Nabors Industries (NBR) 10-K13 Feb 252024 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act 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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,764,937
Entity Public Float			$ 640,020,868
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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 389,652	$ 1,057,487
Short-term investments		7,647	12,691
Accounts receivable, net of allowance of $57,225 and $52,864, respectively		387,970	347,837
Inventory, net		129,979	147,798
Other current assets		84,289	79,865
Total current assets		999,537	1,645,678
Property, plant and equipment, net		2,830,957	2,898,728
Restricted cash held in trust		331,781	315,488
Deferred income taxes		216,296	238,871
Other long-term assets		125,730	179,200
Total assets	[1]	4,504,301	5,277,965
Current liabilities:
Current portion of debt			629,621
Trade accounts payable		321,030	294,442
Accrued liabilities		223,759	230,240
Income taxes payable		20,360	54,255
Current lease liabilities		6,768	5,423
Total current liabilities		571,917	1,213,981
Long-term debt		2,505,217	2,511,519
Other long-term liabilities		218,343	270,014
Deferred income taxes		2,486	1,366
Total liabilities	[1]	3,297,963	3,996,880
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest in subsidiary		785,091	739,075
Shareholders' equity:
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 10,661 and 10,556, respectively		533	527
Capital in excess of par value		3,552,756	3,538,896
Accumulated other comprehensive income (loss)		(10,414)	(10,832)
Retained earnings (accumulated deficit)		(2,092,128)	(1,886,226)
Less: treasury shares, at cost, 1,161 and 1,161 common shares, respectively		(1,315,751)	(1,315,751)
Total shareholders' equity		134,996	326,614
Noncontrolling interest		286,251	215,396
Total equity		421,247	542,010
Total liabilities and equity		$ 4,504,301	$ 5,277,965

[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 12—Joint Ventures for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for accounts receivable	$ 57,225	$ 52,864
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000	32,000
Common shares, shares issued	10,661	10,556
Treasury shares, common	1,161	1,161

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues and other income:
Operating revenues	$ 2,930,126	$ 3,005,981	$ 2,653,766
Investment income (loss)	38,713	43,820	14,992
Total revenues and other income	2,968,839	3,049,801	2,668,758
Costs and other deductions:
Direct costs	1,742,411	1,790,380	1,666,004
General and administrative expenses	249,317	244,147	228,431
Research and engineering	57,063	56,297	49,939
Depreciation and amortization	633,408	645,294	665,072
Interest expense	210,864	185,285	177,895
Other, net	106,816	(726)	127,099
Total costs and other deductions	2,999,879	2,920,677	2,914,440
Income (loss) before income taxes	(31,040)	129,124	(245,682)
Income tax expense (benefit):
Current	35,263	63,339	54,199
Deferred	21,684	15,881	7,337
Total income tax expense (benefit)	56,947	79,220	61,536
Net income (loss)	(87,987)	49,904	(307,218)
Less: net (income) loss attributable to noncontrolling interest	(88,097)	(61,688)	(43,043)
Net income (loss) attributable to Nabors	$ (176,084)	$ (11,784)	$ (350,261)
Earnings (losses) per share:
Basic (in dollars per share)	$ (22.37)	$ (5.49)	$ (40.52)
Diluted (in dollars per share)	$ (22.37)	$ (5.49)	$ (40.52)
Weighted-average number of common shares outstanding:
Basic (in shares)	9,202	9,159	8,898
Diluted (in shares)	9,202	9,159	8,898

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (176,084)	$ (11,784)	$ (350,261)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	256	45	(1,993)
Pension liability amortization and adjustment	210	209	1,645
Other comprehensive income (loss), before tax	466	254	(348)
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	48	56
Other comprehensive income (loss), net of tax	418	206	(404)
Comprehensive income (loss) attributable to Nabors	(175,666)	(11,578)	(350,665)
Comprehensive income (loss) attributable to noncontrolling interest	88,097	61,688	43,043
Comprehensive income (loss)	$ (87,569)	$ 50,110	$ (307,622)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (87,987)	$ 49,904	$ (307,218)
Adjustments to net income (loss):
Depreciation and amortization	633,408	645,292	665,072
Deferred income tax expense (benefit)	21,685	15,881	7,335
Impairments and other charges	26,079	8,318
Amortization of debt discount and deferred financing costs	8,810	8,735	8,138
Losses (gains) on debt buyback	14,857	(25,275)	(4,119)
Losses (gains) on sale of long-lived assets, net	27,927	13,920	7,352
Share-based compensation	16,501	15,839	15,828
Foreign currency transaction losses (gains), net	28,150	37,286	6,689
Mark-to-market (gain) loss on warrants	(16,894)	(54,684)	95,909
Net loss (gain) related to investment in Vast	4,575	(7,167)
Other	5,539	2,427	869
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(42,440)	(27,129)	(54,501)
Inventory	16,099	(19,432)	928
Other current assets	(4,511)	11,644	3,690
Other long-term assets	(6,478)	(1,283)	(11,196)
Trade accounts payable and accrued liabilities	(25,150)	(32,389)	61,636
Income taxes payable	(34,590)	24,135	8,616
Other long-term liabilities	(4,148)	(28,160)	(3,939)
Net cash provided by (used for) operating activities	581,432	637,862	501,089
Cash flows from investing activities:
Purchases of investments	(7,718)	(38,283)	(21,116)
Capital expenditures	(567,919)	(540,851)	(373,445)
Proceeds from sales of assets	15,498	14,133	26,713
Other	4,681	(5,423)	(860)
Net cash (used for) provided by investing activities	(555,458)	(570,424)	(368,708)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	550,000	900,000
Reduction in long-term debt	(1,197,024)	(298,474)	(182,601)
Debt issuance costs	(11,049)	(18,310)	(3,864)
Proceeds from revolving credit facilities	315,000	290,000	335,000
Reduction in revolving credit facilities	(315,000)	(290,000)	(795,000)
Dividends to common and preferred shareholders	(87)	(194)	(65)
Redeemable noncontrolling interest distribution related to Sanad			(10,324)
Distributions to noncontrolling interest	(950)	(2,269)	(3,489)
Special purpose acquisition company redemptions by non-controlling redeemable shareholders		(286,366)
Sale of non-controlling interest - special purpose acquisition company		305,000
Other	(2,940)	(6,795)	(1,189)
Net cash (used for) provided by financing activities	(662,050)	592,592	(661,532)
Effect of exchange rate changes on cash and cash equivalents	(15,146)	(22,988)	(7,219)
Net increase (decrease) in cash and cash equivalents and restricted cash	(651,222)	637,042	(536,370)
Cash and cash equivalents and restricted cash, beginning of period	1,374,182	737,140	1,273,510
Cash and cash equivalents and restricted cash, end of period	722,960	1,374,182	737,140
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	1,057,487	451,025	991,471
Restricted cash, beginning of period	316,695	286,115	282,039
Cash and cash equivalents and restricted cash, beginning of period	1,374,182	737,140	1,273,510
Cash and cash equivalents, end of period	389,652	1,057,487	451,025
Restricted cash, end of period	$ 333,308	$ 316,695	$ 286,115
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	$ 722,960	$ 1,374,182	$ 737,140

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares Adjusted balance	Common Shares	Capital in Excess of Par Value Impact of adoption of ASU 2020-06	Capital in Excess of Par Value Adjusted balance	Capital in Excess of Par Value	Accumulated Other Comprehensive Income Adjusted balance	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit) Impact of adoption of ASU 2020-06	Retained Earnings (Accumulated Deficit) Adjusted balance	Retained Earnings (Accumulated Deficit)	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, 2021	$ 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
Beginning Balance (in shares) at Dec. 31, 2021	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)
Issuance of treasury shares, net of tax (in shares)												0
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
Increase (Decrease) in Equity
Net income (loss)										(11,784)				61,688			49,904
IPO warrants to SPAC public shareholders														3,426			3,426
Other comprehensive income (loss), net of tax							206										206
Issuance of treasury shares, net of tax (in shares)												0
Share-based compensation		$ 8			15,839												15,847
Share-based compensation (in shares)		101
Noncontrolling interest contributions (distributions)														5,237			5,237
Deemed dividends to SPAC public shareholders										(8,638)				(22,790)			(31,428)
Accrued distribution on redeemable noncontrolling interest in subsidiary										(29,824)							(29,824)
Other		$ (6)			(13,316)					5,173							(8,149)
Other (in shares)		(50)
Ending Balance at Dec. 31, 2023		$ 527			3,538,896		(10,832)			(1,886,226)		$ (1,315,751)		215,396			542,010
Ending Balance (in shares) at Dec. 31, 2023		10,556
Increase (Decrease) in Equity
Net income (loss)										(176,084)				88,097			(87,987)
Other comprehensive income (loss), net of tax							418										418
Issuance of treasury shares, net of tax (in shares)												0
Share-based compensation		$ 9			16,501												16,510
Share-based compensation (in shares)		137
Noncontrolling interest contributions (distributions)														(17,242)			(17,242)
Accrued distribution on redeemable noncontrolling interest in subsidiary										(29,723)							(29,723)
Other		$ (3)			(2,641)					(95)							(2,739)
Other (in shares)		(32)
Ending Balance at Dec. 31, 2024		$ 533			$ 3,552,756		$ (10,414)			$ (2,092,128)		$ (1,315,751)		$ 286,251			$ 421,247
Ending Balance (in shares) at Dec. 31, 2024		10,661

