canada Drilling ​ During 2021, we recognized an impairment of $58.5 million related to the sale of the Canada Drilling assets in July 2021. See Note 5—Acquisitions and Dispositions ​ Severance and transaction related costs ​ During 2021, we recognized charges of $6.2 million due to severance and reorganization costs from ongoing cost cutting and consolidation measures that we enacted in response to the challenging industry environment. ​ For the year ended December 31, 2020 ​ Goodwill impairments ​ We have historically performed our annual goodwill impairment test during the second quarter of each year. In addition to our annual impairment test, we are required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Due to industry conditions during the first quarter of 2020 and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we determined a triggering event had occurred and performed a quantitative impairment assessment of our goodwill. Based on the results of our goodwill test performed, we recognized impairment charges to write off the remaining goodwill balances attributable to our Drilling Solutions and Rig Technologies operating segments of $11.4 million and $16.4 million, respectively. ​ Intangible asset impairments ​ We also reviewed our intangible assets for impairment in the first quarter of 2020 as a result of industry conditions. The fair value of our intangible assets is determined using discounted cash flow models. Based on our updated projections of future cash flows, the fair value of our intangible assets did not support the carrying value. As such, we recognized an impairment of ​ US Drilling ​ Due to the sharp decline in activity in the US in the first part of 2020, we recorded impairments of $33.3 million and functionally retired $54.0 million of our lower specification rigs in the Lower 48 and Alaska markets totaling approximately $87.3 million. We determined that the assets were either functionally obsolete, would be no longer used, or the carrying value was not fully recoverable and was in excess of its fair value. ​ International Drilling ​ We impaired $30.5 million and wrote down or retired $86.6 million totaling $117.1 million during 2020, which represented most of our rig and drilling-related equipment in several international markets which have been negatively affected by current market conditions and other factors, including Venezuela, Iraq, Algeria and certain offshore markets in the eastern hemisphere. Due to our lack of work in these markets and limited visibility to any possibility of further work, we have taken steps to relocate these assets to other markets, or in some cases, to retire, sell or otherwise dispose of these assets. ​ Drilling Solutions ​ We impaired or retired $28.6 million of fixed assets, equipment and inventory in our Drilling Solutions segment as a result of the significant decline in utilization experienced over the first half of 2020. We determined that the assets were either functionally obsolete, would be no longer used, or the carrying value was not fully recoverable and was in excess of its fair value. ​ Rig Technologies ​ As a result of our periodic analysis on inventories for our Rig Technologies segment, we recorded a $2.9 million provision for obsolescence. ​ Oil & gas related assets ​ During 2020, we recognized an impairment of $24.5 million to various assets related to our retained interest in the oil and gas properties located on the North Slope of Alaska. ​ Severance and transaction related costs ​ During 2020, we recognized charges of $19.1 million due to severance and other related costs incurred to right-size our cost structure. ​ Other assets ​ In 2020, we wrote down or provided for $19.6 million of certain other assets including receivables related to our operations. The charges were primarily attributable to markets which have been adversely impacted by foreign sanctions or other political risk issues as well as bankruptcies or other financial problems.

Accounts Receivable Purchase an

Accounts Receivable Purchase and Sales Agreement	12 Months Ended
	Dec. 31, 2022
Accounts Receivable Purchase and Sales Agreements
Accounts Receivable Purchase and Sales Agreements	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 Agreements”). As part of the A/R Agreements, the Company continuously sells designated eligible 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 December 31, 2022 and December 31, 2021 is approximately $62.3 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. Subject to Purchaser approval, the commitments of the Purchasers may be increased to $300 million. The expiration of the agreement can be accelerated 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 December 31, 2022, approximately $208.0 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. ​

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2022
Acquisitions and Dispositions
Acquisitions and Dispositions	Note 5 Acquisitions and Dispositions ​ In July 2021, we closed on the sale of our Canada Drilling segment assets for approximately $94.0 million. These assets included our fleet of land-based drilling rigs and related equipment and property. This transaction did not represent a strategic shift in our operations and will not have a major effect on our operations and financial results going forward.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 6 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. ​ Recurring Fair Value Measurements ​ Our financial assets that are accounted for at fair value on a recurring basis as of December 31, 2022 and 2021 consisted of short term investments and restricted cash held in trust. During 2022, there were no transfers of our financial assets between Level 1 and Level 2 measures. Our financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of December 31, 2022 and 2021, our restricted cash held in trust was carried at fair market value and totaled $284.8 million and $281.5 million, respectively, and consisted of Level 1 measurements. No material Level 2 or Level 3 measurements existed for our financial assets for any of the periods presented. ​ Our financial liabilities that are accounted for at fair value on a recurring basis as of December 31, 2022 consisted of the Warrants and are included in other long-term liabilities in the accompanying consolidated financial statements . During the first quarter of 2022, the Warrants began using Level 1 inputs instead of Level 3 inputs due to increased trading volume. As of December 31, 2022, the Warrants were carried at fair market value and totaled ​ 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 business day notice period. As of December 31, 2021, the Warrants were valued at ​ 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 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 Debt Instruments ​ We estimate the fair value of our debt 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, thus a Level 2 measurement. The carrying and fair values of these liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ ​ 2021 ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Carrying ​ Fair ​ Interest ​ Carrying ​ Fair ​ ​ Rate ​ Value ​ Value ​ Rate ​ Value ​ Value ​ (Dollars in thousands) 5.50% senior notes due January 2023 6.13 % $ — ​ $ — 5.87 % $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 5.46 % 52,004 ​ 51,354 5.42 % 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 0.97 % 177,005 ​ 164,898 5.90 % 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 6.02 % 474,092 ​ 454,773 6.03 % 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — % — ​ — 6.50 % 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ 9.00 % ​ 209,384 ​ ​ 213,507 ​ 9.00 % ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 7.52 % 557,902 ​ 529,432 7.52 % 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 7.74 % 700,000 ​ 686,686 7.74 % 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 7.70 % 389,609 ​ 354,400 7.70 % 389,609 ​ 346,966 2018 revolving credit facility — % — ​ — 3.72 % 460,000 ​ 460,000 ​ ​ ​ ​ $ 2,559,996 ​ $ 2,455,050 ​ ​ ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ ​ ​ 22,456 ​ ​ ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ ​ ​ $ 2,537,540 ​ ​ ​ ​ ​ ​ $ 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Compensation
Share-Based Compensation	Note 7 Share-Based Compensation ​ Total share-based compensation expense, which includes stock options and restricted shares, was $15.8 million, $19.2 million and $24.6 million for 2022, 2021 and 2020, respectively. Compensation expense related to awards of restricted shares totaled $15.8 million, $19.1 million and $23.6 million for 2022, 2021 and 2020, respectively, which is included in general and administrative and research and engineering expenses in our consolidated statements of income (loss). Share-based compensation expense has been allocated to our various reportable segments. See Note 18—Segment Information. ​ In addition to the time-based restricted stock share-based awards, historically we have provided two types of performance share awards: the first, based on our performance measured against pre-determined performance metrics (“Performance Shares”) and the second, based on market conditions measured against a predetermined peer group (“TSR Shares”). ​ In 2020, under the Amended and Restated 2016 Stock Plan, the company introduced new Performance-Based Restricted Stock Units (“PSUs”) to move away from Performance Shares. PSUs are granted at the beginning of the ​ Stock Option Plans ​ As of December 31, 2022, we had several stock plans under which options to purchase our common shares could be granted to key officers, directors and managerial employees of Nabors and its subsidiaries. Options granted under the plans have fair market value on the date of the grant. Options granted under the plans generally are exercisable in varying cumulative periodic installments after one year. In the case of certain key executives and directors, options granted may vest immediately on the grant date. Options granted under the plans expire ten years from the date of grant. There are approximately 0.4 million common shares available for issuance in the form of either restricted shares or stock options, under these plans as of December 31, 2022. ​ The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model which uses assumptions for the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on implied volatilities from traded options on Nabors’ common shares, historical volatility of Nabors’ common shares, and other factors. We use historical data to estimate the expected term of the options and employee terminations within the option-pricing model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. ​ Stock option transactions under our various stock-based employee compensation plans are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Options Shares Price Term Value ​ ​ (In thousands, except exercise price and term) Options outstanding as of December 31, 2021 16 ​ $ 419.22 ​ ​ ​ ​ ​ ​ ​ Granted 1 ​ 147.66 ​ ​ ​ ​ ​ ​ ​ Expired (1) ​ 734.90 ​ ​ ​ ​ ​ ​ ​ Options outstanding as of December 31, 2022 16 ​ $ 391.76 4.91 years ​ $ 211 ​ Options exercisable as of December 31, 2022 16 ​ $ 391.76 4.91 years ​ $ 211 ​ ​ No options were awarded during 2020. During 2021, we awarded options vesting immediately to purchase of our common stock to certain of our directors. During 2022, we awarded options vesting immediately to purchase of our common stock to certain of our directors. There were ​ The fair value of stock options granted during 2022 and 2021 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Weighted average fair value of options granted ​ $ 111.23 ​ $ 72.69 ​ Weighted average risk free interest rate ​ 3.69% ​ 0.72% ​ Dividend yield ​ 0.00% ​ 0.00% ​ Volatility (1) ​ 111.50% ​ 102.50% ​ Expected life (in years) ​ 4.0 ​ 4.0 ​ (1) Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors’ common shares, historical volatility of Nabors’ common shares and other factors. ​ There were no options exercised during 2022, 2021 or 2020. The total fair value of options that vested during the years ended December 31, 2022 and 2021 was $0.2 million and $0.1 million, respectively. ​ Restricted Shares ​ Our stock plans allow grants of restricted shares. Restricted shares are issued on the grant date but cannot be sold or transferred. Restricted share values are based on stock value at grant date. Restricted shares vest in varying periodic installments ranging up to ​ A summary of our restricted shares as of December 31, 2022, and the changes during the year then ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Unvested as of December 31, 2021 102 ​ $ 127.00 ​ Granted 112 ​ 132.30 ​ Vested (45) ​ 142.59 ​ Forfeited ​ (6) ​ ​ 120.59 ​ Unvested as of December 31, 2022 163 ​ $ 126.26 ​ ​ During 2022, 2021 and 2020, we awarded 112,203, 82,722 and 4,156 restricted shares, respectively, to our employees and directors. These awards had an aggregate value at their date of grant of $14.8 million, $8.7 million and $0.1 million, respectively, and were scheduled to vest over a period of up to four years. The fair value of restricted shares that vested during 2022, 2021 and 2020 was $6.3 million, $2.5 million and $2.6 million, respectively. ​ As of December 31, 2022, there was $14.3 million of total future compensation cost related to unvested restricted share awards that are expected to vest. That cost is expected to be recognized over a weighted-average period of 2.65 years. ​ Restricted Shares Based on Performance Conditions ​ The Performance Share awards granted were based upon achievement of specific financial or operational objectives. During January 2020, we awarded ​ The following table sets forth information regarding outstanding restricted shares based on performance conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Performance based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 56 ​ $ 150.02 Vested (36) ​ 151.13 Outstanding as of December 31, 2022 20 ​ $ 148.00 ​ During 2022, 2021 and 2020, we granted awards to certain of our executive officers covering a total of 49,065, 95,902 and 31,204 PSUs, respectively. The number of earned PSUs that ultimately vest over ​ The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted Stock Units ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 107 ​ $ 94.26 Granted 49 ​ 81.09 Vested (43) ​ 102.94 Outstanding as of December 31, 2022 113 ​ $ 85.31 ​ Restricted Shares Based on Market Conditions ​ During 2022, 2021 and 2020, we granted awards for 47,622, 61,997 and 22,931 TSR Shares, respectively, which are equity classified awards and will vest on our performance compared to our peer group over a three-year period. These awards had an aggregate fair value at their date of grant of $2.3 million, $2.2 million and $2.5 million, respectively, after consideration of all assumptions. ​ The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk free interest rate ​ ​ 1.03% ​ ​ 0.18% ​ ​ 1.57% ​ Expected volatility ​ ​ 92.00% ​ ​ 108.00% ​ ​ 74.00% ​ Closing stock price at grant date ​ $ 81.09 ​ $ 60.62 ​ $ 148.00 ​ Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ 3.0 ​ ​ The following table sets forth information regarding outstanding restricted shares based on market conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Market based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 85 ​ $ 55.29 Granted 48 ​ 49 ​ Outstanding as of December 31, 2022 133 ​ $ 53.03 ​ ​ As of December 31, 2022, there was $2.3 million of total future compensation cost related to unvested TSR Share awards. The TSR Shares will amortize over a weighted average remaining period of

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment
Property, Plant and Equipment	​ Note 8 Property, Plant and Equipment ​ The major components of our property, plant and equipment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Land ​ $ 22,672 ​ $ 22,955 ​ Buildings ​ 134,063 ​ 130,917 ​ Drilling rigs and related equipment ​ 11,722,404 ​ 11,718,450 ​ Oilfield hauling and mobile equipment ​ 233,708 ​ 243,850 ​ Other machinery and equipment ​ 216,233 ​ 200,740 ​ ​ ​ $ 12,329,080 ​ $ 12,316,912 ​ Less: accumulated depreciation and amortization ​ (9,302,980) ​ (8,968,414) ​ ​ ​ $ 3,026,100 ​ $ 3,348,498 ​ Depreciation expense included in depreciation and amortization expense in our consolidated statements of income (loss) totaled $663.1 million, $689.2 million and $851.8 million during 2022, 2021 and 2020, respectively. ​ Repair and maintenance expense included in direct costs in our consolidated statements of income (loss) totaled $202.5 million, $153.9 million and $154.2 million during 2022, 2021 and 2020, respectively.

Financial Instruments and Risk

Financial Instruments and Risk Concentration	12 Months Ended
	Dec. 31, 2022
Financial Instruments and Risk Concentration
Financial Instruments and Risk Concentration	Note 9 Financial Instruments and Risk Concentration ​ We may be exposed to certain market risks arising from the use of financial instruments in the ordinary course of business. These risks arise primarily as a result of potential changes in the fair market value of financial instruments that would result from adverse fluctuations in foreign currency exchange rates, credit risk, interest rates, and marketable and non-marketable security prices as discussed below. ​ Foreign Currency Risk ​ We operate in a number of international areas and are involved in transactions denominated in currencies other than U.S. dollars, which exposes us to foreign exchange rate risk or foreign currency devaluation risk. The most significant exposures arise in connection with our operations in Argentina, Norway and Canada, which usually are substantially unhedged. ​ At various times, we utilize local currency borrowings (foreign-currency-denominated debt), the payment structure of customer contracts and foreign exchange contracts to selectively hedge our exposure to exchange rate fluctuations in connection with monetary assets, liabilities, cash flows and commitments denominated in certain foreign currencies. A foreign exchange contract is a foreign currency transaction, defined as an agreement to exchange different currencies at a given future date and at a specified rate. ​ Credit Risk ​ Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments and accounts receivable. Cash equivalents such as deposits and temporary cash investments are held by major banks or investment firms. Our short-term and long-term investments are managed within established guidelines that limit the amounts that may be invested with any one issuer and provide guidance as to issuer credit quality. We believe that the credit risk in our cash and investment portfolio is minimized as a result of the mix of our investments. In addition, our trade receivables are with a variety of U.S., international and non-U.S. national oil and gas companies. ​ As of December 31, 2022, approximately 33% and 13% of our net accounts receivable balance was related to our operations in Saudi Arabia and Mexico, respectively. Management considers this credit risk to be limited due to the financial resources of these companies. We perform ongoing credit evaluations of our customers, and we generally do not require material collateral. We do occasionally require prepayment of amounts from customers whose creditworthiness is in question prior to providing services to them. We maintain reserves for potential credit losses, and these losses historically have been within management’s expectations. ​ Interest Rate and Marketable and Non-marketable Security Price Risk ​ Our financial instruments that are potentially sensitive to changes in interest rates include our floating rate debt instruments comprised of the 2022 Credit Agreement and our fixed rate debt securities comprised of our 5.10% and 5.75% senior notes, 0.75% senior exchangeable notes, 7.25% and 7.50% senior guaranteed notes and 7.375% and 9.00% senior priority guaranteed notes. ​ We may utilize derivative financial instruments that are intended to manage our exposure to interest rate risks. The use of derivative financial instruments could expose us to further credit risk and market risk. Credit risk in this context is the failure of a counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty would owe us, which can create credit risk for us. When the fair value of a derivative contract is negative, we would owe the counterparty, and therefore, we would not be exposed to credit risk. We attempt to minimize credit risk in derivative instruments by entering into transactions with major financial institutions that have a significant asset base. Market risk related to derivatives is the adverse effect on the value of a financial instrument that results from changes in interest rates. We try to manage market risk associated with interest-rate contracts by establishing and monitoring parameters that limit the type and degree of market risk that we undertake. ​