Nature of Operations

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2024
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 provide drilling rig instrumentation. Also, we have a portfolio of technologies designed to drive energy efficiency and emissions reductions for both ourselves 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, 2024 included: ● 285 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and ● 26 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, 2024 and 2023, of our property, plant and equipment, net was located in Russia, respectively. For the years ending December 31, 2024 and 2023, of our operating revenues was from operations in Russia, respectively. We currently have operations On January 10, 2025, the U.S. announced new sanctions targeting Russia’s oil production and exports, including a petroleum services prohibition that is scheduled to take effect on February 27, 2025. We are currently evaluating the effects of the sanctions as they may have a negative impact on our operations within the country. Depending on the eventual outcome and impact of these sanctions, we could face future charges of approximately $30-35 million related to the net assets of these operations. 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
Summary of Significant Accounting Policies	Dec. 31, 2024
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 12—Joint Ventures. Also, as of December 31, 2024, we are the co-sponsor of a special purpose acquisition company (SPAC) and have determined it is a VIE. Nabors is the primary beneficiary of the SPAC as we have the power to direct activities, the right to receive benefits and the obligation to absorb losses. Therefore, the SPAC has been consolidated. See Note 20—Special Purpose Acquisition Companies. Cash and Cash Equivalents Cash and cash equivalents include demand deposits, callable time deposits and various other short-term investments with original maturities of three months or less. Short-term Investments Short-term investments consist primarily of available-for-sale debt securities. These debt securities are held at fair market value. Also, equity securities are included and 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 $24.3 million and $23.9 million as of December 31, 2024 and 2023, respectively, included the following: December 31, 2024 2023 (In thousands) Raw materials $ 124,711 $ 144,886 Work-in-progress 2,768 2,912 Finished goods 2,500 — $ 129,979 $ 147,798 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. 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 14—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. On December 18, 2023, Bermuda enacted a 15% corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. 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. 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; ● income taxes; ● litigation and self-insurance reserves; and ● fair value of assets acquired and liabilities assumed. Recent Accounting Pronouncements Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, deletion and amortization recognized as part of oil and gas producing activities. This ASU is effective for fiscal years beginning after December 15, 2026. The adoption of ASU 2024-03 requires us to provide additional disclosures but will otherwise not materially impact our financial statements. We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or do not have a material impact on our financial statements.

Accounts Receivable Purchase an

Accounts Receivable Purchase and Sales Agreements	12 Months Ended
Accounts Receivable Purchase and Sales Agreements	Dec. 31, 2024
Accounts Receivable Purchase and Sales Agreements
Accounts Receivable Purchase and Sales Agreements	Note 3 Accounts Receivable Purchase and Sales Agreements The Company 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 of its 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, 2024 and 2023 is approximately $44.6 million and $67.0 million, respectively. 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. In April 2024, we entered into the Fourth Amendment to the A/R Purchase Agreement, which, among other things, extended the term of the A/R Purchase Agreement to the earliest of (i) April 1, 2027 and (ii) the date that is ninety (90) calendar days prior to the occurrence of the maturity date under and as defined in the 2024 Credit Agreement. 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, 2024 and 2023, approximately $130.0 million and $145.0 million had been sold to and as yet uncollected by the Purchasers, respectively.