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Note 10 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 ​ $ — ​ $ 24,446 ​ 5.10% senior notes due September 2023 (1) ​ 52,004 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 177,005 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 474,092 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 209,384 ​ ​ 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 ​ ​ ​ $ 2,559,996 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 22,456 ​ ​ 30,805 ​ Long-term debt ​ $ 2,537,540 ​ $ 3,262,795 ​ ​ (1) The 5.10% senior notes due September 2023 were classified as long-term as of December 31, 2022 because we had the ability and intent to refinance this obligation utilizing our 2022 Credit Agreement. ​ As of December 31, 2022, the principal amount and maturities of our primary debt for each of the five years following 2022 and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ Paid at Maturity ​ ​ (In thousands) 2023 ​ $ 52,092 (1) 2024 ​ 177,005 (2) 2025 ​ 683,476 (3) 2026 ​ 557,902 (4) 2027 ​ 700,000 (5) Thereafter ​ 389,609 (6) ​ ​ $ 2,560,084 ​ ​ (1) Represents our 5.10% senior notes due September 2023. ​ (2) Represents our 0.75% senior notes due January 2024. ​ (3) Represents our 5.75% senior notes due February 2025 and our 9.0% senior priority guaranteed notes due February 2025. ​ (4) Represents our 7.25% senior notes due January 2026 and our 2022 credit agreement. ​ (5) Represents our 7.375% senior priority guaranteed notes due May 2027. ​ (6) Represents our 7.50% senior notes due January 2028. ​ Nabors Delaware’s fixed rate 5.10%, and 5.75% senior unsecured notes are fully and unconditionally guaranteed by us. The notes rank equal in right of payment to all Nabors Delaware’s existing and future senior unsubordinated debt. The notes rank senior in right of payment to all Nabors Delaware’s existing and future senior subordinated and subordinated debt, if any. Our guarantee of the notes is unsecured and ranks equal in right of payment to all our unsecured and unsubordinated indebtedness from time to time outstanding. The notes are subject to redemption by Nabors Delaware, in whole or in part, at any time generally at a redemption price equal to the greater of (i) 100% of the principal amount of the notes then outstanding to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest, determined in the manner set forth in the applicable indenture. In the event of a change in control triggering event, as defined in the indenture, the holders of notes may require Nabors Delaware to purchase all or any part of each note in cash equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase, except to the extent Nabors Delaware has previously exercised its right to redeem the notes. The notes have customary covenants, including limitations on the incurrence of liens and entering into sale and leaseback transactions as well as customary events of default. ​ During 2022, 2021 and 2020, we repurchased $99.3 million, $105.9 million and $372.0 million (excluding the January 2020 Tender Offers), aggregate principal amount of our senior unsecured notes for approximately $98.5 million, $93.8 million and $300.9 million, respectively, in cash, reflecting principal, accrued and unpaid interest. Also, during the year ended December 31, 2022, million. In connection with such repurchases, during 2022, 2021 and 2020, we recognized a net gain of approximately ​ 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: ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 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 December 31, 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). As a result of an amendment to the notes, upon any exchange, 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”). On 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, subject to lender approval) 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 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 December 31, 2022, we had no borrowings outstanding under our 2022 Credit Agreement. The weighted average interest rate on borrowings under the 2022 Credit Agreement at December 31, 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. ​ Letters of Credit ​ We had 18 letter-of-credit facilities with various banks as of December 31, 2022. Availability and borrowings under our letter-of-credit facilities are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ ​ (In thousands) Credit available ​ $ 620,552 ​ Less: Letters of credit outstanding, inclusive of financial and performance guarantees ​ 105,081 ​ Remaining availability ​ $ 515,471 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 11 Income Taxes ​ Income (loss) from continuing operations before income taxes consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, United States and Other Jurisdictions 2022 2021 2020 ​ ​ (In thousands) United States ​ $ (19,820) ​ $ (153,243) ​ $ (182,706) ​ Other jurisdictions ​ (225,862) ​ (334,846) ​ (522,861) ​ Income (loss) from continuing operations before income taxes ​ $ (245,682) ​ $ (488,089) ​ $ (705,567) ​ ​ Income tax expense (benefit) from continuing operations consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 1,320 ​ $ (1,905) ​ $ (39,268) ​ Outside the U.S. ​ 48,837 ​ 60,318 ​ 33,858 ​ State ​ 4,042 ​ 7,914 ​ (2,020) ​ ​ ​ $ 54,199 ​ $ 66,327 ​ $ (7,430) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 681 ​ $ (4,669) ​ $ 67,909 ​ Outside the U.S. ​ (241) ​ (3,608) ​ (4,992) ​ State ​ 6,897 ​ (2,429) ​ 1,799 ​ ​ ​ $ 7,337 ​ $ (10,706) ​ $ 64,716 ​ Income tax expense (benefit) ​ $ 61,536 ​ $ 55,621 ​ $ 57,286 ​ ​ A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Income tax provision at statutory (Bermuda rate of 0%) ​ $ — ​ $ — ​ $ — ​ Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate ​ 25,685 ​ 23,395 ​ 62,751 ​ Increase (decrease) in valuation allowance ​ 43,060 ​ 8,276 ​ (9,759) ​ Impact of foreign exchange rates ​ (32,108) ​ — ​ — ​ Prior year adjustments to provision ​ ​ 15,959 ​ — ​ — ​ Tax reserves and interest ​ ​ 2,080 ​ ​ 26,266 ​ ​ 861 ​ State income taxes (benefit) ​ ​ 266 ​ ​ (2,316) ​ ​ 3,433 ​ Other ​ 6,594 ​ — ​ — ​ Income tax expense (benefit) ​ $ 61,536 ​ $ 55,621 ​ $ 57,286 ​ Effective tax rate ​ (25.0%) ​ (11.4%) ​ (8.1%) ​ ​ Our worldwide income tax expense for 2022 was $61.5 million compared to $55.6 million for 2021. The increase in tax expense was primarily attributable to changes in the operating income and the geographic mix of our pre-tax earnings (losses) in the jurisdictions in which we operate, partially offset by tax expense recorded in 2021 attributable to a liability for uncertain tax positions of ​ The components of our net deferred taxes consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 3,878,344 ​ $ 3,676,333 ​ Tax credit and other attribute carryforwards ​ 84,812 ​ 84,624 ​ Accrued interest ​ 13,302 ​ — ​ Depreciation and amortization for tax in excess of book expense ​ ​ 20,431 ​ ​ 118,151 ​ Other ​ 100,316 ​ 135,729 ​ Subtotal ​ 4,097,205 ​ 4,014,837 ​ Valuation allowance ​ (3,839,885) ​ (3,754,207) ​ Deferred tax assets: ​ $ 257,320 ​ $ 260,630 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Other ​ $ 2,858 ​ $ 4,772 ​ Deferred tax liability ​ $ 2,858 ​ $ 4,772 ​ Net deferred tax assets (liabilities) ​ $ 254,462 ​ $ 255,858 ​ Balance Sheet Summary: ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred tax asset ​ $ 257,320 ​ $ 258,631 ​ Net noncurrent deferred tax liability ​ (2,858) ​ (2,773) ​ Net deferred tax asset (liability) ​ $ 254,462 ​ $ 255,858 ​ ​ As of December 31, 2022, we had federal, state, and foreign net operating loss (“NOL”) carryforwards of approximately $727.1 million, $820.3 million and $14.9 billion, respectively. Of those amounts, $8.0 billion will expire between 2023 and 2042 if not utilized. We provide a valuation allowance against NOL carryforwards in various tax jurisdictions based on our consideration of existing temporary differences and expected future earning levels in those jurisdictions. A valuation allowance of approximately $3.5 billion as of December 31, 2022 has been recognized related to certain NOL carryforwards as we believe it is more likely than not that the benefit of these NOL carryforwards will not be realized. ​ The following is a reconciliation of our uncertain tax positions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Balance as of January 1 ​ $ 45,988 ​ ​ $ 26,704 ​ $ 25,770 ​ Additions for tax positions of prior years ​ 806 ​ ​ 19,760 ​ 1,887 ​ Reductions for tax positions for prior years ​ (1,342) ​ ​ (476) ​ (953) ​ Balance as of December 31 ​ $ 45,452 ​ ​ $ 45,988 ​ $ 26,704 ​ ​ If the unrecognized tax benefits of $45.5 million are realized, this would favorably impact the worldwide effective tax rate. As of December 31, 2022, 2021 and 2020, we had approximately $17.0 million, $14.4 million and $7.6 million, respectively, of interest and penalties related to uncertain tax positions. During 2022, 2021 and 2020, we accrued and recognized estimated interest and penalties related to uncertain tax positions of approximately $2.6 million, $6.9 million and ($0.6) million, respectively. We include potential interest and penalties related to uncertain tax positions within our global operations in the income tax expense (benefit) line item in our consolidated statements of income (loss). ​ It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. ​ We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Colombia, Mexico, Saudi Arabia, Norway and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2019 and non-U.S. income tax examinations for years before 2007.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Shareholders' Equity
Shareholders' Equity	Note 12 Shareholders’ Equity ​ Common shares ​ Our authorized share capital consists of 57.0 million shares of which 32.0 million are common shares, par value $0.05 per share, and 25.0 million are preferred shares, par value $0.001 per share. The preferred shares are issuable in one or more classes or series, full, limited or no voting rights, designations, preferences, special rights, qualifications, limitations and restrictions, as may be determined by the Board. ​ During 2020, we repurchased 34 thousand shares of our common stock for an aggregate price of approximately $1.7 million, all of which are held by our subsidiaries, and which are accounted for as treasury stock. ​ On July 19, 2021, we issued 147,974 shares of our common stock, 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, ​ During 2022, we issued 1.1 million common shares in connection with the Company’s common stock warrants. See below for discussion on the Warrants. ​ From time to time, treasury shares may be reissued subject to applicable securities law limitations. When shares are reissued, we use the weighted-average-cost method for determining cost. The difference between the cost of the shares and the issuance price is added to or deducted from our capital in excess of par value account. No shares have been reissued during 2022, 2021 or 2020. ​ 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 December 31, 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. 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 December 31, 2022, On December 31, 2022 and 2021, the fair value of the Warrants was approximately million. During the years ended December 31, 2022 and 2021, approximately ​

Joint Ventures

Joint Ventures	12 Months Ended
	Dec. 31, 2022
Joint Ventures
Joint Ventures	Note 13 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco to form a new joint venture, SANAD, to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD, which is equally owned by Saudi Aramco and Nabors, began operations during the fourth quarter of 2017. ​ 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 December 31, 2022, the amount included in redeemable noncontrolling interest was $393.8 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 2022 and 2021, SANAD settled approximately $20.6 million and $120 million, respectively, of the accrued interest from inception, 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 consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 302,949 ​ $ 293,037 ​ Accounts receivable ​ 92,922 ​ 88,174 ​ Other current assets ​ 14,750 ​ 6,662 ​ Property, plant and equipment, net ​ 489,358 ​ 467,587 ​ Other long-term assets ​ 21,278 ​ 19,010 ​ Total assets ​ $ 921,257 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 62,409 ​ $ 61,278 ​ Accrued liabilities ​ 6,639 ​ 6,021 ​ Other liabilities ​ ​ 36,312 ​ ​ 26,300 ​ Total liabilities ​ $ 105,360 ​ $ 93,599 ​ ​

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2022
Related-Party Transactions
Related-Party Transactions	Note 14 Related-Party Transactions ​ Nabors and certain current and former key employees, including Mr. Petrello, entered into split-dollar life insurance agreements, pursuant to which we pay a portion of the premiums under life insurance policies with respect to these individuals and, in some instances, members of their families. These agreements provide that we are reimbursed for the premium payments upon the occurrence of specified events, including the death of an insured individual. Any recovery of premiums paid by Nabors could be limited to the cash surrender value of the policies under certain circumstances. As such, the values of these policies are recorded at their respective cash surrender values in our consolidated balance sheets. We have made premium payments to date totaling $6.6 million related to these policies. The cash surrender value of these policies of approximately $5.1 million and $5.3 million is included in other long-term assets in our consolidated balance sheets as of December 31, 2022 and 2021. ​ Under the Sarbanes-Oxley Act of 2002, the payment of premiums by Nabors under the agreements could be deemed to be prohibited loans by us to these individuals. Consequently, we have paid no premiums related to our agreements with these individuals since the adoption of the Sarbanes-Oxley Act. ​ In November 2021, Nabors Energy Transition Corporation (“NETC”), a special purpose acquisition company, commonly referred to as a “SPAC”, co-sponsored by Nabors and Greens Road Energy LLC, completed its initial public offering of 27,600,000 units. Greens Road Energy LLC is owned by certain members of Nabors’ board of directors and management team. Simultaneously with the closing of the IPO, NETC completed the private sale of an aggregate of 13,730,000 warrants with a fair value of $1 per warrant, of which 6,288,500 warrants were purchased by related parties including certain Nabors board members, officers and employees, with the remainder being purchased by a subsidiary of Nabors. ​ In the ordinary course of business, we enter into various rig leases, rig transportation and related oilfield services agreements with our unconsolidated affiliates at market prices. Historically, these transactions primarily related to our former equity method investment in Nabors Arabia. During 2017, our joint venture with Saudi Aramco, SANAD, began operations. As such, we have included transactions with Saudi Aramco effective as of the commencement of operations of SANAD. See Note 13—Joint Ventures. Revenues from business transactions with these affiliated entities totaled ​ In addition, Mr. Crane, one of our independent directors, is Chairman and Chief Executive Officer of Crane Capital Group Inc. (“CCG”), an investment company that indirectly owns a majority interest in several operating companies, some of which have provided services to us in the ordinary course of business, including international logistics and electricity. During 2022, 2021 and 2020, we incurred costs for these services of $11.4 million, $5.8 million and $6.2 million, respectively. We had accounts payable to these CCG-related companies of $2.7 million and $0.3 million as of December 31, 2022 and 2021. ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 15 Commitments and Contingencies ​ Commitments ​ Under the joint venture agreement with Saudi Aramco, the agreement requires us to backstop our share of the joint venture’s obligations to purchase the first 25 drilling rigs in the event that there is insufficient cash in the joint venture or third party financing available. Although we currently anticipate that the future rig purchase needs will be met by cash flows from the joint venture and/or third party financing, no assurance can be given that the joint venture will not require us to fund our backstop. ​ Leases Nabors and its subsidiaries occupy various facilities and lease certain equipment under various lease agreements. Rental expense relating to operating leases with terms greater than 30 days amounted to $15.0 million, $9.3 million and $12.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. See Note 20—Leases for more information on the minimum rental commitments under non-cancelable operating leases. ​ Contingencies ​ Income Tax Contingencies 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. ​ 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 $20.6 million (at December 31, 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 ​ 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 Agreements (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 ​ 2023 2024 2025 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 39,073 8,397 5,127 11,739 ​ $ 64,336 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 16 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 stock. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ $ (307,218) ​ $ (543,710) ​ $ (762,853) ​ Less: net (income) loss attributable to noncontrolling interest ​ (43,043) ​ (25,582) ​ (42,795) ​ Less: preferred stock dividends ​ — ​ (3,653) ​ (14,611) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ (10,324) ​ ​ (9,445) ​ ​ (17,442) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ — ​ ​ — ​ ​ (125) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ $ (360,585) ​ $ (582,390) ​ $ (837,826) ​ Income (loss) from discontinued operations, net of tax ​ $ — ​ $ 20 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 8,898 ​ 7,605 ​ 7,059 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ Basic from discontinued operations ​ — ​ — ​ — ​ Total Basic ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ $ (360,585) ​ $ (582,390) ​ $ (837,826) ​ Income (loss) from discontinued operations, net of tax ​ $ — ​ $ 20 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ 8,898 ​ ​ 7,605 ​ ​ 7,059 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ Diluted from discontinued operations ​ — ​ — ​ — ​ Total Diluted ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, shares issuable upon the conversion of mandatory convertible preferred 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, shares issuable upon conversion of preferred shares 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands) Potentially dilutive securities excluded as anti-dilutive ​ ​ 3,369 ​ ​ 4,436 ​ ​ 808 ​ ​

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	12 Months Ended
	Dec. 31, 2022
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 17 Supplemental Balance Sheet, Income Statement and Cash Flow Information ​ Accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 64,926 ​ $ 51,993 ​ Deferred revenue ​ 37,808 ​ ​ 59,816 ​ Other taxes payable ​ 39,621 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 69,174 ​ 71,814 ​ Litigation reserves ​ 18,681 ​ 14,939 ​ Other accrued liabilities ​ 10,777 ​ 7,688 ​ ​ ​ $ 247,575 ​ $ 247,171 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ (In thousands) ​ Interest and dividend income ​ $ 15,474 ​ $ 1,527 ​ $ 4,705 ​ Gains (losses) on marketable securities ​ (482) ​ 30 ​ (3,267) ​ ​ ​ $ 14,992 ​ $ 1,557 ​ $ 1,438 ​ ​ Other, net includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ ​ $ 7,350 ​ $ 23,883 ​ $ 12,363 ​ Purchase of technology ​ ​ ​ ​ — ​ ​ 14,733 ​ ​ — ​ Warrant and derivative valuation ​ ​ ​ ​ 95,876 ​ ​ — ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 15,160 ​ ​ 8,290 ​ ​ 4,249 ​ Foreign currency transaction losses (gains) ​ ​ ​ 6,689 ​ ​ 4,807 ​ ​ 12,125 ​ Other losses (gains) ​ ​ ​ 6,621 ​ ​ 1,708 ​ ​ (170) ​ ​ ​ ​ ​ $ 131,696 ​ $ 53,421 ​ $ 28,567 ​ ​ The changes in accumulated other comprehensive income (loss), by component, include 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) ​ 2,230 ​ ​ 330 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 160 ​ ​ — ​ ​ 160 ​ Net other comprehensive income (loss) ​ — ​ (1,740) ​ 2,230 ​ 490 ​ As of December 31, 2021 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ (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 ​ — ​ 1,429 ​ (1,993) ​ (564) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 160 ​ — ​ 160 ​ Net other comprehensive income (loss) ​ — ​ 1,589 ​ (1,993) ​ (404) ​ As of December 31, 2022 ​ $ 2 ​ $ (3,767) ​ $ (7,273) ​ $ (11,038) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income include the following: ​ Line item in consolidated statement of income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Interest expense ​ ​ ​ — ​ — ​ 160 ​ General and administrative expenses ​ ​ ​ 208 ​ 208 ​ 210 ​ Total income (loss) from continuing operations before income tax ​ ​ ​ (208) ​ (208) ​ (370) ​ Tax expense (benefit) ​ ​ ​ ​ (48) ​ ​ (48) ​ ​ (141) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ ​ $ (160) ​ $ (160) ​ $ (229) ​ ​ Supplemental cash flow information includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Cash paid for income taxes (refunded), net ​ $ 29,191 ​ $ 11,221 ​ $ (17,505) ​ Cash paid for interest, net of capitalized interest ​ $ 189,755 ​ $ 161,932 ​ $ 157,437 ​ Net change in accounts payable related to capital expenditures ​ $ 8,615 ​ $ 9,713 ​ $ (1,188) ​ ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment Information	Note 18 Segment Information ​ Our business consists of five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. We evaluate the performance of our segments based on several criteria, including adjusted operating income (loss). ​ The following table sets forth financial information with respect to our reportable operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 1,100,614 ​ $ 669,656 ​ $ 713,057 ​ Canada Drilling ​ ​ ​ — ​ 39,336 ​ 54,753 ​ International Drilling ​ ​ ​ 1,199,282 ​ 1,043,197 ​ 1,131,673 ​ Drilling Solutions ​ ​ ​ 243,349 ​ 172,473 ​ 149,834 ​ Rig Technologies ​ ​ ​ 195,129 ​ 149,273 ​ 131,555 ​ Other reconciling items (1) ​ ​ ​ (84,608) ​ (56,387) ​ (46,829) ​ Total ​ ​ ​ $ 2,653,766 ​ $ 2,017,548 ​ $ 2,134,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 108,506 ​ $ (76,492) ​ $ (96,176) ​ Canada Drilling ​ ​ ​ 13 ​ 2,893 ​ (11,766) ​ International Drilling ​ ​ ​ (879) ​ (40,117) ​ (56,205) ​ Drilling Solutions ​ ​ ​ 77,868 ​ 32,771 ​ 6,167 ​ Rig Technologies ​ ​ ​ 8,906 ​ 158 ​ (13,481) ​ Total segment adjusted operating income (loss) ​ ​ ​ $ 194,414 ​ $ (80,787) ​ $ (171,461) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ $ (307,218) ​ $ (543,690) ​ $ (762,846) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ ​ — ​ ​ (20) ​ ​ (7) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ ​ (307,218) ​ ​ (543,710) ​ ​ (762,853) ​ Income tax expense (benefit) ​ ​ ​ ​ 61,536 ​ ​ 55,621 ​ ​ 57,286 ​ Income (loss) from continuing operations before income taxes ​ ​ ​ $ (245,682) ​ $ (488,089) ​ $ (705,567) ​ Investment (income) loss ​ ​ ​ ​ (14,992) ​ ​ (1,557) ​ ​ (1,438) ​ Interest expense ​ ​ ​ ​ 177,895 ​ ​ 171,476 ​ ​ 206,274 ​ Gain/(loss) on debt buybacks and exchanges ​ ​ ​ ​ (4,597) ​ ​ (13,423) ​ ​ (228,274) ​ Impairments and other charges ​ ​ ​ ​ — ​ ​ 66,731 ​ ​ 410,631 ​ Other, net ​ ​ ​ ​ 131,696 ​ ​ 53,421 ​ ​ 28,567 ​ Other reconciling items (3) ​ ​ ​ 150,094 ​ 130,654 ​ 118,346 ​ Total segment adjusted operating income (loss) (2) ​ ​ ​ $ 194,414 ​ $ (80,787) ​ $ (171,461) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 311,759 ​ $ 326,361 ​ $ 398,326 ​ Canada Drilling ​ — ​ 11,604 ​ 24,784 ​ International Drilling ​ 329,335 ​ 323,431 ​ 377,599 ​ Drilling Solutions ​ 20,829 ​ 26,660 ​ 40,074 ​ Rig Technologies ​ 5,794 ​ 8,191 ​ 15,299 ​ Other reconciling items (3) ​ (2,645) ​ (2,866) ​ (2,383) ​ Total ​ $ 665,072 ​ $ 693,381 ​ $ 853,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 118,017 ​ $ 53,875 ​ $ 44,606 ​ Canada Drilling ​ — ​ 2,938 ​ 2,018 ​ International Drilling ​ 222,099 ​ 173,078 ​ 127,888 ​ Drilling Solutions ​ 19,946 ​ 9,919 ​ 12,306 ​ Rig Technologies ​ 15,660 ​ 2,790 ​ 2,637 ​ Other reconciling items (3) ​ 5,765 ​ 1,089 ​ 251 ​ Total ​ $ 381,487 ​ $ 243,689 ​ $ 189,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,389,459 ​ $ 1,606,683 ​ Canada Drilling ​ 372 ​ 1,392 ​ International Drilling ​ 2,273,766 ​ 2,380,703 ​ Drilling Solutions ​ 63,652 ​ 65,899 ​ Rig Technologies ​ 207,345 ​ 190,489 ​ Other reconciling items (3) ​ 795,260 ​ 1,280,198 ​ Total ​ $ 4,729,854 ​ $ 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, earnings (losses) from unconsolidated affiliates, investment income (loss), (gain)/loss on debt buybacks and exchanges, impairments and other charges 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 to income (loss) from continuing operations before income taxes is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures. ​ The following table sets forth financial information with respect to Nabors’ operations by geographic area based on the location of service provided: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,323,531 ​ $ 804,807 ​ $ 841,531 ​ Outside the U.S. ​ 1,330,235 ​ 1,212,741 ​ 1,292,512 ​ ​ ​ $ 2,653,766 ​ $ 2,017,548 ​ $ 2,134,043 ​ Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,437,333 ​ $ 1,648,622 ​ $ 1,917,203 ​ Outside the U.S. ​ 1,588,767 ​ 1,699,876 ​ 2,068,504 ​ ​ ​ $ 3,026,100 ​ $ 3,348,498 ​ $ 3,985,707 ​ ​ During the years ended December 31, 2022, 2021 and 2020, $712.8 million, $645.0 million and $642.7 million of our consolidated operating revenue was from Saudi Arabia. No other individual country outside of the U.S. was material to our consolidated operating revenue during any of the three periods presented. ​ One customer accounted for approximately 26%, 31% and 29% of our consolidated operating revenues during the years ended December 31, 2022, 2021 and 2020, respectively, and is included primarily in our International Drilling reportable segment.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue Recognition
Revenue Recognition	Note 19 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 913,932 ​ $ — ​ $ — ​ $ 157,709 ​ $ 111,197 ​ $ — ​ $ 1,182,838 U.S. Offshore Gulf of Mexico ​ 122,536 ​ — ​ — ​ 10,665 ​ — ​ — ​ ​ 133,201 Alaska ​ 64,146 ​ — ​ — ​ 1,734 ​ — ​ — ​ ​ 65,880 Canada ​ — ​ — ​ — ​ 1,521 ​ 5,726 ​ — ​ ​ 7,247 Middle East & Asia ​ — ​ — ​ 805,944 ​ 41,257 ​ 64,739 ​ — ​ ​ 911,940 Latin America ​ — ​ — ​ 309,320 ​ 29,515 ​ 1,503 ​ — ​ ​ 340,338 Europe, Africa & CIS ​ — ​ — ​ 84,018 ​ 948 ​ 11,964 ​ — ​ ​ 96,930 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (84,608) ​ (84,608) Total ​ $ 1,100,614 ​ $ — ​ $ 1,199,282 ​ $ 243,349 ​ $ 195,129 ​ $ (84,608) ​ $ 2,653,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 512,880 ​ $ — ​ $ — ​ $ 97,354 ​ $ 69,250 ​ $ — ​ $ 679,484 U.S. Offshore Gulf of Mexico ​ 128,323 ​ — ​ — ​ 8,787 ​ — ​ — ​ ​ 137,110 Alaska ​ 28,453 ​ — ​ — ​ 753 ​ 59 ​ — ​ ​ 29,265 Canada ​ — ​ 39,336 ​ — ​ 1,342 ​ 4,379 ​ — ​ ​ 45,057 Middle East & Asia ​ — ​ — ​ 706,267 ​ 40,492 ​ 60,319 ​ — ​ ​ 807,078 Latin America ​ — ​ — ​ 251,153 ​ 22,104 ​ 228 ​ — ​ ​ 273,485 Europe, Africa & CIS ​ — ​ — ​ 85,777 ​ 1,641 ​ 15,038 ​ — ​ ​ 102,456 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (56,387) ​ (56,387) Total ​ $ 669,656 ​ $ 39,336 ​ $ 1,043,197 ​ $ 172,473 ​ $ 149,273 ​ $ (56,387) ​ $ 2,017,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 548,859 ​ $ — ​ $ — ​ $ 88,919 ​ $ 54,185 ​ $ — ​ $ 691,963 U.S. Offshore Gulf of Mexico ​ 126,292 ​ — ​ — ​ 9,309 ​ — ​ — ​ ​ 135,601 Alaska ​ 37,906 ​ — ​ — ​ 1,296 ​ 19 ​ — ​ ​ 39,221 Canada ​ — ​ 54,753 ​ — ​ 1,137 ​ 3,571 ​ — ​ ​ 59,461 Middle East & Asia ​ — ​ — ​ 728,983 ​ 40,255 ​ 58,263 ​ — ​ ​ 827,501 Latin America ​ — ​ — ​ 228,930 ​ 6,578 ​ 177 ​ — ​ ​ 235,685 Europe, Africa & CIS ​ — ​ — ​ 173,760 ​ 2,340 ​ 15,340 ​ — ​ ​ 191,440 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (46,829) ​ (46,829) Total ​ $ 713,057 ​ $ 54,753 ​ $ 1,131,673 ​ $ 149,834 ​ $ 131,555 ​ $ (46,829) ​ $ 2,134,043 ​ 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 consolidated balance sheet. In general, we receive payments from customers based on dayrates as stipulated in our contracts (i.e. operating rate, standby rate). 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 December 31, 2022 ​ $ 401.9 ​ $ 23.6 ​ $ 0.1 ​ $ 29.2 ​ $ 3.2 ​ Approximately 55% of the contract liability balance at the beginning of the period was recognized as revenue during 2022 and 30% is expected to be recognized during 2023 2024 ​ Additionally, 84% of the contract asset balance at the beginning of the period was recognized as expense during 2022 and 13% is expected to be recognized during 2023. The remaining 3% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2024 or thereafter. 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 20 Leases ​ Prior to January 1, 2019, we accounted for leases under ASC 840 and did not record any right of use asset or corresponding lease liability. We adopted ASC 842 using a modified retrospective approach with an effective date of January 1, 2019. As such, financial information for prior periods has not been adjusted and continues to be reported under ASC 840. Effective with the adoption of ASC 842, we have changed our accounting policy for leases as detailed below. ​ We have evaluated the provisions of ASC 842, including certain practical expedients allowed. The significant practical expedients we adopted include the following: ​ ● We elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; ​ ● We elected to utilize the “ package of three” expedients, as defined in ASC 842, whereby we did not reassess whether contracts existing prior to the effective date contain leases, nor did we reassess lease classification determinations nor whether initial direct costs qualify for capitalization; ​ ● We elected the practical expedient to not capitalize any leases with initial terms of twelve months or less on our condensed consolidated balance sheet; ​ ● For all underlying classes of leased assets, we elected the practical expedient to not separate lease and non-lease components; and ​ ● We elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would be assessed for lease classification under ASC 842. ​ As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset ​ Our leases primarily consist of office space and equipment used globally within our operations. We determine whether a contract is or contains a lease at inception of the contract based on answers to a series of questions that address whether an identified asset exists and whether we have the right to obtain substantially all the benefit of the assets and to control its use over the full term of the agreement. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate using a credit notching approach to discount the lease payments based on information available at lease commencement. Certain of our lease agreements include options to extend and options to terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise. We do not separate lease and nonlease components of contracts. There are no material residual value guarantees nor any restrictions or covenants included in our lease agreements. Certain of our leases include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days or another measure of usage and are not included in the calculation of lease liabilities and right-of-use assets. ​ Lease Position ​ The table below presents the lease related assets and liabilities recorded on our condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 34,504 ​ $ 23,049 Total lease assets ​ ​ $ 34,504 ​ $ 23,049 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 6,784 ​ $ 5,422 Noncurrent liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 27,785 ​ $ 18,722 Total lease liabilities ​ ​ $ 34,569 ​ $ 24,144 ​ Lease Costs The table below presents certain information related to the lease costs for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ December 31, ​ ​ ​ 2022 2021 ​ (In thousands) Operating lease cost ​ ​ $ 10,047 ​ $ 9,848 ​ Short-term lease cost ​ ​ 596 ​ 593 ​ Variable lease cost ​ ​ 115 ​ 143 ​ Total lease cost ​ ​ $ 10,758 ​ $ 10,584 ​ ​ Other Information The table below presents supplemental cash flow information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 10,047 ​ $ 9,848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Terms and Discount Rates ​ The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 6.96 ​ ​ 8.6 Weighted-average discount rate - operating leases ​ ​ ​ 6.81% ​ ​ 6.19% ​ Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ (In thousands) 2023 ​ $ 8,927 ​ 2024 ​ 6,540 ​ 2025 ​ 5,993 ​ 2026 ​ 5,965 ​ 2027 ​ 4,705 ​ Thereafter ​ 11,063 ​ Total undiscounted lease liability ​ ​ 43,193 ​ Less: amount of lease payments representing interest ​ ​ (8,624) ​ Long-term lease obligations ​ $ 34,569 ​ ​