Merger Agreement

Merger Agreement	12 Months Ended
Merger Agreement	Dec. 31, 2024
Merger Agreement
Merger Agreement	Note 4 Merger Agreement On October 14, 2024, we and certain subsidiaries of ours entered into a merger agreement (the “Merger Agreement”) to acquire Parker Drilling Company (“Parker”), pursuant to which, upon the terms and subject to the conditions set forth therein, we will acquire Parker for 4.8 million of our common shares, subject to a collar. The precise number of shares to be issued to Parker stockholders will be determined based upon the volume weighted average price of Nabors common shares on the NYSE for the 15 trading days ending the fifth day before the closing of the merger (“Closing Price”) and, if that Closing Price is below $42.70, Parker stockholders will also receive a cash component for their shares of Parker stock. If the volume weighted average price is above $99.62, the merger consideration will consist of the number of shares equal to $478,176,000 divided by the Closing Price. Parker provides drilling services across global energy markets. Through its Quail Tools subsidiary, Parker is the leading rental provider of high-performance downhole tubulars in the U.S. market. Internationally, Parker provides tubular rentals and repair services, with state-of-the-art facilities located in key geographies. Parker offers differentiated, casing and tubular running services in the U.S., the Middle East, Latin America, and Asia. Its portfolio also includes a fleet of 17 drilling rigs in the U.S. and international markets, as well as Operations & Maintenance services primarily in Canada and Alaska. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 5 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, 2024 and 2023 consisted of restricted cash held in trust and short-term investments. During 2024, 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, 2024 and 2023, our restricted cash held in trust was carried at fair market value and totaled $331.8 million and $315.5 million, respectively, and consisted of Level 1 measurements. Our short-term investments were primarily held at fair value and totaled $7.6 million and $12.7 million, respectively and primarily consisted of Level 2 measurements. No material 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, 2024 and 2023 consisted of warrants and are included in other long-term liabilities in the accompanying consolidated financial statements. The warrants, as discussed in Note 11- Shareholders’ Equity, were carried at fair market value using their trading price and totaled $9.0 million and $25.9 million as of December 31, 2024 and 2023, respectively. Nonrecurring Fair Value Measurements We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily related to equity method investments, 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 generally include Level 3 inputs but could include Level 1 and 2 inputs. During the year ended December 31, 2024, approximately $15.4 million was recognized as an other than temporary impairment related to our investment in Vast Renewables Limited (“Vast”). As Vast is a publicly traded company, the valuation assessment was based on the observable market trading price of Vast’s stock. During the third quarter, we determined that the fair value of our Vast investment was below carrying value for a prolonged period of time resulting in the impairment. This impairment has been included in Other, net in our consolidated statements of income (loss). Fair Value of Debt Instruments We estimate the fair value of our debt financial instruments in accordance with U.S. GAAP. The fair value of our long-term debt and revolving credit facilities is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: As of December 31, 2024 2023 Effective Effective Interest Carrying Fair Interest Carrying Fair Rate Value Value Rate Value Value (In thousands) 0.75% senior exchangeable notes due January 2024 — % $ — $ — 0.84 % $ 155,529 $ 154,989 5.75% senior notes due February 2025 — % — — 5.97 % 474,092 474,120 7.25% senior guaranteed notes due January 2026 — % — — 7.53 % 555,902 535,328 7.375% senior priority guaranteed notes due May 2027 7.74 % 700,000 699,916 7.72 % 700,000 687,526 7.50% senior guaranteed notes due January 2028 7.70 % 389,609 362,823 7.69 % 389,609 334,090 1.75% senior exchangeable notes due June 2029 2.27 % 250,000 179,548 2.26 % 250,000 185,383 9.125% senior priority guaranteed notes due January 2030 9.40 % 650,000 661,401 9.40 % 650,000 656,871 8.875% senior guaranteed notes due August 2031 9.12 % 550,000 511,104 — % — — $ 2,539,609 $ 2,414,792 $ 3,175,132 $ 3,028,307 Less: current portion — 629,621 Less: deferred financing costs 34,392 33,992 $ 2,505,217 $ 2,511,519 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
Share-Based Compensation	Dec. 31, 2024
Share-Based Compensation
Share-Based Compensation	Note 6 Share-Based Compensation Total share-based compensation expense, which includes stock options and restricted shares, was $16.5 million, $15.8 million and $15.8 million for 2024, 2023 and 2022, respectively. Compensation expense related to awards of restricted shares totaled $16.5 million, $15.8 million and $15.8 million 2024, 2023 and 2022, 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 17—Segment Information. In addition to the time-based restricted stock share-based awards, we provide performance share awards based on market conditions measured against a predetermined peer group (“TSR Shares”). We also provide Performance-Based Restricted Stock Units (“PSUs”) which are granted at the beginning of the Stock Option Plans As of December 31, 2024, 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, 2024. 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, 2023 16 $ 362.76 Expired (1) 897.34 Options outstanding as of December 31, 2024 15 $ 317.82 3.50 years $ — Options exercisable as of December 31, 2024 15 $ 317.82 3.50 years $ — During 2022, we awarded options vesting immediately to purchase 1,056 of our common stock to certain of our directors. No stock options were awarded during 2023 or 2024. There were no unvested options outstanding at the end of 2022, 2023 or 2024. The fair value of stock options granted during 2022 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: 2022 Weighted average fair value of options granted $ 111.23 Weighted average risk free interest rate 3.69% Dividend yield 0.00% Volatility (1) 111.5% Expected life (in years) 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 2024, 2023 or 2022. The total fair value of options that vested during the year ended December 31, 2022 was $0.2 million. 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, 2024, 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, 2023 185 $ 140.56 Granted 96 83.32 Vested (67) 131.64 Forfeited (14) 122.85 Unvested as of December 31, 2024 200 $ 117.20 During 2024, 2023 and 2022, we awarded 96,368, 103,465 and 112,203 restricted shares, respectively, to our employees and directors. These awards had an aggregate value at their date of grant of $8.0 million, $16.6 million and $14.8 million, respectively, and were scheduled to vest over a period of up to four years. The fair value of restricted shares that vested during 2024, 2023 and 2022 was $8.9 million, $8.4 million and $6.3 million, respectively. As of December 31, 2024, there was $15.3 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 2.21 years. Restricted Shares Based on Performance Conditions During 2024, 2023 and 2022, we granted awards to certain of our executive officers covering a total of 92,761, 60,633 and 49,065 PSUs, respectively. The number of earned PSUs that ultimately vest over , of the PSUs granted. In addition to these PSUs, we also granted performance share awards in 2024. The vesting of these awards is based upon achievement of financial milestones over specified time periods. The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2024: Weighted-Average Grant-Date Fair Restricted Stock Units Outstanding Value (In thousands, except fair value) Outstanding as of December 31, 2023 103 $ 92.84 Granted 93 81.36 Vested (44) 81.14 Forfeited (4) 38.37 Outstanding as of December 31, 2024 148 $ 73.36 Restricted Shares Based on Market Conditions During 2024, 2023 and 2022, we granted awards for 52,930, 29,621 and 47,622 TSR Shares, respectively, which are equity classified awards and will vest on our performance compared to our peer group over a three The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: Year Ended December 31, 2024 2023 2022 Risk free interest rate 4.01% 4.13% 1.03% Expected volatility 65.00% 94.00% 92.00% Closing stock price at grant date $ 81.63 $ 154.87 $ 81.09 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, 2024: Weighted-Average Grant-Date Fair Market based restricted shares Outstanding Value (In thousands, except fair value) Outstanding as of December 31, 2023 77 $ 65.62 Granted 53 50.51 Forfeited (48) 49.00 Outstanding as of December 31, 2024 82 $ 65.52 As of December 31, 2024, there was $2.7 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
Property, Plant and Equipment	Dec. 31, 2024
Property, Plant and Equipment
Property, Plant and Equipment	Note 7 Property, Plant and Equipment The major components of our property, plant and equipment are as follows: December 31, 2024 2023 (In thousands) Land $ 31,529 $ 32,074 Buildings 158,518 140,330 Drilling rigs and related equipment 12,084,276 11,959,989 Oilfield hauling and mobile equipment 228,730 233,920 Other machinery and equipment 252,369 237,567 $ 12,755,422 $ 12,603,880 Less: accumulated depreciation and amortization (9,924,465) (9,705,152) $ 2,830,957 $ 2,898,728 Depreciation expense included in depreciation and amortization expense in our consolidated statements of income (loss) totaled $632.9 million, $644.9 million and $663.1 million during 2024, 2023 and 2022, respectively. Repair and maintenance expense included in direct costs in our consolidated statements of income (loss) totaled $199.2 million, $228.2 million and $202.5 million during 2024, 2023 and 2022, respectively.

Financial Instruments and Risk

Financial Instruments and Risk Concentration	12 Months Ended
Financial Instruments and Risk Concentration	Dec. 31, 2024
Financial Instruments and Risk Concentration
Financial Instruments and Risk Concentration	Note 8 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 Latin America, which usually are substantially unhedged. We have experienced certain risks specific to our operations in Argentina. Argentina’s economy is currently considered highly inflationary under U.S. GAAP, which is defined as cumulative inflation rates exceeding 100% in the most recent three-year period based on inflation data published by the respective governments. 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, 2024, approximately 33% and 26% 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 our primary customer in each of these countries. Nabors’ receivables from its primary customer in Mexico are not in dispute and Nabors has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. We perform ongoing credit evaluations of all 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 2024 Credit Agreement and our fixed rate debt securities comprised of our 1.75% senior exchangeable notes, 7.50% and 8.875% senior guaranteed notes and 7.375% and 9.125% 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
Debt	Dec. 31, 2024
Debt
Debt	Note 9 Debt Debt consisted of the following: As of December 31, 2024 2023 (In thousands) 0.75% senior exchangeable notes due January 2024 $ — $ 155,529 5.75% senior notes due February 2025 — 474,092 7.25% senior guaranteed notes due January 2026 — 555,902 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 1.75% senior exchangeable notes due June 2029 250,000 250,000 9.125% senior priority guaranteed notes due January 2030 650,000 650,000 8.875% senior guaranteed notes due August 2031 550,000 — $ 2,539,609 $ 3,175,132 Less: current portion — 629,621 Less: deferred financing costs 34,392 33,992 Long-term debt $ 2,505,217 $ 2,511,519 As of December 31, 2024, the principal amount and maturities of our primary debt for each of the five years following 2024 and thereafter are as follows: Paid at Maturity (In thousands) 2027 $ 700,000 (1) 2028 389,609 (2) 2029 250,000 (3) Thereafter 1,200,000 (4) $ 2,539,609 (1) Represents our 7.375% senior priority guaranteed notes due May 2027. (2) Represents our 7.50% senior guaranteed notes due January 2028. (3) Represents our 1.75% senior exchangeable notes due June 2029 and our 2024 Credit Agreement. (4) Represents our 9.125% senior priority guaranteed notes due January 2030 and our 8.875% senior guaranteed notes due August 2031. During 2024, we fully redeemed the $474.1 million remaining balance of the 5.75% senior notes due February 2025 for approximately $487.0 million in cash, including principal, premium of $1.4 million and $11.5 million in accrued and unpaid interest. We also fully redeemed the $555.9 million remaining balance of the 7.25% senior guaranteed notes due January 2026 for approximately $568.3 million in cash, including principal, premium of $10.1 million and $2.4 million in accrued and unpaid interest. In connection with the redemptions, we recognized a $14.9 million loss for the year ended December 31, 2024, which is included in Other, net in our condensed consolidated statement of income (loss). In addition, the remaining balance of the 0.75% senior exchangeable notes due January 2024 were fully redeemed. 8.875% Senior Guaranteed Notes due August 2031 On July 22, 2024, Nabors issued $550.0 million in aggregate principal amount of 8.875% senior guaranteed notes, which are fully and unconditionally guaranteed by Nabors and certain of Nabors’ indirect wholly-owned subsidiaries. Interest on the notes is payable on February 15 and August 15 of each year. The notes have a maturity date of August 15, 2031. 1.75% Senior Exchangeable Notes Due June 2029 In February 2023, Nabors Delaware issued $250.0 million in aggregate principal amount of 1.75% senior exchangeable notes due 2029, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of 1.75% per year payable semiannually on June 15 and December 15 of each year, beginning on December 15, 2023. As of December 31, 2024, there was $250.0 million in aggregate principal amount that remained outstanding. The 1.75% exchangeable notes are exchangeable, only under certain conditions, at an exchange rate of 4.7056 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an exchange price of approximately $212.51 per common share). Upon any exchange, Nabors will settle its exchange obligation in cash, common shares of Nabors, or a combination of cash and common shares, at our election. The 1.75% exchangeable notes are redeemable, in whole or in part, at our option at any time on or after June 15, 2026 only if the last reported sale price per common shares exceeds 130% of the exchange price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading days immediately before the date of the related redemption notice; and (2) the trading day immediately before we send such notice, at a cash redemption price equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest. If a “fundamental change” (as defined in the Indenture) occurs, subject to certain conditions, holders may require us to repurchase for cash any or all of their Credit Agreement On June 17, 2024, Nabors Delaware amended and restated its existing credit agreement (as amended and restated, the “2024 Credit Agreement”). Under the 2024 Credit Agreement, the lenders have committed to provide to Nabors Delaware an aggregate principal amount of revolving loans at any time outstanding not in excess of $350.0 million, and the issuing banks have committed to provide a standalone letter of credit tranche that permits Nabors Delaware to issue reimbursement obligations under letters of credit in an aggregate principal amount at any time outstanding not in excess of $125.0 million. Letters of credit issued do not affect revolving loan capacity and vice versa. The 2024 Credit Agreement contains a $200.0 million uncommitted accordion feature that can be applied to increase the commitments under either the revolving loans or the letter of credit tranche, or both. The Company is required to maintain an interest coverage ratio (EBITDA/interest expense) of 2.75:1.00, and a minimum guarantor value, requiring the guarantors (other than the Company) and their subsidiaries to own at least 90% of the consolidated property, plant and equipment of the Company. The facility matures on the earlier of (a) June 17, 2029 and (b) to the extent 10% or more of the respective principal amount of any of the 7.375% Senior Priority Guaranteed Notes due May 2027 or 7.50% Senior Guaranteed Notes due January 2028 or 50% or more of the principal amount of the 1.75% Senior Exchangeable Notes due June 2029 remains outstanding on the date that is 90 days prior to the applicable maturity date for such indebtedness, then such 90 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 debt 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, 2024, we had no borrowings and $51.6 million of letters of credit outstanding under our 2024 Credit Agreement. The weighted average interest rate on borrowings under the 2024 Credit Agreement at December 31, 2024 was 8.04%. In order to make any future borrowings under the 2024 Credit Agreement, Nabors and certain of its wholly owned subsidiaries are subject to compliance with the conditions and covenants contained therein, including compliance with applicable financial ratios. As of the date of this report, we were in compliance with all covenants under the 2024 Credit Agreement. We expect to remain in compliance with all covenants under the 2024 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 seven letter-of-credit facilities with various banks as of December 31, 2024. Availability and borrowings under our letter-of-credit facilities are as follows: December 31, 2024 (In thousands) Credit available $ 303,667 Less: Letters of credit outstanding, inclusive of financial and performance guarantees 129,523 Remaining availability $ 174,144

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2024
Income Taxes
Income Taxes	Note 10 Income Taxes Income (loss) from continuing operations before income taxes consisted of the following: Year Ended December 31, United States and Other Jurisdictions 2024 2023 2022 (In thousands) United States $ 33,302 $ 215,306 $ (19,820) Other jurisdictions (64,342) (86,182) (225,862) Income (loss) from continuing operations before income taxes $ (31,040) $ 129,124 $ (245,682) Income tax expense (benefit) from continuing operations consisted of the following: Year Ended December 31, 2024 2023 2022 (In thousands) Current: U.S. federal $ 1,175 $ 4,783 $ 1,320 Outside the U.S. 32,326 55,769 48,837 State 1,762 2,787 4,042 $ 35,263 $ 63,339 $ 54,199 Deferred: U.S. federal $ 6,408 $ 16,886 $ 681 Outside the U.S. 13,854 (1,898) (241) State 1,422 893 6,897 $ 21,684 $ 15,881 $ 7,337 Income tax expense (benefit) $ 56,947 $ 79,220 $ 61,536 A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following: Year Ended December 31, 2024 2023 2022 (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 51,433 74,581 25,685 Increase (decrease) in valuation allowance 10,094 22,533 43,060 Impact of foreign exchange rates (9,145) (28,484) (32,108) Prior year adjustments to provision 2,540 (3,513) 15,959 Uncertain tax positions (1,828) 5,854 2,080 Audit settlements (646) 12,464 — State income taxes (benefit) 1,698 3,838 266 Other 2,801 (8,053) 6,594 Income tax expense (benefit) $ 56,947 $ 79,220 $ 61,536 Effective tax rate (183.5%) 61.4% (25.0%) Our worldwide income tax expense for 2024 was $56.9 million compared to $79.2 million for 2023. The decrease in tax expense was primarily attributable to tax expense of The components of our net deferred taxes consisted of the following: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 3,870,614 $ 4,004,602 Tax credit and other attribute carryforwards 86,188 86,896 Disallowed interest carryforward 33,907 19,311 Other 88,644 106,520 Subtotal 4,079,353 4,217,329 Valuation allowance (3,825,551) (3,962,200) Deferred tax assets: $ 253,802 $ 255,129 Deferred tax liabilities: Property, plant and equipment $ 34,089 $ 15,181 Other 5,903 2,443 Deferred tax liability $ 39,992 $ 17,624 Net deferred tax assets (liabilities) $ 213,810 $ 237,505 Balance Sheet Summary: Net noncurrent deferred tax asset $ 216,296 $ 238,871 Net noncurrent deferred tax liability (2,486) (1,366) Net deferred tax asset (liability) $ 213,810 $ 237,505 As of December 31, 2024, we had federal, state, and foreign net operating loss (“NOL”) carryforwards of approximately $599.5 million, $792.4 million and $16.3 billion, respectively. Of those amounts, $7.9 billion will expire between 2025 and 2045 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 $3.8 billion as of December 31, 2024 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: 2024 2023 2022 (In thousands) Balance as of January 1 $ 34,016 $ 45,452 $ 45,988 Additions for tax positions of prior years 322 2,207 806 Reductions for tax positions for prior years (1,046) (256) (1,342) Settlements (9,968) (13,387) — Balance as of December 31 $ 23,324 $ 34,016 $ 45,452 If the unrecognized tax benefits of $23.3 million are realized, this would favorably impact the worldwide effective tax rate. As of December 31, 2024, 2023 and 2022, we had approximately $8.2 million, $11.1 million and $17.0 million, respectively, of interest and penalties related to uncertain tax positions. During 2024, 2023 and 2022, we accrued and recognized estimated interest and penalties related to uncertain tax positions of approximately $(2.9) million, $(6.0) million and $2.6 million, respectively. During the first quarter of 2024, we settled tax audits for which we had accrued an uncertain tax position of $10.0 million and interest and penalties of $1.8 million. Upon settlement, we reversed the uncertain tax position accrual and related interest and penalties. 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, and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2021 and non-U.S. income tax examinations for years before 2007. On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. Among other provisions, the IRA includes a 15% corporate minimum tax rate applied to certain large corporations and a 1% excise tax on corporate stock repurchases made after December 31, 2022. We do not expect the IRA to have a material impact to the Company. The Organization Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax by January 1, 2025. Pillar 2 did not have a material impact to our consolidated financial statements for the year ended December 31, 2024. On December 18, 2023, Bermuda enacted a 15% corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. As a result of the Bermuda CIT, the Company’s exemption from Bermuda corporate income taxes will cease in 2025. With the enactment of the Bermuda CIT in 2023, the Company underwent an analysis to determine the tax impacts to its consolidated financial statements. Bermuda CIT allows for a beginning net operating loss balance related to the five years preceding the effective date of Bermuda CIT. As of December 31, 2024, we have recorded a deferred tax asset of $206.9 million for the Bermuda net operating losses generated from 2020 through 2024 with an offsetting valuation allowance of $206.9 million .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2024
Shareholders' Equity
Shareholders' Equity	Note 11 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 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 2024, 2023 or 2022. 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, 2024, 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”). Payment of the exercise price may be in cash at this time. The Exercise Price and the number of common shares issuable upon exercise are subject to anti-dilution adjustments, including for share dividends, splits, subdivisions, spin-offs, consolidations, reclassifications, combinations, noncash distributions, cash dividends (other than regular quarterly cash dividends not exceeding a permitted threshold amount), certain pro rata shares repurchases, and similar transactions, including certain issuances of common shares (or securities exercisable or convertible into or exchangeable for common shares) at a price (or having a conversion price) that is less than 95% of the market price of the common shares. The Warrants expire on June 11, 2026, but the expiration date may be accelerated at any time by the Company upon The Warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the Warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. On December 31, 2024 and 2023, the fair value of the Warrants was approximately $9.0 million and $25.9 million, respectively. During the years ended December 31, 2024, 2023 and 2022, approximately $16.9 million of gain, $54.7 million of gain and $99.2 million of loss has been recognized for the change in the liability and included in Other, net in our consolidated statements of income (loss), respectively.