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2022
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS ​ Years Ended December 31, 2022, 2021 and 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged to ​ ​ ​ ​ ​ Balance at ​ Costs and ​ Charged to ​ ​ ​ Balance at ​ ​ ​ Beginning ​ Other ​ Other ​ ​ ​ End of ​ ​ of Period ​ Deductions ​ Accounts ​ Deductions ​ Period ​ ​ (In thousands) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 67,291 929 (192) (15,133) ​ $ 52,895 ​ Inventory reserve ​ $ 21,931 1,107 — — ​ $ 23,038 ​ Valuation allowance on deferred tax assets ​ $ 3,754,207 — 85,678 — ​ $ 3,839,885 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 69,807 2,870 (393) (4,993) ​ $ 67,291 ​ Inventory reserve ​ $ 23,477 392 418 (2,356) ​ $ 21,931 ​ Valuation allowance on deferred tax assets ​ $ 3,616,880 — 137,327 — ​ $ 3,754,207 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 61,782 18,929 (329) (10,575) ​ $ 69,807 ​ Inventory reserve ​ $ 35,048 5,082 — (16,653) ​ $ 23,477 ​ Valuation allowance on deferred tax assets ​ $ 2,780,001 — 836,879 — ​ $ 3,616,880 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation ​ Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ We consolidate variable interest entities (“VIE’s”) 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 (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and 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 13—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. ​
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less. ​
Short-term Investments	Short-term Investments ​ Short-term investments consist primarily of equity securities which are stated at fair value with any changes in fair value recognized in investment income (loss) in our consolidated statements of income (loss). ​
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 costs methods and includes the cost of materials, labor and manufacturing overhead. Inventory, which is presented net of reserves of $23.0 million and $21.9 million as of December 31, 2022 and 2021, respectively, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 118,351 ​ $ 105,638 ​ Work-in-progress ​ 6,121 ​ 1,368 ​ Finished goods ​ 3,475 ​ 19,442 ​ ​ ​ $ 127,947 ​ $ 126,448 ​ ​
Property, Plant and Equipment	Property, Plant and Equipment ​ Property, plant and equipment, including renewals and betterments, are stated at cost, while maintenance and repairs are expensed currently. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. We provide for the depreciation of our drilling rigs using the units-of-production method. For each day a rig is operating, we depreciate it over an approximate 4,927 8,030 ​ Depreciation on our buildings, oilfield hauling and mobile equipment, and other machinery and equipment is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value (buildings—10 to 30 years; oilfield hauling and mobile equipment and other machinery and equipment—3 to 10 years). Amortization of capitalized leases is included in depreciation and amortization expense. Upon retirement or other disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective property, plant and equipment accounts and any gains or losses are included in our consolidated statements of income (loss). ​ We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to the extent the carrying amount of the long-lived asset exceeds its estimated fair value. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. The determination of future cash flows requires the estimation of utilization, dayrates, operating margins, sustaining capital and remaining economic life. Such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. Significant and unanticipated changes to the assumptions could result in future impairments. A significantly prolonged period of lower oil and natural gas prices could adversely affect the demand for and prices of our services, which could result in future impairment charges. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical. ​ For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as a long-lived asset that is held and used. ​
Goodwill	Goodwill ​ We have historically reviewed goodwill for impairment annually during the second quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than its carrying amount. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. The fair values calculated in these impairment tests were determined using discounted cash flow models, which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying dayrates, utilization and costs. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long-term growth rate of approximately 2%. ​ Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. Due to industry conditions that existed at March 31, 2020 and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we determined a triggering event had occurred and performed a quantitative impairment assessment of our goodwill. Based on the results, we recognized a goodwill impairment of million in the first quarter of 2020 which represented the remaining balance of our goodwill at the time. We have not had any goodwill assets in our financial statements since 2020. See Note 3—Impairments and Other Charges. ​
Litigation and Insurance Reserves	Litigation and Insurance Reserves ​ We estimate our reserves related to litigation and insurance based on the facts and circumstances specific to the litigation and insurance claims and our past experience with similar claims. We maintain actuarially determined accruals in our consolidated balance sheets to cover self-insurance retentions. See Note 15—Commitments and Contingencies regarding self-insurance accruals. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can reasonably 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. ​
Revenue Recognition	Revenue Recognition ​ We recognize revenues and costs on daywork contracts daily as the work progresses over the contract term. For certain contracts, we receive lump sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. ​ Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. We defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. ​ We recognize revenue for top drives and other capital equipment we manufacture upon transfer of control, which generally occurs when the product has been shipped to the customer. ​ We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the claim is realizable. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other, net in our consolidated statement of income (loss) in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other, net in our consolidated statement of income (loss). ​ We recognize reimbursements received for out of pocket expenses incurred as revenues and account for out of pocket expenses as direct costs. ​
Research and Engineering	Research and Engineering ​ Research and engineering expenses are expensed as incurred and include costs associated with the research and development of new products and services and costs associated with sustaining engineering of existing products and services. ​
Income Taxes	Income Taxes ​ We are a Bermuda exempted company and are not subject to income taxes in Bermuda. We have provided for income taxes based on the tax laws and rates in effect in the countries where we operate and earn income. The income taxes in these jurisdictions vary substantially. Our worldwide effective tax rate for financial statement purposes will continue to fluctuate from year to year due to changes in the geographic mix of pre-tax earnings. ​ We recognize increases to our tax reserves for uncertain tax positions along with interest and penalties as an increase to other long-term liabilities. ​ For U.S. and other jurisdictional income tax purposes, we have net operating loss carryforwards and other tax attributes that we are required to assess quarterly for potential valuation allowances. We consider the sufficiency of existing temporary differences and expected future earnings levels in determining the amount, if any, of valuation allowance required against such carryforwards and against deferred tax assets. ​
Foreign Currency Translation	Foreign Currency Translation ​ For certain of our foreign subsidiaries, such as those in Canada, the local currency is the functional currency, and therefore translation gains or losses associated with foreign-denominated monetary accounts are accumulated in a separate section of the consolidated statements of changes in equity. For our other international subsidiaries, the U.S. dollar is the functional currency, and therefore local currency transaction gains and losses, arising from remeasurement of payables and receivables denominated in local currency, are included in our consolidated statements of income (loss).
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 in November 2021, $281.5 million was deposited in an interest-bearing U.S. based trust account (“Trust Account”). As of December 31, 2022 and December 31, 2021, the Trust Account balance was million, respectively. 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, ​ 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. ​
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: ​ ● depreciation of property, plant and equipment; ​ ● impairment of long-lived assets; ​ ● impairment of goodwill and intangible assets; ​ ● income taxes; ​ ● litigation and self-insurance reserves; and ​ ● fair value of assets acquired and liabilities assumed. ​
Recently Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted ​ 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of inventory, net	Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average costs methods and includes the cost of materials, labor and manufacturing overhead. Inventory, which is presented net of reserves of $23.0 million and $21.9 million as of December 31, 2022 and 2021, respectively, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 118,351 ​ $ 105,638 ​ Work-in-progress ​ 6,121 ​ 1,368 ​ Finished goods ​ 3,475 ​ 19,442 ​ ​ ​ $ 127,947 ​ $ 126,448 ​ ​

Impairments and Other Charges (

Impairments and Other Charges (Tables)	12 Months Ended
	Dec. 31, 2022
Impairments and Other Charges
Schedule of impairments and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ ​ ​ (In thousands) Goodwill impairments ​ $ — ​ $ 27,798 Intangible asset impairment ​ ​ — ​ ​ 83,624 US Drilling ​ ​ — ​ ​ 87,333 Canada Drilling ​ ​ 58,545 ​ ​ — International Drilling ​ ​ 215 ​ ​ 117,113 Drilling Solutions ​ ​ — ​ ​ 28,624 Rig Technologies ​ ​ 418 ​ ​ 2,936 Oil and gas related assets ​ ​ — ​ ​ 24,543 Severance and transaction related costs ​ ​ 6,228 ​ ​ 19,070 Other assets ​ ​ 1,325 ​ ​ 19,590 Total ​ $ 66,731 ​ $ 410,631 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair value of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ ​ 2021 ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Carrying ​ Fair ​ Interest ​ Carrying ​ Fair ​ ​ Rate ​ Value ​ Value ​ Rate ​ Value ​ Value ​ (Dollars in thousands) 5.50% senior notes due January 2023 6.13 % $ — ​ $ — 5.87 % $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 5.46 % 52,004 ​ 51,354 5.42 % 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 0.97 % 177,005 ​ 164,898 5.90 % 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 6.02 % 474,092 ​ 454,773 6.03 % 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — % — ​ — 6.50 % 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ 9.00 % ​ 209,384 ​ ​ 213,507 ​ 9.00 % ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 7.52 % 557,902 ​ 529,432 7.52 % 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 7.74 % 700,000 ​ 686,686 7.74 % 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 7.70 % 389,609 ​ 354,400 7.70 % 389,609 ​ 346,966 2018 revolving credit facility — % — ​ — 3.72 % 460,000 ​ 460,000 ​ ​ ​ ​ $ 2,559,996 ​ $ 2,455,050 ​ ​ ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ ​ ​ 22,456 ​ ​ ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ ​ ​ $ 2,537,540 ​ ​ ​ ​ ​ ​ $ 3,262,795 ​ ​ ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Compensation
Schedule of stock option transactions	Stock option transactions under our various stock-based employee compensation plans are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Options Shares Price Term Value ​ ​ (In thousands, except exercise price and term) Options outstanding as of December 31, 2021 16 ​ $ 419.22 ​ ​ ​ ​ ​ ​ ​ Granted 1 ​ 147.66 ​ ​ ​ ​ ​ ​ ​ Expired (1) ​ 734.90 ​ ​ ​ ​ ​ ​ ​ Options outstanding as of December 31, 2022 16 ​ $ 391.76 4.91 years ​ $ 211 ​ Options exercisable as of December 31, 2022 16 ​ $ 391.76 4.91 years ​ $ 211 ​ ​
Schedule of valuation assumptions used to estimate the fair value of stock options	The fair value of stock options granted during 2022 and 2021 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Weighted average fair value of options granted ​ $ 111.23 ​ $ 72.69 ​ Weighted average risk free interest rate ​ 3.69% ​ 0.72% ​ Dividend yield ​ 0.00% ​ 0.00% ​ Volatility (1) ​ 111.50% ​ 102.50% ​ Expected life (in years) ​ 4.0 ​ 4.0 ​ (1) Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors’ common shares, historical volatility of Nabors’ common shares and other factors. ​
Schedule of changes in unvested restricted stock	A summary of our restricted shares as of December 31, 2022, and the changes during the year then ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Unvested as of December 31, 2021 102 ​ $ 127.00 ​ Granted 112 ​ 132.30 ​ Vested (45) ​ 142.59 ​ Forfeited ​ (6) ​ ​ 120.59 ​ Unvested as of December 31, 2022 163 ​ $ 126.26 ​ ​
Performance based restricted shares
Share-Based Compensation
Schedule of changes in restricted shares	The following table sets forth information regarding outstanding restricted shares based on performance conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Performance based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 56 ​ $ 150.02 Vested (36) ​ 151.13 Outstanding as of December 31, 2022 20 ​ $ 148.00 ​
Performance based restricted stock units
Share-Based Compensation
Schedule of changes in restricted shares	The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted Stock Units ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 107 ​ $ 94.26 Granted 49 ​ 81.09 Vested (43) ​ 102.94 Outstanding as of December 31, 2022 113 ​ $ 85.31 ​
Restricted shares based on market conditions
Share-Based Compensation
Schedule of valuation assumptions used to estimate the fair value of restricted stock	The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk free interest rate ​ ​ 1.03% ​ ​ 0.18% ​ ​ 1.57% ​ Expected volatility ​ ​ 92.00% ​ ​ 108.00% ​ ​ 74.00% ​ Closing stock price at grant date ​ $ 81.09 ​ $ 60.62 ​ $ 148.00 ​ Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ 3.0 ​ ​
Schedule of changes in restricted shares	The following table sets forth information regarding outstanding restricted shares based on market conditions as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Market based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2021 ​ 85 ​ $ 55.29 Granted 48 ​ 49 ​ Outstanding as of December 31, 2022 133 ​ $ 53.03 ​ ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment
Schedule of major components of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Land ​ $ 22,672 ​ $ 22,955 ​ Buildings ​ 134,063 ​ 130,917 ​ Drilling rigs and related equipment ​ 11,722,404 ​ 11,718,450 ​ Oilfield hauling and mobile equipment ​ 233,708 ​ 243,850 ​ Other machinery and equipment ​ 216,233 ​ 200,740 ​ ​ ​ $ 12,329,080 ​ $ 12,316,912 ​ Less: accumulated depreciation and amortization ​ (9,302,980) ​ (8,968,414) ​ ​ ​ $ 3,026,100 ​ $ 3,348,498 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 ​ $ — ​ $ 24,446 ​ 5.10% senior notes due September 2023 (1) ​ 52,004 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 177,005 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 474,092 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 209,384 ​ ​ 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 ​ ​ ​ $ 2,559,996 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 22,456 ​ ​ 30,805 ​ Long-term debt ​ $ 2,537,540 ​ $ 3,262,795 ​ ​ (1) The 5.10% senior notes due September 2023 were classified as long-term as of December 31, 2022 because we had the ability and intent to refinance this obligation utilizing our 2022 Credit Agreement. ​
Schedule of principal amount and maturities of debt	As of December 31, 2022, the principal amount and maturities of our primary debt for each of the five years following 2022 and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ Paid at Maturity ​ ​ (In thousands) 2023 ​ $ 52,092 (1) 2024 ​ 177,005 (2) 2025 ​ 683,476 (3) 2026 ​ 557,902 (4) 2027 ​ 700,000 (5) Thereafter ​ 389,609 (6) ​ ​ $ 2,560,084 ​ ​ (1) Represents our 5.10% senior notes due September 2023. ​ (2) Represents our 0.75% senior notes due January 2024. ​ (3) Represents our 5.75% senior notes due February 2025 and our 9.0% senior priority guaranteed notes due February 2025. ​ (4) Represents our 7.25% senior notes due January 2026 and our 2022 credit agreement. ​ (5) Represents our 7.375% senior priority guaranteed notes due May 2027. ​ (6) Represents our 7.50% senior notes due January 2028. ​
Summary of principal amounts and recognized gains for exchange transactions	The aggregate principal amounts and recognized gain for such transactions were as follows: ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 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 ​
Schedule of letters of credit	We had 18 letter-of-credit facilities with various banks as of December 31, 2022. Availability and borrowings under our letter-of-credit facilities are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ ​ (In thousands) Credit available ​ $ 620,552 ​ Less: Letters of credit outstanding, inclusive of financial and performance guarantees ​ 105,081 ​ Remaining availability ​ $ 515,471 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of income (loss) from continuing operations before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, United States and Other Jurisdictions 2022 2021 2020 ​ ​ (In thousands) United States ​ $ (19,820) ​ $ (153,243) ​ $ (182,706) ​ Other jurisdictions ​ (225,862) ​ (334,846) ​ (522,861) ​ Income (loss) from continuing operations before income taxes ​ $ (245,682) ​ $ (488,089) ​ $ (705,567) ​ ​
Schedule of income tax expense (benefit) from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 1,320 ​ $ (1,905) ​ $ (39,268) ​ Outside the U.S. ​ 48,837 ​ 60,318 ​ 33,858 ​ State ​ 4,042 ​ 7,914 ​ (2,020) ​ ​ ​ $ 54,199 ​ $ 66,327 ​ $ (7,430) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 681 ​ $ (4,669) ​ $ 67,909 ​ Outside the U.S. ​ (241) ​ (3,608) ​ (4,992) ​ State ​ 6,897 ​ (2,429) ​ 1,799 ​ ​ ​ $ 7,337 ​ $ (10,706) ​ $ 64,716 ​ Income tax expense (benefit) ​ $ 61,536 ​ $ 55,621 ​ $ 57,286 ​ ​
Reconciliation of the statutory rate to worldwide effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Income tax provision at statutory (Bermuda rate of 0%) ​ $ — ​ $ — ​ $ — ​ Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate ​ 25,685 ​ 23,395 ​ 62,751 ​ Increase (decrease) in valuation allowance ​ 43,060 ​ 8,276 ​ (9,759) ​ Impact of foreign exchange rates ​ (32,108) ​ — ​ — ​ Prior year adjustments to provision ​ ​ 15,959 ​ — ​ — ​ Tax reserves and interest ​ ​ 2,080 ​ ​ 26,266 ​ ​ 861 ​ State income taxes (benefit) ​ ​ 266 ​ ​ (2,316) ​ ​ 3,433 ​ Other ​ 6,594 ​ — ​ — ​ Income tax expense (benefit) ​ $ 61,536 ​ $ 55,621 ​ $ 57,286 ​ Effective tax rate ​ (25.0%) ​ (11.4%) ​ (8.1%) ​ ​
Schedule of components of deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 3,878,344 ​ $ 3,676,333 ​ Tax credit and other attribute carryforwards ​ 84,812 ​ 84,624 ​ Accrued interest ​ 13,302 ​ — ​ Depreciation and amortization for tax in excess of book expense ​ ​ 20,431 ​ ​ 118,151 ​ Other ​ 100,316 ​ 135,729 ​ Subtotal ​ 4,097,205 ​ 4,014,837 ​ Valuation allowance ​ (3,839,885) ​ (3,754,207) ​ Deferred tax assets: ​ $ 257,320 ​ $ 260,630 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Other ​ $ 2,858 ​ $ 4,772 ​ Deferred tax liability ​ $ 2,858 ​ $ 4,772 ​ Net deferred tax assets (liabilities) ​ $ 254,462 ​ $ 255,858 ​ Balance Sheet Summary: ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred tax asset ​ $ 257,320 ​ $ 258,631 ​ Net noncurrent deferred tax liability ​ (2,858) ​ (2,773) ​ Net deferred tax asset (liability) ​ $ 254,462 ​ $ 255,858 ​ ​
Schedule of changes in uncertain tax positions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 2020 ​ ​ (In thousands) Balance as of January 1 ​ $ 45,988 ​ ​ $ 26,704 ​ $ 25,770 ​ Additions for tax positions of prior years ​ 806 ​ ​ 19,760 ​ 1,887 ​ Reductions for tax positions for prior years ​ (1,342) ​ ​ (476) ​ (953) ​ Balance as of December 31 ​ $ 45,452 ​ ​ $ 45,988 ​ $ 26,704 ​ ​

Joint Ventures (Tables)

Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2022
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 302,949 ​ $ 293,037 ​ Accounts receivable ​ 92,922 ​ 88,174 ​ Other current assets ​ 14,750 ​ 6,662 ​ Property, plant and equipment, net ​ 489,358 ​ 467,587 ​ Other long-term assets ​ 21,278 ​ 19,010 ​ Total assets ​ $ 921,257 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 62,409 ​ $ 61,278 ​ Accrued liabilities ​ 6,639 ​ 6,021 ​ Other liabilities ​ ​ 36,312 ​ ​ 26,300 ​ Total liabilities ​ $ 105,360 ​ $ 93,599 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Summary of financial guarantees maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2023 2024 2025 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 39,073 8,397 5,127 11,739 ​ $ 64,336 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ $ (307,218) ​ $ (543,710) ​ $ (762,853) ​ Less: net (income) loss attributable to noncontrolling interest ​ (43,043) ​ (25,582) ​ (42,795) ​ Less: preferred stock dividends ​ — ​ (3,653) ​ (14,611) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ (10,324) ​ ​ (9,445) ​ ​ (17,442) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ — ​ ​ — ​ ​ (125) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ $ (360,585) ​ $ (582,390) ​ $ (837,826) ​ Income (loss) from discontinued operations, net of tax ​ $ — ​ $ 20 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 8,898 ​ 7,605 ​ 7,059 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ Basic from discontinued operations ​ — ​ — ​ — ​ Total Basic ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ $ (360,585) ​ $ (582,390) ​ $ (837,826) ​ Income (loss) from discontinued operations, net of tax ​ $ — ​ $ 20 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ 8,898 ​ ​ 7,605 ​ ​ 7,059 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ Diluted from discontinued operations ​ — ​ — ​ — ​ Total Diluted ​ $ (40.52) ​ $ (76.58) ​ $ (118.69) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	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, shares issuable upon conversion of preferred shares 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands) Potentially dilutive securities excluded as anti-dilutive ​ ​ 3,369 ​ ​ 4,436 ​ ​ 808

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 64,926 ​ $ 51,993 ​ Deferred revenue ​ 37,808 ​ ​ 59,816 ​ Other taxes payable ​ 39,621 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 69,174 ​ 71,814 ​ Litigation reserves ​ 18,681 ​ 14,939 ​ Other accrued liabilities ​ 10,777 ​ 7,688 ​ ​ ​ $ 247,575 ​ $ 247,171 ​ ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ (In thousands) ​ Interest and dividend income ​ $ 15,474 ​ $ 1,527 ​ $ 4,705 ​ Gains (losses) on marketable securities ​ (482) ​ 30 ​ (3,267) ​ ​ ​ $ 14,992 ​ $ 1,557 ​ $ 1,438 ​ ​
Schedule of other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ ​ $ 7,350 ​ $ 23,883 ​ $ 12,363 ​ Purchase of technology ​ ​ ​ ​ — ​ ​ 14,733 ​ ​ — ​ Warrant and derivative valuation ​ ​ ​ ​ 95,876 ​ ​ — ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 15,160 ​ ​ 8,290 ​ ​ 4,249 ​ Foreign currency transaction losses (gains) ​ ​ ​ 6,689 ​ ​ 4,807 ​ ​ 12,125 ​ Other losses (gains) ​ ​ ​ 6,621 ​ ​ 1,708 ​ ​ (170) ​ ​ ​ ​ ​ $ 131,696 ​ $ 53,421 ​ $ 28,567 ​ ​
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) ​ 2,230 ​ ​ 330 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 160 ​ ​ — ​ ​ 160 ​ Net other comprehensive income (loss) ​ — ​ (1,740) ​ 2,230 ​ 490 ​ As of December 31, 2021 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ (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 ​ — ​ 1,429 ​ (1,993) ​ (564) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 160 ​ — ​ 160 ​ Net other comprehensive income (loss) ​ — ​ 1,589 ​ (1,993) ​ (404) ​ As of December 31, 2022 ​ $ 2 ​ $ (3,767) ​ $ (7,273) ​ $ (11,038) ​ (1) All amounts are net of tax. ​
Schedule of line items that were reclassified to net income	Line item in consolidated statement of income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Interest expense ​ ​ ​ — ​ — ​ 160 ​ General and administrative expenses ​ ​ ​ 208 ​ 208 ​ 210 ​ Total income (loss) from continuing operations before income tax ​ ​ ​ (208) ​ (208) ​ (370) ​ Tax expense (benefit) ​ ​ ​ ​ (48) ​ ​ (48) ​ ​ (141) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ ​ $ (160) ​ $ (160) ​ $ (229) ​ ​
Supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Cash paid for income taxes (refunded), net ​ $ 29,191 ​ $ 11,221 ​ $ (17,505) ​ Cash paid for interest, net of capitalized interest ​ $ 189,755 ​ $ 161,932 ​ $ 157,437 ​ Net change in accounts payable related to capital expenditures ​ $ 8,615 ​ $ 9,713 ​ $ (1,188) ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) ​ Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 1,100,614 ​ $ 669,656 ​ $ 713,057 ​ Canada Drilling ​ ​ ​ — ​ 39,336 ​ 54,753 ​ International Drilling ​ ​ ​ 1,199,282 ​ 1,043,197 ​ 1,131,673 ​ Drilling Solutions ​ ​ ​ 243,349 ​ 172,473 ​ 149,834 ​ Rig Technologies ​ ​ ​ 195,129 ​ 149,273 ​ 131,555 ​ Other reconciling items (1) ​ ​ ​ (84,608) ​ (56,387) ​ (46,829) ​ Total ​ ​ ​ $ 2,653,766 ​ $ 2,017,548 ​ $ 2,134,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 108,506 ​ $ (76,492) ​ $ (96,176) ​ Canada Drilling ​ ​ ​ 13 ​ 2,893 ​ (11,766) ​ International Drilling ​ ​ ​ (879) ​ (40,117) ​ (56,205) ​ Drilling Solutions ​ ​ ​ 77,868 ​ 32,771 ​ 6,167 ​ Rig Technologies ​ ​ ​ 8,906 ​ 158 ​ (13,481) ​ Total segment adjusted operating income (loss) ​ ​ ​ $ 194,414 ​ $ (80,787) ​ $ (171,461) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 2021 2020 ​ ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ $ (307,218) ​ $ (543,690) ​ $ (762,846) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ ​ — ​ ​ (20) ​ ​ (7) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ ​ (307,218) ​ ​ (543,710) ​ ​ (762,853) ​ Income tax expense (benefit) ​ ​ ​ ​ 61,536 ​ ​ 55,621 ​ ​ 57,286 ​ Income (loss) from continuing operations before income taxes ​ ​ ​ $ (245,682) ​ $ (488,089) ​ $ (705,567) ​ Investment (income) loss ​ ​ ​ ​ (14,992) ​ ​ (1,557) ​ ​ (1,438) ​ Interest expense ​ ​ ​ ​ 177,895 ​ ​ 171,476 ​ ​ 206,274 ​ Gain/(loss) on debt buybacks and exchanges ​ ​ ​ ​ (4,597) ​ ​ (13,423) ​ ​ (228,274) ​ Impairments and other charges ​ ​ ​ ​ — ​ ​ 66,731 ​ ​ 410,631 ​ Other, net ​ ​ ​ ​ 131,696 ​ ​ 53,421 ​ ​ 28,567 ​ Other reconciling items (3) ​ ​ ​ 150,094 ​ 130,654 ​ 118,346 ​ Total segment adjusted operating income (loss) (2) ​ ​ ​ $ 194,414 ​ $ (80,787) ​ $ (171,461) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 311,759 ​ $ 326,361 ​ $ 398,326 ​ Canada Drilling ​ — ​ 11,604 ​ 24,784 ​ International Drilling ​ 329,335 ​ 323,431 ​ 377,599 ​ Drilling Solutions ​ 20,829 ​ 26,660 ​ 40,074 ​ Rig Technologies ​ 5,794 ​ 8,191 ​ 15,299 ​ Other reconciling items (3) ​ (2,645) ​ (2,866) ​ (2,383) ​ Total ​ $ 665,072 ​ $ 693,381 ​ $ 853,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 118,017 ​ $ 53,875 ​ $ 44,606 ​ Canada Drilling ​ — ​ 2,938 ​ 2,018 ​ International Drilling ​ 222,099 ​ 173,078 ​ 127,888 ​ Drilling Solutions ​ 19,946 ​ 9,919 ​ 12,306 ​ Rig Technologies ​ 15,660 ​ 2,790 ​ 2,637 ​ Other reconciling items (3) ​ 5,765 ​ 1,089 ​ 251 ​ Total ​ $ 381,487 ​ $ 243,689 ​ $ 189,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,389,459 ​ $ 1,606,683 ​ Canada Drilling ​ 372 ​ 1,392 ​ International Drilling ​ 2,273,766 ​ 2,380,703 ​ Drilling Solutions ​ 63,652 ​ 65,899 ​ Rig Technologies ​ 207,345 ​ 190,489 ​ Other reconciling items (3) ​ 795,260 ​ 1,280,198 ​ Total ​ $ 4,729,854 ​ $ 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, earnings (losses) from unconsolidated affiliates, investment income (loss), (gain)/loss on debt buybacks and exchanges, impairments and other charges 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 to income (loss) from continuing operations before income taxes is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures. ​
Schedule of financial information with respect to Nabors' operations by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,323,531 ​ $ 804,807 ​ $ 841,531 ​ Outside the U.S. ​ 1,330,235 ​ 1,212,741 ​ 1,292,512 ​ ​ ​ $ 2,653,766 ​ $ 2,017,548 ​ $ 2,134,043 ​ Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,437,333 ​ $ 1,648,622 ​ $ 1,917,203 ​ Outside the U.S. ​ 1,588,767 ​ 1,699,876 ​ 2,068,504 ​ ​ ​ $ 3,026,100 ​ $ 3,348,498 ​ $ 3,985,707 ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue Recognition
Schedule of revenue, disaggregated by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 913,932 ​ $ — ​ $ — ​ $ 157,709 ​ $ 111,197 ​ $ — ​ $ 1,182,838 U.S. Offshore Gulf of Mexico ​ 122,536 ​ — ​ — ​ 10,665 ​ — ​ — ​ ​ 133,201 Alaska ​ 64,146 ​ — ​ — ​ 1,734 ​ — ​ — ​ ​ 65,880 Canada ​ — ​ — ​ — ​ 1,521 ​ 5,726 ​ — ​ ​ 7,247 Middle East & Asia ​ — ​ — ​ 805,944 ​ 41,257 ​ 64,739 ​ — ​ ​ 911,940 Latin America ​ — ​ — ​ 309,320 ​ 29,515 ​ 1,503 ​ — ​ ​ 340,338 Europe, Africa & CIS ​ — ​ — ​ 84,018 ​ 948 ​ 11,964 ​ — ​ ​ 96,930 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (84,608) ​ (84,608) Total ​ $ 1,100,614 ​ $ — ​ $ 1,199,282 ​ $ 243,349 ​ $ 195,129 ​ $ (84,608) ​ $ 2,653,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 512,880 ​ $ — ​ $ — ​ $ 97,354 ​ $ 69,250 ​ $ — ​ $ 679,484 U.S. Offshore Gulf of Mexico ​ 128,323 ​ — ​ — ​ 8,787 ​ — ​ — ​ ​ 137,110 Alaska ​ 28,453 ​ — ​ — ​ 753 ​ 59 ​ — ​ ​ 29,265 Canada ​ — ​ 39,336 ​ — ​ 1,342 ​ 4,379 ​ — ​ ​ 45,057 Middle East & Asia ​ — ​ — ​ 706,267 ​ 40,492 ​ 60,319 ​ — ​ ​ 807,078 Latin America ​ — ​ — ​ 251,153 ​ 22,104 ​ 228 ​ — ​ ​ 273,485 Europe, Africa & CIS ​ — ​ — ​ 85,777 ​ 1,641 ​ 15,038 ​ — ​ ​ 102,456 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (56,387) ​ (56,387) Total ​ $ 669,656 ​ $ 39,336 ​ $ 1,043,197 ​ $ 172,473 ​ $ 149,273 ​ $ (56,387) ​ $ 2,017,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 548,859 ​ $ — ​ $ — ​ $ 88,919 ​ $ 54,185 ​ $ — ​ $ 691,963 U.S. Offshore Gulf of Mexico ​ 126,292 ​ — ​ — ​ 9,309 ​ — ​ — ​ ​ 135,601 Alaska ​ 37,906 ​ — ​ — ​ 1,296 ​ 19 ​ — ​ ​ 39,221 Canada ​ — ​ 54,753 ​ — ​ 1,137 ​ 3,571 ​ — ​ ​ 59,461 Middle East & Asia ​ — ​ — ​ 728,983 ​ 40,255 ​ 58,263 ​ — ​ ​ 827,501 Latin America ​ — ​ — ​ 228,930 ​ 6,578 ​ 177 ​ — ​ ​ 235,685 Europe, Africa & CIS ​ — ​ — ​ 173,760 ​ 2,340 ​ 15,340 ​ — ​ ​ 191,440 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (46,829) ​ (46,829) Total ​ $ 713,057 ​ $ 54,753 ​ $ 1,131,673 ​ $ 149,834 ​ $ 131,555 ​ $ (46,829) ​ $ 2,134,043 ​
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 December 31, 2022 ​ $ 401.9 ​ $ 23.6 ​ $ 0.1 ​ $ 29.2 ​ $ 3.2 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of lease related assets and liabilities	The table below presents the lease related assets and liabilities recorded on our condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 2021 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 34,504 ​ $ 23,049 Total lease assets ​ ​ $ 34,504 ​ $ 23,049 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 6,784 ​ $ 5,422 Noncurrent liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 27,785 ​ $ 18,722 Total lease liabilities ​ ​ $ 34,569 ​ $ 24,144 ​
Schedule of lease costs	The table below presents certain information related to the lease costs for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ December 31, ​ ​ ​ 2022 2021 ​ (In thousands) Operating lease cost ​ ​ $ 10,047 ​ $ 9,848 ​ Short-term lease cost ​ ​ 596 ​ 593 ​ Variable lease cost ​ ​ 115 ​ 143 ​ Total lease cost ​ ​ $ 10,758 ​ $ 10,584 ​ ​
Summary of supplemental cash flow information related to leases	The table below presents supplemental cash flow information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 10,047 ​ $ 9,848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of lease terms and discount rates	The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 6.96 ​ ​ 8.6 Weighted-average discount rate - operating leases ​ ​ ​ 6.81% ​ ​ 6.19%
Schedule of undiscounted cash flows for operating lease liabilities	The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ (In thousands) 2023 ​ $ 8,927 ​ 2024 ​ 6,540 ​ 2025 ​ 5,993 ​ 2026 ​ 5,965 ​ 2027 ​ 4,705 ​ Thereafter ​ 11,063 ​ Total undiscounted lease liability ​ ​ 43,193 ​ Less: amount of lease payments representing interest ​ ​ (8,624) ​ Long-term lease obligations ​ $ 34,569 ​