Joint Ventures

Joint Ventures	12 Months Ended
Joint Ventures	Dec. 31, 2024
Joint Ventures
Joint Ventures	Note 12 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 that 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, 2024 and December 31, 2023, the amount included in redeemable noncontrolling interest was $453.3 million and $423.6 million, respectively. 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. 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, 2024 2023 (In thousands) Assets: Cash and cash equivalents $ 229,442 $ 281,329 Accounts receivable 111,497 86,461 Other current assets 12,122 12,461 Property, plant and equipment, net 862,031 646,215 Other long-term assets 12,404 25,099 Total assets $ 1,227,496 $ 1,051,565 Liabilities: Accounts payable $ 112,373 $ 88,432 Accrued liabilities 12,447 10,301 Other liabilities 47,254 38,524 Total liabilities $ 172,074 $ 137,257

Related-Party Transactions

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2024
Related-Party Transactions
Related-Party Transactions	Note 13 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 $4.7 million and $4.9 million is included in other long-term assets in our consolidated balance sheets as of December 31, 2024 and 2023. 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 December 2023, NETC completed a business combination with Vast Renewables Limited (“Vast”). NETC merged with and into a wholly owned subsidiary of Vast and one of our independent directors and an executive joined the board of directors of Vast. See Note 20—Special Purpose Acquisition Companies for additional information. In July 2023, Nabors Energy Transition Corporation II (“NETC II”) co-sponsored by Nabors and Greens Road Energy II LLC, completed its initial public offering of 30,500,000 units. Greens Road Energy II LLC is owned by certain members of Nabors’ management team and board members. Simultaneously with the closing of the IPO, NETC II completed the private sale of an aggregate of 9,540,000 warrants with a fair value of $1 per warrant, of which 4,348,000 warrants were purchased by related parties including certain Nabors officers, directors and employees, with the remainder being purchased by a subsidiary of Nabors. See Note 20—Special Purpose Acquisition Companies for additional information. Effective May 3, 2024, Nabors Energy Transition Solutions LLC, a Texas limited liability company and wholly owned subsidiary of Nabors transferred certain non-revenue producing energy transition assets to Hexegen LLC, a newly formed Delaware limited liability company. Remington Energy I, LLC, a Texas limited liability company owned and managed by Mr. Petrello (“Remington”) is also a member of and invested in Hexegen with seed capital and industry expertise. Hexegen plans to grow and scale an energy transition business using its members’ contributions. The arrangement provides for profit sharing among its members Nabors and Remington if certain hurdles are overcome and milestones are met and, at the highest level, would provide for a 90:10 split of profits above a defined threshold. 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 12—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 2024, 2023 and 2022, we incurred costs for these services of $7.9 million, $13.2 million and $11.4 million, respectively. We had accounts payable to these CCG-related companies of $1.8 million and $2.0 million as of December 31, 2024 and 2023.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 14 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 $15.7 million, $17.2 million and $15.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 19—Leases for more information on the minimum rental commitments under non-cancelable operating leases. Contingencies Income Tax We operate in a number of countries and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. In certain jurisdictions we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount we determine to be more likely than not unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred assets. Any change in the ability to utilize such deferred assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize the deferred tax assets that we have recognized. However, it is possible that some of our recognized deferred tax assets, relating to net operating loss carryforwards and tax credits, could expire unused or could carryforward indefinitely without utilization. Therefore, unless we are able to generate sufficient taxable income from our component operations, a substantial valuation allowance to reduce our deferred tax assets may be required, which would materially increase our tax expense in the period the allowance is recognized and materially adversely affect our results of operations and statement of financial condition. Litigation Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. In March 2011, the Court of Ouargla entered a judgment of approximately $20.8 million (at December 31, 2024 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 $12.8 million in excess of amounts accrued. 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 3—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 2025 2026 2027 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ 44,073 3,726 5,548 6,561 $ 59,908

Earnings (Losses) Per Share

Earnings (Losses) Per Share	12 Months Ended
Earnings (Losses) Per Share	Dec. 31, 2024
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 15 Earnings (Losses) Per Share ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The participating security holders are not contractually obligated to share in losses. Therefore, losses are not allocated to the participating security holders. Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted shares and the if-converted method for the 1.75% senior exchangeable notes due June 2029 as the instrument contains a provision for share settlement. A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: Year Ended December 31, 2024 2023 2022 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss), net of tax $ (87,987) $ 49,904 $ (307,218) Less: net (income) loss attributable to noncontrolling interest (88,097) (61,688) (43,043) Less: deemed dividends to SPAC public shareholders — (8,638) — Less: accrued distribution on redeemable noncontrolling interest in subsidiary (29,723) (29,824) (10,324) Numerator for basic earnings per share: Adjusted income (loss), net of tax - basic $ (205,807) $ (50,246) $ (360,585) Weighted-average number of shares outstanding - basic 9,202 9,159 8,898 Earnings (losses) per share: Total Basic $ (22.37) $ (5.49) $ (40.52) DILUTED EPS: Adjusted income (loss), net of tax - diluted $ (205,807) $ (50,246) $ (360,585) Weighted-average number of shares outstanding - diluted 9,202 9,159 8,898 Earnings (losses) per share: Total Diluted $ (22.37) $ (5.49) $ (40.52) For all periods presented, the computation of diluted earnings (losses) per share excludes shares related to outstanding stock options with exercise prices greater than the average market price of Nabors’ common shares and shares related to the outstanding Warrants when their exercise price or exchange price is higher than the average market price of Nabors’ common shares, 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 or warrants 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, all potential common shares have been excluded from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive. The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): Year Ended December 31, 2024 2023 2022 (In thousands) Potentially dilutive securities excluded as anti-dilutive 3,388 3,381 3,369 Additionally for the years ended December 31, 2024 and 2023, we excluded 1.2 million common shares from the computation of diluted shares related to the conversion of the 1.75% senior exchangeable notes due June 2029, because their effect would be anti-dilutive under the if-converted method, respectively.

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 16 Supplemental Balance Sheet, Income Statement and Cash Flow Information Accrued liabilities include the following: December 31, 2024 2023 (In thousands) Accrued compensation $ 68,776 $ 58,769 Deferred revenue 30,902 29,233 Other taxes payable 33,446 41,322 Workers’ compensation liabilities 6,588 6,588 Interest payable 66,300 57,607 Litigation reserves 10,493 19,924 Other accrued liabilities 7,254 16,797 $ 223,759 $ 230,240 Investment income (loss) includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Interest and dividend income $ 39,097 $ 45,900 $ 15,474 Gains (losses) on marketable securities (384) (2,080) (482) $ 38,713 $ 43,820 $ 14,992 Other, net includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Losses on sales, disposals and involuntary conversions of long-lived assets $ 26,358 $ 13,923 $ 7,350 Transaction related costs 6,763 — — Other than temporary impairment on securities 26,080 8,293 — Energy transition initiatives 1,260 6,502 — Warrant and derivative valuation (16,894) (54,948) 95,876 Litigation expenses and reserves 6,284 26,451 15,160 Foreign currency transaction losses 28,149 37,285 6,689 Loss (gain) on debt buyback 14,857 (25,274) (4,597) Other losses (gains) 13,959 (12,958) 6,621 $ 106,816 $ (726) $ 127,099 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, 2023 $ 2 $ (3,767) $ (7,273) $ (11,038) Other comprehensive income (loss) before reclassifications — — 45 45 Amounts reclassified from accumulated other comprehensive income (loss) — 161 — 161 Net other comprehensive income (loss) — 161 45 206 As of December 31, 2023 $ 2 $ (3,606) $ (7,228) $ (10,832) (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, 2024 $ 2 $ (3,606) $ (7,228) $ (10,832) Other comprehensive income (loss) before reclassifications — — 256 256 Amounts reclassified from accumulated other comprehensive income (loss) — 162 — 162 Net other comprehensive income (loss) — 162 256 418 As of December 31, 2024 $ 2 $ (3,444) $ (6,972) $ (10,414) (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, 2024 2023 2022 (In thousands) General and administrative expenses 210 209 208 Total income (loss) before income tax (210) (209) (208) Tax expense (benefit) (48) (48) (48) Reclassification adjustment for (gains)/ losses included in net income (loss) $ (162) $ (161) $ (160) Supplemental cash flow information includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Cash paid for income taxes (refunded), net $ 73,799 $ 49,486 $ 29,191 Cash paid for interest, net of capitalized interest $ 198,561 $ 186,923 $ 189,755 Net change in accounts payable related to capital expenditures $ 41,721 $ 10,363 $ 8,615

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2024
Segment Information
Segment Information	Note 17 Segment Information Our business consists of four reportable segments: U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies. Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. 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. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chairman and Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted operating income (loss), defined as net income (loss) before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), and other, net. The following tables sets forth financial information with respect to our reportable operating segments: Year Ended December 31, 2024 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,028,122 $ 1,446,092 $ 314,071 $ 201,677 $ 2,989,962 $ (59,836) $ 2,930,126 Direct costs (554,527) (941,118) (151,387) (138,936) (1,785,968) 43,557 (1,742,411) Depreciation and amortization (272,559) (328,924) (19,988) (9,200) (630,671) (2,737) (633,408) Other segment expenses (2) (24,755) (68,192) (30,309) (33,298) (156,554) (149,826) (306,380) Total adjusted operating income (loss) $ 176,281 $ 107,858 $ 112,387 $ 20,243 416,769 $ (168,842) 247,927 Capital expenditures $ 110,822 $ 459,175 $ 17,787 $ 5,767 $ 593,551 $ 16,176 $ 609,727 Year Ended December 31, 2023 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,207,629 $ 1,345,249 $ 301,757 $ 242,768 $ 3,097,403 $ (91,422) $ 3,005,981 Direct costs (647,251) (892,182) (145,139) (181,644) (1,866,216) 75,836 (1,790,380) Depreciation and amortization (271,310) (347,786) (18,634) (7,865) (645,595) 301 (645,294) Other segment expenses (2) (26,715) (64,413) (27,027) (33,730) (151,885) (148,559) (300,444) Total adjusted operating income (loss) $ 262,353 $ 40,868 $ 110,957 $ 19,529 $ 433,707 $ (163,844) $ 269,863 Capital expenditures $ 136,311 $ 357,609 $ 25,721 $ 21,229 $ 540,870 $ 12,038 $ 552,908 Year Ended December 31, 2022 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,100,614 $ 1,199,282 $ 243,349 $ 195,129 $ 2,738,374 $ (84,608) $ 2,653,766 Direct costs (652,899) (813,418) (118,452) (151,135) (1,735,904) 69,900 (1,666,004) Depreciation and amortization (311,759) (329,335) (20,829) (5,794) (667,717) 2,645 (665,072) Other segment expenses (2) (27,450) (57,408) (26,200) (29,294) (140,352) (138,018) (278,370) Total adjusted operating income (loss) $ 108,506 $ (879) $ 77,868 $ 8,906 $ 194,401 $ (150,081) $ 44,320 Capital expenditures $ 118,017 $ 222,099 $ 19,946 $ 15,660 $ 375,722 $ 5,765 $ 381,487 Year Ended December 31, 2024 2023 2022 (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): Net income (loss) $ (87,987) $ 49,904 $ (307,218) Income tax expense (benefit) 56,947 79,220 61,536 Income (loss) before income taxes $ (31,040) $ 129,124 $ (245,682) Investment (income) loss (38,713) (43,820) (14,992) Interest expense 210,864 185,285 177,895 Other, net 106,816 (726) 127,099 Total adjusted operating income (loss) (3) $ 247,927 $ 269,863 $ 44,320 December 31, December 31, 2024 2023 (In thousands) Total assets: U.S. Drilling $ 1,049,650 $ 1,239,765 International Drilling 2,348,590 2,227,308 Drilling Solutions 79,065 78,472 Rig Technologies 215,225 239,167 Total reportable segments 3,692,530 3,784,712 Other reconciling items (4) 811,771 1,493,253 Total $ 4,504,301 $ 5,277,965 (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures. (2) Other segment expenses represent general and administrative expenses and research and engineering expenses. (3) 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) is provided in the above table. (4) Represents corporate-related assets. 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, 2024 2023 2022 (In thousands) Operating revenues U.S. $ 1,283,785 $ 1,477,774 $ 1,323,531 Outside the U.S. 1,646,341 1,528,207 1,330,235 $ 2,930,126 $ 3,005,981 $ 2,653,766 Property, plant and equipment, net: U.S. $ 1,165,677 $ 1,304,686 $ 1,437,333 Outside the U.S. 1,665,280 1,594,042 1,588,767 $ 2,830,957 $ 2,898,728 $ 3,026,100 During the years ended December 31, 2024, 2023 and 2022, $927.7 million, $821.1 million and $712.8 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 31%, 26% and 26% of our consolidated operating revenues during the years ended December 31, 2024, 2023 and 2022, respectively, and is included primarily in our International Drilling reportable segment.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Dec. 31, 2024
Revenue Recognition
Revenue Recognition	Note 18 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, 2024 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other Total (In thousands) Lower 48 $ 872,432 $ — $ 172,832 $ 83,313 $ — $ 1,128,577 U.S. Offshore Gulf of Mexico 107,253 — 9,943 — — 117,196 Alaska 48,437 — 2,447 — — 50,884 Canada — — 1,847 6,331 — 8,178 Middle East & Asia — 1,002,350 51,222 91,344 — 1,144,916 Latin America — 360,092 74,225 14,310 — 448,627 Europe, Africa & CIS — 83,650 1,555 6,379 — 91,584 Eliminations & other — — — — (59,836) (59,836) Total $ 1,028,122 $ 1,446,092 $ 314,071 $ 201,677 $ (59,836) $ 2,930,126 Year Ended December 31, 2023 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other Total (In thousands) Lower 48 $ 1,052,274 $ — $ 196,252 $ 121,958 $ — $ 1,370,484 U.S. Offshore Gulf of Mexico 118,218 — 11,147 — — 129,365 Alaska 37,137 — 1,733 — — 38,870 Canada — — 1,522 7,270 — 8,792 Middle East & Asia — 943,285 44,896 93,032 — 1,081,213 Latin America — 341,470 44,422 11,162 — 397,054 Europe, Africa & CIS — 60,494 1,785 9,346 — 71,625 Eliminations & other — — — — (91,422) (91,422) Total $ 1,207,629 $ 1,345,249 $ 301,757 $ 242,768 $ (91,422) $ 3,005,981 Year Ended December 31, 2022 U.S. 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 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 thousands) As of December 31, 2023 $ 397,051 $ 8,434 $ 2,980 $ 20,295 $ 1,969 As of December 31, 2024 $ 433,562 $ 17,510 $ 9,742 $ 24,002 $ 13,424 Approximately 69% of the contract liability balance at the beginning of the period was recognized as revenue during 2024 and 18% is expected to be recognized in 2025 2026 Additionally, 34% of the contract asset balance at the beginning of the period was recognized as expense during 2024 and 34% is expected to be recognized in 2025. The remaining 32% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2026 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
Leases	Dec. 31, 2024
Leases
Leases	Note 19 Leases 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. 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, 2024 2023 Classification on the Balance Sheet (In thousands) Assets Operating lease assets Other long-term assets $ 28,688 $ 30,650 Total lease assets $ 28,688 $ 30,650 Liabilities Current liabilities: Operating lease liabilities Current lease liabilities $ 6,768 $ 5,423 Noncurrent liabilities: Operating lease liabilities Other long-term liabilities $ 22,145 $ 25,713 Total lease liabilities $ 28,913 $ 31,136 Lease Costs The table below presents certain information related to the lease costs for our operating leases: Year Ended December 31, 2024 2023 2022 (In thousands) Operating lease cost 7,941 9,688 10,047 Short-term lease cost 763 150 596 Variable lease cost 25 39 115 Total lease cost $ 8,729 $ 9,877 $ 10,758 Other Information The table below presents supplemental cash flow information related to leases: Year Ended December 31, 2024 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,941 $ 9,688 $ 10,047 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, 2024 2023 Weighted-average remaining lease term - operating leases 5.57 6.44 Weighted-average discount rate - operating leases 7.25% 6.82% 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, 2024 (In thousands) 2025 $ 8,568 2026 8,071 2027 5,966 2028 2,766 2029 2,699 Thereafter 6,487 Total undiscounted lease liability 34,557 Less: amount of lease payments representing interest (5,644) Long-term lease obligations $ 28,913