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2022 country
Nature of Operations
Number of countries with company operations	15
Actively marketed rigs for land based drilling operations	300
Actively marketed rigs for offshore based drilling operations	29
Geographic Concentration Risk | Sales Revenue | Russia
Nature of Operations
Concentration risk (as a percent)	1.50%
Geographic Concentration Risk | Property, Plant and Equipment, Net | Russia
Nature of Operations
Concentration risk (as a percent)	1.10%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory
Inventory reserves	$ 23,000	$ 21,900
Raw materials	118,351	105,638
Work-in-progress	6,121	1,368
Finished goods	3,475	19,442
Total inventory, net of reserves	$ 127,947	$ 126,448

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Drilling rigs, excluding jackup rigs
Summary of Significant Accounting Policies
Operating rig asset depreciable life, operating days	4927 days
Non-operating rig asset depreciable life	20 years
Jackup rigs
Summary of Significant Accounting Policies
Operating rig asset depreciable life, operating days	8030 days
Non-operating rig asset depreciable life	30 years
Buildings | Minimum
Summary of Significant Accounting Policies
Estimated useful life	10 years
Buildings | Maximum
Summary of Significant Accounting Policies
Estimated useful life	30 years
Oilfield hauling and mobile equipment and other machinery and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful life	3 years
Oilfield hauling and mobile equipment and other machinery and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful life	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2020
Summary of Significant Accounting Policies
Long-term growth rate used to calculate terminal values for each reporting unit (as a percent)		2%
Goodwill impairments	$ 27,800		$ 27,798

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Special Purpose Acquisition Company (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Nov. 16, 2021
Summary of Significant Accounting Policies
Restricted cash held in trust	$ 284,841	$ 281,523
Redeemable noncontrolling interest	678,604	675,283
NETC
Summary of Significant Accounting Policies
Restricted cash held in trust	284,800	281,500	$ 281,500
Redeemable noncontrolling interest	$ 284,800	$ 281,500

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Retained earnings (accumulated deficit)	$ (1,841,153)		$ (1,537,988)
ASU 2020-06 | Cumulative effect period of adoption adjustment
Summary of Significant Accounting Policies
Unamortized debt discount		$ (27,500)
Retained earnings (accumulated deficit)		60,700
Capital in excess of par value		$ (81,900)

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Components of impairments and other charges
Goodwill impairments	$ 27,800			$ 27,798
Intangible asset impairment				83,624
Rig Technologies			$ 418	2,936
Oil and gas related assets				24,543
Severance and transaction related costs			6,228	19,070
Other assets			1,325	19,590
Total			66,731	410,631
U.S. Drilling
Components of impairments and other charges
Drilling	87,300			87,333
U.S. Drilling | Lower 48
Components of impairments and other charges
Drilling	33,300
U.S. Drilling | Alaska
Components of impairments and other charges
Drilling	54,000
Canada Drilling
Components of impairments and other charges
Drilling			58,545
International Drilling
Components of impairments and other charges
Drilling			$ 215	117,113
Write-downs and retirements				86,600
Impairment recognized				30,500
Drilling Solutions
Components of impairments and other charges
Goodwill impairments				11,400
Drilling		$ 28,600		28,624
Rig Technologies
Components of impairments and other charges
Goodwill impairments				$ 16,400
Drilling Solutions and Rig Technologies
Components of impairments and other charges
Impairment recognized	$ 83,600

Accounts Receivable Purchase _2

Accounts Receivable Purchase and Sales Agreement (Details) - USD ($) $ in Millions	Jul. 01, 2021	Dec. 31, 2022	Nov. 30, 2022	Jun. 01, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2017
5.50% senior notes due January 2023
Accounts Receivable Purchase and Sales Agreements
Interest rate on senior notes (as a percent)		5.50%	5.50%		5.50%
5.10% senior notes due September 2023
Accounts Receivable Purchase and Sales Agreements
Interest rate on senior notes (as a percent)		5.10%			5.10%
0.75% senior exchangeable notes due January 2024
Accounts Receivable Purchase and Sales Agreements
Interest rate on senior notes (as a percent)		0.75%			0.75%		0.75%
A/R Purchase Agreement
Accounts Receivable Purchase and Sales Agreements
Agreement amount						$ 250
Receivables sold		$ 208			$ 113
A/R Purchase Agreement, First Amendment
Accounts Receivable Purchase and Sales Agreements
Agreement amount	$ 150
Agreement expiration term	2 years
A/R Purchase Agreement, Third Amendment
Accounts Receivable Purchase and Sales Agreements
Agreement amount				$ 250
A/R Purchase Agreement, Third Amendment | Accelerated Expiration of Agreement, June 17, 2023 | 5.10% senior notes due September 2023
Accounts Receivable Purchase and Sales Agreements
Interest rate on senior notes (as a percent)				5.10%
A/R Purchase Agreement, Third Amendment | Accelerated Expiration of Agreement, October 17, 2023 | 0.75% senior exchangeable notes due January 2024
Accounts Receivable Purchase and Sales Agreements
Interest rate on senior notes (as a percent)				0.75%
Threshold amount of remaining principal balance				$ 88.5
A/R Purchase Agreement, Third Amendment | Maximum
Accounts Receivable Purchase and Sales Agreements
Agreement amount				$ 300
Asset Pledged as Collateral | A/R Purchase Agreement
Accounts Receivable Purchase and Sales Agreements
Balance of receivables		$ 62.3			$ 44.2

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) $ in Millions	Jul. 31, 2021 USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Canada Drilling
Acquisitions and Dispositions
Sale of segment assets	$ 94

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) D	Dec. 31, 2021 USD ($)
Common stock warrants
Fair Value Measurements
Number of business day notice period	20	20
Fair Value, Inputs, Level 1
Fair Value Measurements
Warrants, at fair value	$ 80.9	$ 80.9
Fair Value, Inputs, Level 1 | Restricted Cash Held in Trust
Fair Value Measurements
Investments, at fair value	$ 284.8	$ 284.8	$ 281.5
Fair Value, Inputs, Level 3
Fair Value Measurements
Warrants, at fair value			$ 0.1

Fair Value Measurements - Debt

Fair Value Measurements - Debt instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2017
Carrying Value
Gross carrying value of debt	$ 2,559,996			$ 3,293,600
Less: Deferred financing costs	22,456			30,805
Long-term debt	2,537,540			3,262,795
Fair Value
Debt at fair value	$ 2,455,050			$ 3,206,746
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.50%	5.50%		5.50%
Effective Interest Rate	6.13%			5.87%
Carrying Value
Gross carrying value of debt				$ 24,446
Fair Value
Debt at fair value				$ 24,736
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.10%			5.10%
Effective Interest Rate	5.46%			5.42%
Carrying Value
Gross carrying value of debt	$ 52,004			$ 82,703
Fair Value
Debt at fair value	$ 51,354			$ 84,044
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%
Effective Interest Rate	0.97%			5.90%
Carrying Value
Gross carrying value of debt	$ 177,005			$ 259,839
Fair Value
Debt at fair value	$ 164,898			$ 257,730
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.75%			5.75%
Effective Interest Rate	6.02%			6.03%
Carrying Value
Gross carrying value of debt	$ 474,092			$ 548,458
Fair Value
Debt at fair value	$ 454,773			$ 508,881
6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)			6.50%	6.50%
Effective Interest Rate				6.50%
Carrying Value
Gross carrying value of debt				$ 50,485
Fair Value
Debt at fair value				$ 50,490
9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9%			9%	9%
Effective Interest Rate	9%			9%
Carrying Value
Gross carrying value of debt	$ 209,384			$ 218,082
Fair Value
Debt at fair value	$ 213,507			$ 226,914
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%
Effective Interest Rate	7.52%			7.52%
Carrying Value
Gross carrying value of debt	$ 557,902			$ 559,978
Fair Value
Debt at fair value	$ 529,432			$ 522,079
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%
Effective Interest Rate	7.74%			7.74%
Carrying Value
Gross carrying value of debt	$ 700,000			$ 700,000
Fair Value
Debt at fair value	$ 686,686			$ 724,906
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%
Effective Interest Rate	7.70%			7.70%
Carrying Value
Gross carrying value of debt	$ 389,609			$ 389,609
Fair Value
Debt at fair value	$ 354,400			$ 346,966
2018 revolving credit facility
Fair Value of Financial Instruments
Effective Interest Rate				3.72%
Carrying Value
Gross carrying value of debt				$ 460,000
Fair Value
Debt at fair value				$ 460,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation
Share-based compensation expense	$ 15.8	$ 19.2	$ 24.6
Common shares available for issuance	0.4
Restricted shares | General and administrative and research and engineering expenses
Share-Based Compensation
Share-based compensation expense	$ 15.8	$ 19.1	$ 23.6
Performance based restricted stock units
Share-Based Compensation
Performance period			1 year
Vesting period	3 years
Options
Share-Based Compensation
Vesting period	10 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Options outstanding at the beginning of the period (in shares)	16,000
Granted (in shares)	1,000		0
Surrendered (in shares)	(1,000)
Options outstanding at the end of the period (in shares)	16,000	16,000
Options exercisable at the end of the period (in shares)	16,000
Number of unvested options at end of year	0	0	0
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share)	$ 419.22
Granted (in dollars per share)	147.66
Surrendered (in dollars per share)	734.90
Options outstanding at the end of the period (in dollars per share)	391.76	$ 419.22
Options exercisable at the end of the period (in dollars per share)	$ 391.76
Weighted Average Remaining Contractual Term
Options outstanding at the end of the period	4 years 10 months 28 days
Options exercisable at the end of the period	4 years 10 months 28 days
Aggregate Intrinsic Value
Options outstanding at the end of the period (in dollars)	$ 211
Options exercisable at the end of the period (in dollars)	$ 211
Directors
Shares
Granted (in shares)	1,056	963

Share-Based Compensation - St_2

Share-Based Compensation - Stock option valuation assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation
Weighted average fair value of options granted (in dollars per share)	$ 111.23	$ 72.69
Options exercised	0	0	0
Total fair value of option vested during the period	$ 0.2	$ 0.1
Options
Share-Based Compensation
Dividend yield (as a percent)	0%	0%
Expected volatility (as a percent)	111.50%	102.50%
Expected term (in years)	4 years	4 years
Options | Weighted Average
Share-Based Compensation
Risk free interest rate (as a percent)	3.69%	0.72%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted shares (Details) - Restricted shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))	102,000
Granted (in shares)	112,203	82,722	4,156
Vested (in shares)	(45,000)
Forfeited (in shares)	(6,000)
Outstanding at the end of the period (in shares)	163,000	102,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 127
Granted (in dollars per share)	132.30
Vested (in dollars per share)	142.59
Forfeited (in dollars per share)	120.59
Outstanding at the end of the period (in dollars per share)	$ 126.26	$ 127
Aggregate value at grant date	$ 14.8	$ 8.7	$ 0.1
Fair value of vested shares	6.3	$ 2.5	$ 2.6
Total future compensation cost related to unvested awards	$ 14.3
Maximum
Share-Based Compensation
Vesting period	4 years	4 years	4 years
Weighted Average
Weighted-Average Grant-Date Fair Value
Recognition period	2 years 7 months 24 days

Share-Based Compensation - Re_2

Share-Based Compensation - Restricted shares based on performance conditions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance based restricted shares
Share-Based Compensation
Shares awarded during period	59,490
Vesting period	3 years
Aggregate fair value at grant date	$ 8.8
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))		56,000
Granted (in shares)	59,490
Vested (in shares)		(36,000)
Outstanding at the end of the period (in shares)		20,000	56,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)		$ 150.02
Vested (in dollars per share)			$ 151.13
Outstanding at the end of the period (in dollars per share)		$ 148	$ 150.02
Performance based restricted stock units
Share-Based Compensation
Shares awarded during period		49,065	95,902	31,204
Vesting period		3 years
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))		107,000
Granted (in shares)		49,065	95,902	31,204
Vested (in shares)		(43,000)
Outstanding at the end of the period (in shares)		113,000	107,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)		$ 94.26
Granted (in dollars per share)		81.09
Vested (in dollars per share)		102.94
Outstanding at the end of the period (in dollars per share)		$ 85.31	$ 94.26
Performance based restricted stock units | Minimum
Weighted-Average Grant-Date Fair Value
Vesting percentage		30%
Performance based restricted stock units | Maximum
Weighted-Average Grant-Date Fair Value
Vesting percentage		200%

Share-Based Compensation - Re_3

Share-Based Compensation - Restricted shares based on market conditions (Details) - Restricted shares based on market conditions - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation
Shares awarded during period	47,622	61,997	22,931
Vesting period	3 years	3 years	3 years
Aggregate fair value at grant date	$ 2.3	$ 2.2	$ 2.5
Assumptions used to value grant date fair value
Risk free interest rate (as a percent)	1.03%	0.18%	1.57%
Expected volatility (as a percent)	92%	108%	74%
Closing stock price at grant date (in dollars per share)	$ 81.09	$ 60.62	$ 148
Expected term (in years)	3 years	3 years	3 years
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))	85,000
Granted (in shares)	47,622	61,997	22,931
Outstanding at the end of the period (in shares)	133,000	85,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 55.29
Granted (in dollars per share)	49
Outstanding at the end of the period (in dollars per share)	$ 53.03	$ 55.29
Total future compensation cost related to unvested awards	$ 2.3
Recognition period	1 year 8 months 4 days

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Property, plant and equipment, gross	$ 12,329,080	$ 12,316,912
Less: accumulated depreciation and amortization	(9,302,980)	(8,968,414)
Property, Plant and Equipment, Net	3,026,100	3,348,498	$ 3,985,707
Depreciation	663,100	689,200	851,800
Repair and maintenance expense	202,500	153,900	$ 154,200
Land
Property, Plant and Equipment
Property, plant and equipment, gross	22,672	22,955
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	134,063	130,917
Drilling rigs and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	11,722,404	11,718,450
Oilfield hauling and mobile equipment
Property, Plant and Equipment
Property, plant and equipment, gross	233,708	243,850
Other machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 216,233	$ 200,740

Financial Instruments and Ris_2

Financial Instruments and Risk Concentration (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2017
5.10% senior notes due September 2023
Financial Instruments and Risk Concentration
Interest rate (as a percent)	5.10%	5.10%
5.75% senior notes due February 2025
Financial Instruments and Risk Concentration
Interest rate (as a percent)	5.75%	5.75%
0.75% senior exchangeable notes due January 2024
Financial Instruments and Risk Concentration
Interest rate (as a percent)	0.75%	0.75%		0.75%
7.25% senior guaranteed notes due January 2026
Financial Instruments and Risk Concentration
Interest rate (as a percent)	7.25%	7.25%
7.50% senior guaranteed notes due January 2028
Financial Instruments and Risk Concentration
Interest rate (as a percent)	7.50%	7.50%
7.375% senior priority guaranteed notes due May 2027
Financial Instruments and Risk Concentration
Interest rate (as a percent)	7.375%	7.375%
9.00% senior priority guaranteed notes due February 2025
Financial Instruments and Risk Concentration
Interest rate (as a percent)	9%	9%	9%
Accounts Receivable | Credit Risk | Saudi Arabia
Financial Instruments and Risk Concentration
Concentration risk (as a percent)	33%
Accounts Receivable | Credit Risk | Mexico
Financial Instruments and Risk Concentration
Concentration risk (as a percent)	13%

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2017
Debt
Gross carrying value of debt	$ 2,559,996			$ 3,293,600
Less: Deferred financing costs	22,456			30,805
Long-term debt	$ 2,537,540			3,262,795
5.50% senior notes due January 2023
Debt
Gross carrying value of debt				$ 24,446
Interest rate on senior notes (as a percent)	5.50%	5.50%		5.50%
5.10% senior notes due September 2023
Debt
Gross carrying value of debt	$ 52,004			$ 82,703
Interest rate on senior notes (as a percent)	5.10%			5.10%
0.75% senior exchangeable notes due January 2024
Debt
Gross carrying value of debt	$ 177,005			$ 259,839
Interest rate on senior notes (as a percent)	0.75%			0.75%		0.75%
5.75% senior notes due February 2025
Debt
Gross carrying value of debt	$ 474,092			$ 548,458
Interest rate on senior notes (as a percent)	5.75%			5.75%
6.50% senior priority guaranteed notes due February 2025
Debt
Gross carrying value of debt				$ 50,485
Interest rate on senior notes (as a percent)			6.50%	6.50%
9.00% senior priority guaranteed notes due February 2025
Debt
Gross carrying value of debt	$ 209,384			$ 218,082
Interest rate on senior notes (as a percent)	9%			9%	9%
7.25% senior guaranteed notes due January 2026
Debt
Gross carrying value of debt	$ 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
Gross carrying value of debt	$ 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
Gross carrying value of debt	$ 389,609			$ 389,609
Interest rate on senior notes (as a percent)	7.50%			7.50%
2018 revolving credit facility
Debt
Gross carrying value of debt				$ 460,000