Special Purpose Acquisition Com

Special Purpose Acquisition Company	12 Months Ended
Special Purpose Acquisition Company	Dec. 31, 2024
Special Purpose Acquisition Company
Special Purpose Acquisition Companies	Note 20 Special Purpose Acquisition Companies As of December 31, 2024 Nabors is the co-sponsor of a SPAC. The SPAC is a consolidated VIE included in the accompanying consolidated financial statements under Restricted cash held in trust and Redeemable noncontrolling interest in subsidiary. The SPAC’s funds are held in an interest-bearing U.S. based trust account (“Trust Account”) and are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invests only in direct U.S. government treasury obligations. The funds in the trust account will only be released to the SPAC upon completion by the SPAC of a business combination or in connection with redemptions of any of the redeemable common shares, except with respect to interest earned on the funds which may be withdrawn to pay the SPAC’s taxes. The company accounts for the non-controlling interest in the SPAC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” The SPAC’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. Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjusting the carrying amount of the instrument to its current redemption amount at each reporting period. NETC In November 2021, NETC cosponsored by Nabors and Greens Road Energy LLC completed its’ initial public offering. Greens Road Energy LLC is owned by certain members of Nabors’ board of directors and management team. As part of the initial public offering of NETC and subsequent private placement warrant transactions, In December 2023, NETC and Vast completed the business combination. Our equity method investment, the Vast Warrants and the Vast Earnout Shares were all recorded at fair market value at the time of closing, and the financial statements of NETC were deconsolidated from the Nabors consolidated financial statements. The impact of this transaction and subsequent application of equity method of accounting for our investment in Vast, and the fair value accounting for the Vast Warrants and Vast Earnout Shares, was a net gain for the quarter ended December 31, 2023, of approximately $7.2 million, which is included in the accompanying consolidated income statement under Other, net. The Vast Warrants and Vast Earnout Shares are marked to market on an ongoing basis. During the year ended December 31, 2024, approximately $15.4 million of impairment loss was recognized as we determined that the fair value of our Vast investment was below carrying value for a prolonged period of time resulting in the impairment. This impairment has been included in Other, net in our consolidated statements of income (loss). See Note 5 The following table summarizes NETC’s effects on changes in non-controlling interest subject to possible redemption. 2023 (In thousands) Balance, beginning of year $ 284,841 Net earnings 5,540 Nabors deemed dividends to SPAC public shareholders 3,055 Noncontrolling interest deemed dividends to SPAC public shareholders 1,774 Redemptions and distributions of Trust Account (295,210) Balance as of December 31 $ — NETC II In July 2023, NETC II co-sponsored by Nabors and Greens Road Energy II LLC, completed its initial public offering of 30,500,000 units at $10.00 per unit, generating gross proceeds of approximately $305.0 million. Greens Road Energy II LLC is owned by certain members of Nabors’ management team and board members. Simultaneously with the closing of the IPO, NETC II completed the private sale of an aggregate of million. Approximately $331.8 million and $315.5 million of non-controlling interest subject to possible redemption is presented at full redemption value as temporary equity, outside of the stockholders’ equity section in the accompanying consolidated financial statements as of December 31, 2024 and 2023, respectively. The following table summarizes NETC II’s effects on changes in non-controlling interest subject to possible redemption. 2024 2023 (In thousands) Balance, beginning of year $ 315,488 $ — Initial public offering — 294,474 Net earnings 16,293 7,438 Nabors deemed dividends to SPAC public shareholders — 5,583 Noncontrolling interest deemed dividends to SPAC public shareholders — 7,993 Balance as of December 31 $ 331,781 $ 315,488 Subsequent to year-end, on February 11, 2025, NETC II entered into a definitive agreement for a business combination with e2Companies LLC, a leading provider of integrated solutions for on-site power generation, distribution and energy cost-optimization. Completion of the proposed transaction is subject to customary closing conditions.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	Dec. 31, 2024
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2024, 2023 and 2022 Charged to Balance at Costs and Charged to Balance at Beginning Other Other End of of Period Deductions Accounts Deductions Period (In thousands) 2024 Allowance for doubtful accounts $ 52,864 4,688 (326) (1) $ 57,225 Inventory reserve $ 23,902 364 — 42 $ 24,308 Valuation allowance on deferred tax assets $ 3,962,200 — (136,649) — $ 3,825,551 2023 Allowance for doubtful accounts $ 52,895 (56) 56 (31) $ 52,864 Inventory reserve $ 23,038 864 — — $ 23,902 Valuation allowance on deferred tax assets $ 3,839,885 — 122,315 — $ 3,962,200 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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (176,084)	$ (11,784)	$ (350,261)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended December 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We engage subject matter experts such as consultants to assist us in establishing processes to assess, identify, and manage potential and actual cybersecurity threats, to actively monitor our systems internally using widely accepted digital applications, processes, and controls, and to provide forensic assistance to facilitate system recovery in the case of an incident. The Enterprise Incident Response Team oversees and establishes the parameters of our engagement with these experts to ensure we obtain the supplement assistance needed in this area, if any.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our Enterprise Risk Management Committee receives reports on the Company’s cybersecurity program and developments from our Vice President of Information Technology. Our Enterprise Risk Management Committee and our Vice President of Information Technology report to the Company’s Board of Directors at each of the regularly scheduled quarterly meetings. These reports include analyses of recent cybersecurity threats and incidents across the industry, as well as a review of our own security controls, assessments and program maturity, and risk mitigation status ;
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board’s active engagement in the oversight of our cybersecurity program includes: 1. Our Enterprise Risk Management Committee receives reports on the Company’s cybersecurity program and developments from our Vice President of Information Technology. Our Enterprise Risk Management Committee and our Vice President of Information Technology report to the Company’s Board of Directors at each of the regularly scheduled quarterly meetings. These reports include analyses of recent cybersecurity threats and incidents across the industry, as well as a review of our own security controls, assessments and program maturity, and risk mitigation status ; 2. We have a cross-functional approach to addressing cybersecurity risk, with digital technology, legal, and the corporate audit functions presenting to the Enterprise Risk Management Committee on key cybersecurity topics; and 3. On at least an annual basis, the full Board of Directors receives a comprehensive cybersecurity review, including director education from third-party cybersecurity experts.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Enterprise Incident Response Team
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Enterprise Risk Management Committee and our Vice President of Information Technology report to the Company’s Board of Directors at each of the regularly scheduled quarterly meetings. These reports include analyses of recent cybersecurity threats and incidents across the industry, as well as a review of our own security controls, assessments and program maturity, and risk mitigation status
Cybersecurity Risk Role of Management [Text Block]	The Technology and Safety Committee of the Board of Directors reviews the integrity of information technology systems, including the potential for cybersecurity threats. In addition, the Risk Oversight Committee monitors management’s identification and evaluation of major strategic, operational, regulatory, information technology, cyber security and other external risks inherent in the Company’s business
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Vice President of Information Technology
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President of Information Technology, reporting to our Chief Administrative Officer, has principal responsibility for assessing and managing cybersecurity risks and threats, implementing the systems necessary to address such risks and threats and preparing updates for the Risk Oversight Committee and the Board of Directors. Our Vice President of Information Technology has over 20 years of experience in the cybersecurity field, including with implementing advanced cybersecurity and risk management strategies, audits, compliance with regulatory requirements and applying various security frameworks such as ISO 27001 and NIST. Our Senior Director of Cybersecurity Governance reports to our Vice President of Information Technology and is responsible for the operation of our cybersecurity program and management of our cybersecurity team. Our Senior Director of Cybersecurity Governance has over 15 years of experience in the cybersecurity field including experience with risk assessments, implementing of industry-leading security tools, conducting security reviews of system implementations and cyber risk management strategies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Activities include mandatory training for all employees, technical security controls, enhanced data protection, the maintenance of backup and protective systems, policy review and implementation, the evaluation of cybersecurity insurance, periodic assessments of third-party service providers to assess cyber preparedness of key vendors, and running simulated cybersecurity drills, including vulnerability scanning, penetration testing and disaster recovery exercises, throughout the organization.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
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 12—Joint Ventures. Also, as of December 31, 2024, we are the co-sponsor of a special purpose acquisition company (SPAC) and have determined it is a VIE. Nabors is the primary beneficiary of the SPAC as we have the power to direct activities, the right to receive benefits and the obligation to absorb losses. Therefore, the SPAC has been consolidated. See Note 20—Special Purpose Acquisition Companies.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits, callable time 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 available-for-sale debt securities. These debt securities are held at fair market value. Also, equity securities are included and 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 $24.3 million and $23.9 million as of December 31, 2024 and 2023, respectively, included the following: December 31, 2024 2023 (In thousands) Raw materials $ 124,711 $ 144,886 Work-in-progress 2,768 2,912 Finished goods 2,500 — $ 129,979 $ 147,798
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.
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 14—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. On December 18, 2023, Bermuda enacted a 15% corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. 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.
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; ● income taxes; ● litigation and self-insurance reserves; and ● fair value of assets acquired and liabilities assumed.
Recent accounting pronouncements	Recent Accounting Pronouncements Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, deletion and amortization recognized as part of oil and gas producing activities. This ASU is effective for fiscal years beginning after December 15, 2026. The adoption of ASU 2024-03 requires us to provide additional disclosures but will otherwise not materially impact our financial statements. We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or do not have a material impact on our financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2024
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 $24.3 million and $23.9 million as of December 31, 2024 and 2023, respectively, included the following: December 31, 2024 2023 (In thousands) Raw materials $ 124,711 $ 144,886 Work-in-progress 2,768 2,912 Finished goods 2,500 — $ 129,979 $ 147,798