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2017
Principal amount and maturities of primary debt
2023	$ 52,092
2024	177,005
2025	683,476
2026	557,902
2027	700,000
Thereafter	389,609
Total	$ 2,560,084
5.50% senior notes due January 2023
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	5.50%	5.50%	5.50%
5.10% senior notes due September 2023
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	0.75%		0.75%		0.75%
5.75% senior notes due February 2025
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	5.75%		5.75%
9.00% senior priority guaranteed notes due February 2025
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	9%		9%	9%
7.25% senior guaranteed notes due January 2026
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	7.25%		7.25%
7.375% senior priority guaranteed notes due May 2027
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	7.375%		7.375%
7.50% senior guaranteed notes due January 2028
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	7.50%		7.50%

Debt - Guarantees (Details)

Debt - Guarantees (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2022	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
Principal amount of notes repurchased			$ 99,300	$ 105,900	$ 372,000
Repurchase amount including principal and accrued interest			98,500	93,800	300,900
Notes tendered by warrant holders and retired			131,700
Gain on repurchase of debt			$ 4,119	$ 13,423	228,274
5.10% senior notes due September 2023
Debt
Interest rate (as a percent)			5.10%	5.10%
5.75% senior notes due February 2025
Debt
Interest rate (as a percent)			5.75%	5.75%
6.50% senior priority guaranteed notes due February 2025
Debt
Interest rate (as a percent)		6.50%		6.50%
Repayment of outstanding debt		$ 50,500
5.50% senior notes due January 2023
Debt
Interest rate (as a percent)	5.50%		5.50%	5.50%
Repayment of outstanding debt	$ 19,700
Senior Unsecured Notes
Debt
Gain on repurchase of debt			$ 4,600	$ 13,400	$ 69,200
Payment Guarantee | Senior Unsecured Notes
Debt
Redemption price, as a percentage of principal			100%
Redemption price, as a percentage of principal plus accrued and unpaid interest			101%
Payment Guarantee | Senior Unsecured Notes | 5.10% senior notes due September 2023
Debt
Interest rate (as a percent)			5.10%
Payment Guarantee | Senior Unsecured Notes | 5.75% senior notes due February 2025
Debt
Interest rate (as a percent)			5.75%

Debt - Exchange Transactions (D

Debt - Exchange Transactions (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2022	Jan. 31, 2017
Senior Notes
Debt
Number private exchange transactions entered into during the period | item	2
Aggregate principal amount exchanged	$ 40,000	$ 40,000
Senior Notes | Accrued liabilities and other long-term liabilities
Debt
Future contractual interest payments	$ 9,400
9.00% senior priority guaranteed notes due February 2025
Debt
Interest rate on senior notes (as a percent)	9%	9%	9%
Aggregate principal amount of debt issued in exchanges	$ 26,100	$ 26,050
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)		0.75%	0.75%	0.75%
Aggregate principal amount exchanged		$ 35,000
5.75% senior notes due February 2025
Debt
Interest rate on senior notes (as a percent)		5.75%	5.75%
Aggregate principal amount exchanged		$ 5,000

Debt - Senior Exchangeable Note

Debt - Senior Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2017 USD ($)
Debt
Amount outstanding	$ 2,559,996		$ 3,293,600
Aggregate principal amount outstanding	2,537,540		3,262,795
Unamortized issuance costs	$ 22,456		$ 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%
Aggregate principal amount at issuance				$ 575,000
Amount outstanding	$ 177,005		$ 259,839
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
0.75% senior exchangeable notes due January 2024 | ASU 2020-06 | Cumulative effect period of adoption adjustment
Debt
Unamortized debt discount		$ (27,500)
0.75% senior exchangeable notes due January 2024 | Before ASU 2020-06 adjustment
Debt
Amount outstanding			$ 287,300

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 21, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2017
5.10% senior notes due September 2023
Debt
Interest rate on senior notes (as a percent)		5.10%	5.10%
5.75% senior notes due February 2025
Debt
Interest rate on senior notes (as a percent)		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%
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)		5.05%
2022 Credit Agreement | Debt covenant
Debt
Threshold amount beyond which the debt instrument covenant restricts the company's ability to incur liens		$ 150,000
Threshold amount beyond which the debt instrument covenant restricts the company's subsidiaries to incur debt		100,000
Revolving credit facility
Debt
Maximum borrowing capacity	$ 350,000
Additional borrowing capacity under terms of accordion feature	100,000
Letters of credit
Debt
Maximum borrowing capacity	100,000	620,552
Outstanding balance		$ 105,081
Collateralized debt
Debt
Maximum borrowing capacity	150,000
Term loans
Debt
Maximum borrowing capacity	$ 100,000

Debt - Letters of Credit (Detai

Debt - Letters of Credit (Details) $ in Thousands	Dec. 31, 2022 USD ($) item	Jan. 21, 2022 USD ($)
Debt
Number of letter of credit facilities | item	18
Letters of credit
Debt
Credit available	$ 620,552	$ 100,000
Less: Letters of credit outstanding, inclusive of financial and performance guarantees	105,081
Remaining availability	$ 515,471

Income Taxes - Income tax expen

Income Taxes - Income tax expense (benefit) from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
United States and Other Jurisdictions
Income (loss) from continuing operations before income taxes	$ (245,682)	$ (488,089)	$ (705,567)
Current:
Current state tax	4,042	7,914	(2,020)
Total current income tax expense (benefit)	54,199	66,327	(7,430)
Deferred:
Deferred state income tax	6,897	(2,429)	1,799
Total deferred income tax expense (benefit)	7,337	(10,706)	64,716
Total income tax expense (benefit)	61,536	55,621	57,286
U.S. federal
United States and Other Jurisdictions
Income before income taxes	(19,820)	(153,243)	(182,706)
Current:
Current foreign income tax	1,320	(1,905)	(39,268)
Deferred:
Deferred foreign income tax	681	(4,669)	67,909
Outside the U.S
United States and Other Jurisdictions
Income before income taxes	(225,862)	(334,846)	(522,861)
Current:
Current foreign income tax	48,837	60,318	33,858
Deferred:
Deferred foreign income tax	$ (241)	$ (3,608)	$ (4,992)

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of statutory tax rate to our worldwide effective tax rate
Income tax provision at statutory rate (Bermuda rate of 0%)	$ 0	$ 0	$ 0
Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate	25,685	23,395	62,751
Increase (decrease) in valuation allowance	43,060	8,276	(9,759)
Impact of foreign exchange rates	(32,108)
Prior year adjustments to provision	15,959
Tax reserves and interest	2,080	26,266	861
State income taxes (benefit)	266	(2,316)	3,433
Other	6,594
Total income tax expense (benefit)	$ 61,536	$ 55,621	$ 57,286
Effective tax rate (as a percent)	(25.00%)	(11.40%)	(8.10%)
Liability for uncertain tax positions		$ 26,300
Office of the Tax Commissioner, Bermuda
Reconciliation of statutory tax rate to our worldwide effective tax rate
Statutory income tax rate	0%	0%	0%

Income Taxes - Components of ne

Income Taxes - Components of net deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 3,878,344	$ 3,676,333
Tax credit and other attribute carryforwards	84,812	84,624
Accrued interest	13,302
Depreciation and amortization for tax in excess of book expense	20,431	118,151
Other	100,316	135,729
Subtotal	4,097,205	4,014,837
Valuation allowance	(3,839,885)	(3,754,207)
Deferred tax assets	257,320	260,630
Deferred tax liabilities:
Other	2,858	4,772
Deferred tax liability	2,858	4,772
Net deferred tax assets (liabilities)	254,462	255,858
Balance Sheet Summary :
Net noncurrent deferred tax asset	257,320	258,631
Net noncurrent deferred tax liability	(2,858)	(2,773)
Net deferred tax assets (liabilities)	$ 254,462	$ 255,858

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Taxes
Net operating losses subject to expiration	$ 8,000
Recognized valuation allowance relating to NOL carryforwards	3,500
Federal
Income Taxes
Net operating loss carryforwards	727.1
State
Income Taxes
Net operating loss carryforwards	820.3
Foreign
Income Taxes
Net operating loss carryforwards	$ 14,900

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in unrecognized tax benefits
Balance as of January 1	$ 45,988	$ 26,704	$ 25,770
Additions for tax positions of prior years	806	19,760	1,887
Reductions for tax positions of prior years	(1,342)	(476)	(953)
Balance as of December 31	45,452	45,988	26,704
Unrecognized tax benefits that would impact the worldwide effective tax rate if realized	45,500
Interest and penalties on unrecognized tax benefits	17,000	14,400	7,600
Accruals for estimated interest and penalties related to uncertain tax positions	$ 2,600	$ 6,900	$ (600)

Shareholders Equity - Common Sh

Shareholders Equity - Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 19, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shareholders' Equity
Aggregate share capital, shares authorized		57,000,000
Common shares, shares authorized		32,000,000	32,000,000
Common shares, par value (in dollars per share)		$ 0.05	$ 0.05
Preferred shares, shares authorized		25,000,000
Preferred stock, par value (in dollars per share)		$ 0.001
Value of shares repurchased				$ 13,859
Treasury Stock, Common
Shareholders' Equity
Number of shares repurchased				34,000
Value of shares repurchased				$ 1,731
Treasury shares reissued during the year		0	0	0
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
Common shares issued upon conversion of warrants		1,100,000

Shareholders Equity - Common St

Shareholders Equity - Common Stock Warrants (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 11, 2021 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) D $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Apr. 24, 2022 shares	May 27, 2021 shares	Jan. 31, 2017
Shareholders' Equity
Loss recognized from increase in liability | $				$ (95,876)
5.10% Notes due 2023
Shareholders' Equity
Interest rate (as a percent)		5.10%	5.10%	5.10%	5.10%
0.75% Exchangeable Notes due 2024
Shareholders' Equity
Interest rate (as a percent)		0.75%	0.75%	0.75%	0.75%			0.75%
5.75% Notes due 2025
Shareholders' Equity
Interest rate (as a percent)		5.75%	5.75%	5.75%	5.75%
7.25% Notes due 2026
Shareholders' Equity
Interest rate (as a percent)		7.25%	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
Warrants outstanding		2,500,000	2,500,000	2,500,000
Number of business day notice period		20	20
Fair value of outstanding warrants | $		$ 80,900	$ 80,900	$ 80,900	$ 100
Loss recognized from increase in liability | $				$ (99,200)	$ 2,600
Common Stock
Shareholders' Equity
Aggregate number of shares issued from the exercise of warrants		1,100,000	1,100,000	1,100,000
Number of shares which may be purchased by each right		1	1	1
Exercise price (in dollars per share) | $ / shares		$ 166.66667	$ 166.66667	$ 166.66667
Number of additional securities which may be issued due to the incentive share component						0.3333
Multiplying factor for exercise of warrants						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%	95%

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019
Joint Ventures
Redeemable noncontrolling interest		$ 678,604	$ 675,283
Assets:
Cash and cash equivalents		451,025	991,471		$ 472,246	$ 435,990
Accounts receivable		327,397	287,572
Other current assets		92,964	96,301
Property, plant and equipment, net		3,026,100	3,348,498		$ 3,985,707
Other long-term assets		160,970	134,903
Total assets	[1]	4,729,854	5,525,364
Liabilities:
Accounts payable		314,041	253,748
Other liabilities		377,671	340,347
Total liabilities	[1]	3,514,459	4,131,143
SANAD
Joint Ventures
Cash contribution for capitalizing the joint venture upon formation				$ 20,000
Additional contribution amount				$ 394,000
Maturity period				25 years
SANAD
Joint Ventures
Redeemable noncontrolling interest		393,800
Settled accrued interest		20,600	120,000
Assets:
Cash and cash equivalents		302,949	293,037
Accounts receivable		92,922	88,174
Other current assets		14,750	6,662
Property, plant and equipment, net		489,358	467,587
Other long-term assets		21,278	19,010
Total assets		921,257	874,470
Liabilities:
Accounts payable		62,409	61,278
Accrued liabilities		6,639	6,021
Other liabilities		36,312	26,300
Total liabilities		$ 105,360	$ 93,599
[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 13—Joint Ventures for additional information.

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Joint Venture
Related-Party Transactions
Revenue from related party		$ 682.7	$ 617.5	$ 612.7
Accounts receivable from affiliated entities		97	99.3
Split dollar life insurance agreements | Current and former key employees
Related-Party Transactions
Premium payments to date related to life insurance policies		6.6
Cash surrender value included in other long-term assets		5.1	5.3
Premiums paid related to agreements		0	0	0
Services provided by Crane Capital | Directors
Related-Party Transactions
Expenses from business transactions		11.4	5.8	$ 6.2
Accounts payable to affiliated entities		$ 2.7	$ 0.3
NETC | IPO
Related-Party Transactions
Units issued	27,600,000
NETC | Private Placement
Related-Party Transactions
Warrants Issued	13,730,000
Warrants issued, fair value per warrant	$ 1
Warrants purchased by related parties	6,288,500

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Commitments and Contingencies
Rental expense relating to operating leases | $	$ 15	$ 9.3	$ 12.4
Minimum
Commitments and Contingencies
Lease term	30 days	30 days	30 days
Joint Venture
Commitments and Contingencies
Number of drilling units to backstop entity share to purchase in the event of insufficient cash | item	25

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) - Court of Ouargla Algeria Foreign Currency Controls - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2022
Commitments and Contingencies
Litigation amount as per judgment	$ 20.6
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
Maximum
Commitments and Contingencies
Potential judgment in excess of accrual		$ 12.6

Commitments and Contingencies_3

Commitments and Contingencies - Off-Balance Sheet Arrangements (Details) - Financial standby letters of credit and other financial surety instruments $ in Thousands	Dec. 31, 2022 USD ($)
Summary of total maximum amount of financial guarantees issued
2023	$ 39,073
2024	8,397
2025	5,127
Thereafter	11,739
Total	$ 64,336

Earnings (Losses) Per Share - R

Earnings (Losses) Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (307,218)	$ (543,710)	$ (762,853)
Less: net (income) loss attributable to noncontrolling interest	(43,043)	(25,582)	(42,795)
Less: preferred stock dividends		(3,653)	(14,611)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(10,324)	(9,445)	(17,442)
Less: distributed and undistributed earnings allocated to unvested shareholders			(125)
Adjusted income (loss) from continuing operations, net of tax - basic	$ (360,585)	(582,390)	(837,826)
Income (loss) from discontinued operations, net of tax		$ 20	$ 7
Weighted-average number of shares outstanding - basic	8,898	7,605	7,059
Earnings (losses) Per Share:
Basic from continuing operations (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)
Basic from discontinued operations (in dollars per share)
Total Basic (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (360,585)	$ (582,390)	$ (837,826)
Adjusted income (loss) from continuing operations, net of tax - diluted	$ (360,585)	(582,390)	(837,826)
Income (loss) from discontinued operations, net of tax		$ 20	$ 7
Weighted-average number of shares outstanding - basic	8,898	7,605	7,059
Weighted-average number of shares outstanding - diluted	8,898	7,605	7,059
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)
Diluted from discontinued operations (in dollars per share)
Total Diluted (in dollars per share)	$ (40.52)	$ (76.58)	$ (118.69)

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	3,369	4,436	808

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued liabilities
Accrued compensation	$ 64,926	$ 51,993
Deferred revenue	37,808	59,816
Other taxes payable	39,621	34,333
Workers' compensation liabilities	6,588	6,588
Interest payable	69,174	71,814
Litigation reserves	18,681	14,939
Other accrued liabilities	10,777	7,688
Total accrued liabilities	$ 247,575	$ 247,171

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment income (loss)
Interest and dividend income	$ 15,474	$ 1,527	$ 4,705
Gains (losses) on marketable securities	(482)	30	(3,267)
Investment income (loss)	$ 14,992	$ 1,557	$ 1,438

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Other, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other, net
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 7,350	$ 23,883	$ 12,363
Purchase of technology		14,733
Warrant and derivative valuation	95,876
Litigation expenses and reserves	15,160	8,290	4,249
Foreign currency transaction losses (gains)	6,689	4,807	12,125
Other losses (gains)	6,621	1,708	(170)
Total other, net	$ 131,696	$ 53,421	$ 28,567

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Income Statement Information - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 590,656
Other comprehensive income (loss), net of tax	(404)	$ 490	$ 664
Ending balance	368,956	590,656
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Beginning balance	(10,634)	(11,124)
Other comprehensive income (loss) before reclassifications	(564)	330
Amounts reclassified from accumulated other comprehensive income (loss)	160	160
Other comprehensive income (loss), net of tax	(404)	490
Ending balance	(11,038)	(10,634)	(11,124)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Beginning balance	2	2
Ending balance	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	1,429	(1,900)
Amounts reclassified from accumulated other comprehensive income (loss)	160	160
Other comprehensive income (loss), net of tax	1,589	(1,740)
Ending balance	(3,767)	(5,356)	(3,616)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Beginning balance	(5,280)	(7,510)
Other comprehensive income (loss) before reclassifications	(1,993)	2,230
Other comprehensive income (loss), net of tax	(1,993)	2,230
Ending balance	$ (7,273)	$ (5,280)	$ (7,510)

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Income Statement Information - Items reclassified to net income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Balance Sheet and Income Statement Information
Interest expense	$ 177,895	$ 171,476	$ 206,274
General and administrative expenses	228,431	213,559	203,515
Income (loss) from continuing operations before income taxes	(245,682)	(488,089)	(705,567)
Tax expense (benefit)	61,536	55,621	57,286
Net income (loss)	(307,218)	(543,690)	(762,846)
Reclassification out of Accumulated Other Comprehensive Income
Supplemental Balance Sheet and Income Statement Information
Interest expense			160
General and administrative expenses	208	208	210
Income (loss) from continuing operations before income taxes	(208)	(208)	(370)
Tax expense (benefit)	(48)	(48)	(141)
Net income (loss)	$ (160)	$ (160)	$ (229)

Supplemental Balance Sheet, I_2

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flow information
Cash paid for income taxes (refunded), net	$ 29,191	$ 11,221	$ (17,505)
Cash paid for interest, net of capitalized interest	189,755	161,932	157,437
Net change in accounts payable related to capital expenditures	$ 8,615	$ 9,713	$ (1,188)

Segment Information - Operating

Segment Information - Operating revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Information
Number of reportable segments | segment	5
Operating revenues	$ 2,653,766	$ 2,017,548	$ 2,134,043
U.S. Drilling
Segment Information
Operating revenues	1,100,614	669,656	713,057
Canada Drilling
Segment Information
Operating revenues		39,336	54,753
International Drilling
Segment Information
Operating revenues	1,199,282	1,043,197	1,131,673
Drilling Solutions
Segment Information
Operating revenues	243,349	172,473	149,834
Rig Technologies
Segment Information
Operating revenues	195,129	149,273	131,555
Operating segments | U.S. Drilling
Segment Information
Operating revenues	1,100,614	669,656	713,057
Operating segments | Canada Drilling
Segment Information
Operating revenues		39,336	54,753
Operating segments | International Drilling
Segment Information
Operating revenues	1,199,282	1,043,197	1,131,673
Operating segments | Drilling Solutions
Segment Information
Operating revenues	243,349	172,473	149,834
Operating segments | Rig Technologies
Segment Information
Operating revenues	195,129	149,273	131,555
Other reconciling items
Segment Information
Operating revenues	$ (84,608)	$ (56,387)	$ (46,829)

Segment Information - Adjusted

Segment Information - Adjusted operating income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Adjusted operating income (loss)	$ 194,414	$ (80,787)	$ (171,461)
Operating segments
Segment Information
Adjusted operating income (loss)	194,414	(80,787)	(171,461)
Operating segments | U.S. Drilling
Segment Information
Adjusted operating income (loss)	108,506	(76,492)	(96,176)
Operating segments | Canada Drilling
Segment Information
Adjusted operating income (loss)	13	2,893	(11,766)
Operating segments | International Drilling
Segment Information
Adjusted operating income (loss)	(879)	(40,117)	(56,205)
Operating segments | Drilling Solutions
Segment Information
Adjusted operating income (loss)	77,868	32,771	6,167
Operating segments | Rig Technologies
Segment Information
Adjusted operating income (loss)	$ 8,906	$ 158	$ (13,481)

Segment Information - Reconcili

Segment Information - Reconciliation of segment adjusted operating income (loss) to net income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Net income (loss)	$ (307,218)	$ (543,690)	$ (762,846)
Income (loss) from discontinued operations, net of tax		20	7
Income (loss) from continuing operations, net of tax	(307,218)	(543,710)	(762,853)
Income tax expense (benefit)	61,536	55,621	57,286
Income (loss) from continuing operations before income taxes	(245,682)	(488,089)	(705,567)
Investment (income) loss	(14,992)	(1,557)	(1,438)
Interest expense	177,895	171,476	206,274
(Gain)/loss on debt buybacks and exchanges	4,597	13,423	228,274
Impairments and other charges		66,731	410,631
Other, net	131,696	53,421	28,567
Total segment adjusted operating income (loss)	194,414	(80,787)	(171,461)
Operating segments
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Net income (loss)	(307,218)	(543,690)	(762,846)
Income (loss) from discontinued operations, net of tax		(20)	(7)
Income (loss) from continuing operations, net of tax	(307,218)	(543,710)	(762,853)
Income tax expense (benefit)	61,536	55,621	57,286
Income (loss) from continuing operations before income taxes	(245,682)	(488,089)	(705,567)
Investment (income) loss	(14,992)	(1,557)	(1,438)
Interest expense	177,895	171,476	206,274
(Gain)/loss on debt buybacks and exchanges	(4,597)	(13,423)	(228,274)
Impairments and other charges		(66,731)	(410,631)
Other, net	131,696	53,421	28,567
Total segment adjusted operating income (loss)	194,414	(80,787)	(171,461)
Other reconciling items
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Other reconciling items	$ 150,094	$ 130,654	$ 118,346

Segment Information - Depreciat

Segment Information - Depreciation and amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Depreciation and amortization	$ 665,072	$ 693,381	$ 853,699
Operating segments | U.S. Drilling
Segment Information
Depreciation and amortization	311,759	326,361	398,326
Operating segments | Canada Drilling
Segment Information
Depreciation and amortization		11,604	24,784
Operating segments | International Drilling
Segment Information
Depreciation and amortization	329,335	323,431	377,599
Operating segments | Drilling Solutions
Segment Information
Depreciation and amortization	20,829	26,660	40,074
Operating segments | Rig Technologies
Segment Information
Depreciation and amortization	5,794	8,191	15,299
Other reconciling items
Segment Information
Depreciation and amortization	$ (2,645)	$ (2,866)	$ (2,383)

Segment Information - Capital e

Segment Information - Capital expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Information
Capital expenditures	$ 381,487	$ 243,689	$ 189,706
Operating segments | U.S. Drilling
Segment Information
Capital expenditures	118,017	53,875	44,606
Operating segments | Canada Drilling
Segment Information
Capital expenditures		2,938	2,018
Operating segments | International Drilling
Segment Information
Capital expenditures	222,099	173,078	127,888
Operating segments | Drilling Solutions
Segment Information
Capital expenditures	19,946	9,919	12,306
Operating segments | Rig Technologies
Segment Information
Capital expenditures	15,660	2,790	2,637
Other reconciling items
Segment Information
Capital expenditures	$ 5,765	$ 1,089	$ 251

Segment Information - Total ass

Segment Information - Total assets (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Segment Information
Total assets	[1]	$ 4,729,854	$ 5,525,364
Operating segments | U.S. Drilling
Segment Information
Total assets		1,389,459	1,606,683
Operating segments | Canada Drilling
Segment Information
Total assets		372	1,392
Operating segments | International Drilling
Segment Information
Total assets		2,273,766	2,380,703
Operating segments | Drilling Solutions
Segment Information
Total assets		63,652	65,899
Operating segments | Rig Technologies
Segment Information
Total assets		207,345	190,489
Other reconciling items
Segment Information
Total assets		$ 795,260	$ 1,280,198
[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 13—Joint Ventures for additional information.

Segment Information - Operation

Segment Information - Operations by geographic area (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer	Dec. 31, 2020 USD ($) customer
Segment Information
Operating revenues	$ 2,653,766	$ 2,017,548	$ 2,134,043
Property, plant and equipment, net	$ 3,026,100	$ 3,348,498	$ 3,985,707
Customer Concentration Risk | Major customers
Segment Information
Number of customers representing more than 10% of revenues | customer	1	1	1
Sales Revenue | Customer Concentration Risk | Major customers
Segment Information
Concentration risk (as a percent)	26%	31%	29%
U.S.
Segment Information
Operating revenues	$ 1,323,531	$ 804,807	$ 841,531
Property, plant and equipment, net	1,437,333	1,648,622	1,917,203
Outside the U.S
Segment Information
Operating revenues	1,330,235	1,212,741	1,292,512
Property, plant and equipment, net	1,588,767	1,699,876	2,068,504
Saudi Arabia
Segment Information
Operating revenues	$ 712,800	$ 645,000	$ 642,700

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Revenues	$ 2,653,766	$ 2,017,548	$ 2,134,043
U.S. Drilling
Revenue Recognition
Revenues	1,100,614	669,656	713,057
Canada Drilling
Revenue Recognition
Revenues		39,336	54,753
International Drilling
Revenue Recognition
Revenues	1,199,282	1,043,197	1,131,673
Drilling Solutions
Revenue Recognition
Revenues	243,349	172,473	149,834
Rig Technologies
Revenue Recognition
Revenues	195,129	149,273	131,555
Other
Revenue Recognition
Revenues	(84,608)	(56,387)	(46,829)
Operating segments | Lower 48
Revenue Recognition
Revenues	1,182,838	679,484	691,963
Operating segments | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	133,201	137,110	135,601
Operating segments | Alaska
Revenue Recognition
Revenues	65,880	29,265	39,221
Operating segments | Canada
Revenue Recognition
Revenues	7,247	45,057	59,461
Operating segments | Middle East & Asia
Revenue Recognition
Revenues	911,940	807,078	827,501
Operating segments | Latin America
Revenue Recognition
Revenues	340,338	273,485	235,685
Operating segments | Europe, Africa & CIS
Revenue Recognition
Revenues	96,930	102,456	191,440
Operating segments | U.S. Drilling
Revenue Recognition
Revenues	1,100,614	669,656	713,057
Operating segments | U.S. Drilling | Lower 48
Revenue Recognition
Revenues	913,932	512,880	548,859
Operating segments | U.S. Drilling | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	122,536	128,323	126,292
Operating segments | U.S. Drilling | Alaska
Revenue Recognition
Revenues	64,146	28,453	37,906
Operating segments | Canada Drilling
Revenue Recognition
Revenues		39,336	54,753
Operating segments | Canada Drilling | Canada
Revenue Recognition
Revenues		39,336	54,753
Operating segments | International Drilling
Revenue Recognition
Revenues	1,199,282	1,043,197	1,131,673
Operating segments | International Drilling | Middle East & Asia
Revenue Recognition
Revenues	805,944	706,267	728,983
Operating segments | International Drilling | Latin America
Revenue Recognition
Revenues	309,320	251,153	228,930
Operating segments | International Drilling | Europe, Africa & CIS
Revenue Recognition
Revenues	84,018	85,777	173,760
Operating segments | Drilling Solutions
Revenue Recognition
Revenues	243,349	172,473	149,834
Operating segments | Drilling Solutions | Lower 48
Revenue Recognition
Revenues	157,709	97,354	88,919
Operating segments | Drilling Solutions | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	10,665	8,787	9,309
Operating segments | Drilling Solutions | Alaska
Revenue Recognition
Revenues	1,734	753	1,296
Operating segments | Drilling Solutions | Canada
Revenue Recognition
Revenues	1,521	1,342	1,137
Operating segments | Drilling Solutions | Middle East & Asia
Revenue Recognition
Revenues	41,257	40,492	40,255
Operating segments | Drilling Solutions | Latin America
Revenue Recognition
Revenues	29,515	22,104	6,578
Operating segments | Drilling Solutions | Europe, Africa & CIS
Revenue Recognition
Revenues	948	1,641	2,340
Operating segments | Rig Technologies
Revenue Recognition
Revenues	195,129	149,273	131,555
Operating segments | Rig Technologies | Lower 48
Revenue Recognition
Revenues	111,197	69,250	54,185
Operating segments | Rig Technologies | Alaska
Revenue Recognition
Revenues		59	19
Operating segments | Rig Technologies | Canada
Revenue Recognition
Revenues	5,726	4,379	3,571
Operating segments | Rig Technologies | Middle East & Asia
Revenue Recognition
Revenues	64,739	60,319	58,263
Operating segments | Rig Technologies | Latin America
Revenue Recognition
Revenues	1,503	228	177
Operating segments | Rig Technologies | Europe, Africa & CIS
Revenue Recognition
Revenues	11,964	15,038	15,340
Eliminations & other
Revenue Recognition
Revenues	(84,608)	(56,387)	(46,829)
Eliminations & other | Other
Revenue Recognition
Revenues	$ (84,608)	$ (56,387)	$ (46,829)

Revenue Recognition - Receivabl

Revenue Recognition - Receivables, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
Contract Receivables	$ 401.9	$ 350
Contract Assets (Current)	23.6	24.9
Contract Assets (Long-term)	0.1	1.9
Contract Liabilities (Current)	29.2	42.9
Contract Liabilities (Long-term)	$ 3.2	$ 29.3
Percentage of contract liability balance at the beginning of the period recognized as revenue during the year	55%
Percentage of contract asset balance at the beginning of the period recognized as expense during 2022	84%
Percentage of contract asset balance at the beginning of the year expected to be recognized as expense during 2023	13%
Percentage of contract asset balance at the beginning of the year expected to be recognized as expense during 2024	3%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue Recognition
Percentage of remaining performance obligation expected to be recognized	30%
Recognition period for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Percentage of remaining performance obligation expected to be recognized	15%
Recognition period for remaining performance obligation	12 months

Leases - Summary (Details)

Leases - Summary (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2022	Dec. 31, 2021
Leases
Package of practical expedients	true
Right of use assets		$ 34,504	$ 23,049
Lease liability		34,569	24,144
Retained earnings		$ (1,841,153)	$ (1,537,988)
Accounting Standards Update 2016-02
Leases
Right of use assets	$ 42,800
Lease liability	42,800
Accounting Standards Update 2016-02 | Cumulative effect period of adoption adjustment
Leases
Retained earnings	$ 0

Leases - Lease Position (Detail

Leases - Lease Position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease assets	$ 34,504	$ 23,049
Operating lease assets, Balance Sheet location	Other long-term assets	Other long-term assets
Current liabilities:
Operating lease liabilities	$ 6,784	$ 5,422
Noncurrent liabilities:
Operating lease liabilities	$ 27,785	$ 18,722
Operating lease liabilities, Balance Sheet location	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 34,569	$ 24,144

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 10,047	$ 9,848
Short-term lease cost	596	593
Variable lease cost	115	143
Total lease cost	$ 10,758	$ 10,584

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 10,047	$ 9,848

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Lease Terms and Discount Rates
Weighted-average remaining lease term - operating leases	6 years 11 months 15 days	8 years 7 months 6 days
Weighted-average discount rate - operating leases	6.81%	6.19%

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases
2023	$ 8,927
2024	6,540
2025	5,993
2026	5,965
2027	4,705
Thereafter	11,063
Total undiscounted lease liability	43,193
Less: amount of lease payments representing interest	(8,624)
Long-term lease obligations	$ 34,569	$ 24,144

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	$ 67,291	$ 69,807	$ 61,782
Charged to Costs and Other Deductions	929	2,870	18,929
Charged to Other Accounts	(192)	(393)	(329)
Deductions	(15,133)	(4,993)	(10,575)
Balance at End of Period	52,895	67,291	69,807
Inventory reserve
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	21,931	23,477	35,048
Charged to Costs and Other Deductions	1,107	392	5,082
Charged to Other Accounts		418
Deductions		(2,356)	(16,653)
Balance at End of Period	23,038	21,931	23,477
Valuation allowance on deferred tax assets
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	3,754,207	3,616,880	2,780,001
Charged to Other Accounts	85,678	137,327	836,879
Balance at End of Period	$ 3,839,885	$ 3,754,207	$ 3,616,880