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2024
Fair Value Measurements
Fair value of debt instruments	As of December 31, 2024 2023 Effective Effective Interest Carrying Fair Interest Carrying Fair Rate Value Value Rate Value Value (In thousands) 0.75% senior exchangeable notes due January 2024 — % $ — $ — 0.84 % $ 155,529 $ 154,989 5.75% senior notes due February 2025 — % — — 5.97 % 474,092 474,120 7.25% senior guaranteed notes due January 2026 — % — — 7.53 % 555,902 535,328 7.375% senior priority guaranteed notes due May 2027 7.74 % 700,000 699,916 7.72 % 700,000 687,526 7.50% senior guaranteed notes due January 2028 7.70 % 389,609 362,823 7.69 % 389,609 334,090 1.75% senior exchangeable notes due June 2029 2.27 % 250,000 179,548 2.26 % 250,000 185,383 9.125% senior priority guaranteed notes due January 2030 9.40 % 650,000 661,401 9.40 % 650,000 656,871 8.875% senior guaranteed notes due August 2031 9.12 % 550,000 511,104 — % — — $ 2,539,609 $ 2,414,792 $ 3,175,132 $ 3,028,307 Less: current portion — 629,621 Less: deferred financing costs 34,392 33,992 $ 2,505,217 $ 2,511,519

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
Share-Based Compensation (Tables)	Dec. 31, 2024
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, 2023 16 $ 362.76 Expired (1) 897.34 Options outstanding as of December 31, 2024 15 $ 317.82 3.50 years $ — Options exercisable as of December 31, 2024 15 $ 317.82 3.50 years $ —
Schedule of changes in unvested restricted stock	A summary of our restricted shares as of December 31, 2024, 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, 2023 185 $ 140.56 Granted 96 83.32 Vested (67) 131.64 Forfeited (14) 122.85 Unvested as of December 31, 2024 200 $ 117.20
Employee Stock Option
Share-Based Compensation
Schedule of valuation assumptions used to estimate the fair value of stock options	The fair value of stock options granted during 2022 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: 2022 Weighted average fair value of options granted $ 111.23 Weighted average risk free interest rate 3.69% Dividend yield 0.00% Volatility (1) 111.5% Expected life (in years) 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.
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, 2024: Weighted-Average Grant-Date Fair Restricted Stock Units Outstanding Value (In thousands, except fair value) Outstanding as of December 31, 2023 103 $ 92.84 Granted 93 81.36 Vested (44) 81.14 Forfeited (4) 38.37 Outstanding as of December 31, 2024 148 $ 73.36
Restricted shares based on market conditions
Share-Based Compensation
Schedule of valuation assumptions used to estimate the fair value of stock options	The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: Year Ended December 31, 2024 2023 2022 Risk free interest rate 4.01% 4.13% 1.03% Expected volatility 65.00% 94.00% 92.00% Closing stock price at grant date $ 81.63 $ 154.87 $ 81.09 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, 2024: Weighted-Average Grant-Date Fair Market based restricted shares Outstanding Value (In thousands, except fair value) Outstanding as of December 31, 2023 77 $ 65.62 Granted 53 50.51 Forfeited (48) 49.00 Outstanding as of December 31, 2024 82 $ 65.52

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2024
Property, Plant and Equipment
Schedule of major components of property, plant and equipment	The major components of our property, plant and equipment are as follows: December 31, 2024 2023 (In thousands) Land $ 31,529 $ 32,074 Buildings 158,518 140,330 Drilling rigs and related equipment 12,084,276 11,959,989 Oilfield hauling and mobile equipment 228,730 233,920 Other machinery and equipment 252,369 237,567 $ 12,755,422 $ 12,603,880 Less: accumulated depreciation and amortization (9,924,465) (9,705,152) $ 2,830,957 $ 2,898,728 Depreciation expense included in depreciation and amortization expense in our consolidated statements of income (loss) totaled $632.9 million, $644.9 million and $663.1 million during 2024, 2023 and 2022, respectively.

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2024
Debt
Schedule of debt	Debt consisted of the following: As of December 31, 2024 2023 (In thousands) 0.75% senior exchangeable notes due January 2024 $ — $ 155,529 5.75% senior notes due February 2025 — 474,092 7.25% senior guaranteed notes due January 2026 — 555,902 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 1.75% senior exchangeable notes due June 2029 250,000 250,000 9.125% senior priority guaranteed notes due January 2030 650,000 650,000 8.875% senior guaranteed notes due August 2031 550,000 — $ 2,539,609 $ 3,175,132 Less: current portion — 629,621 Less: deferred financing costs 34,392 33,992 Long-term debt $ 2,505,217 $ 2,511,519
Schedule of principal amount and maturities of debt	As of December 31, 2024, the principal amount and maturities of our primary debt for each of the five years following 2024 and thereafter are as follows: Paid at Maturity (In thousands) 2027 $ 700,000 (1) 2028 389,609 (2) 2029 250,000 (3) Thereafter 1,200,000 (4) $ 2,539,609 (1) Represents our 7.375% senior priority guaranteed notes due May 2027. (2) Represents our 7.50% senior guaranteed notes due January 2028. (3) Represents our 1.75% senior exchangeable notes due June 2029 and our 2024 Credit Agreement. (4) Represents our 9.125% senior priority guaranteed notes due January 2030 and our 8.875% senior guaranteed notes due August 2031.
Schedule of letters of credit	We had seven letter-of-credit facilities with various banks as of December 31, 2024. Availability and borrowings under our letter-of-credit facilities are as follows: December 31, 2024 (In thousands) Credit available $ 303,667 Less: Letters of credit outstanding, inclusive of financial and performance guarantees 129,523 Remaining availability $ 174,144

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2024
Income Taxes
Schedule of income (loss) from continuing operations before income taxes	Income (loss) from continuing operations before income taxes consisted of the following: Year Ended December 31, United States and Other Jurisdictions 2024 2023 2022 (In thousands) United States $ 33,302 $ 215,306 $ (19,820) Other jurisdictions (64,342) (86,182) (225,862) Income (loss) from continuing operations before income taxes $ (31,040) $ 129,124 $ (245,682)
Schedule of income tax expense (benefit) from continuing operations	Income tax expense (benefit) from continuing operations consisted of the following: Year Ended December 31, 2024 2023 2022 (In thousands) Current: U.S. federal $ 1,175 $ 4,783 $ 1,320 Outside the U.S. 32,326 55,769 48,837 State 1,762 2,787 4,042 $ 35,263 $ 63,339 $ 54,199 Deferred: U.S. federal $ 6,408 $ 16,886 $ 681 Outside the U.S. 13,854 (1,898) (241) State 1,422 893 6,897 $ 21,684 $ 15,881 $ 7,337 Income tax expense (benefit) $ 56,947 $ 79,220 $ 61,536
Reconciliation of the statutory tax rate to worldwide effective tax rate	A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following: Year Ended December 31, 2024 2023 2022 (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 51,433 74,581 25,685 Increase (decrease) in valuation allowance 10,094 22,533 43,060 Impact of foreign exchange rates (9,145) (28,484) (32,108) Prior year adjustments to provision 2,540 (3,513) 15,959 Uncertain tax positions (1,828) 5,854 2,080 Audit settlements (646) 12,464 — State income taxes (benefit) 1,698 3,838 266 Other 2,801 (8,053) 6,594 Income tax expense (benefit) $ 56,947 $ 79,220 $ 61,536 Effective tax rate (183.5%) 61.4% (25.0%)
Schedule of components of net deferred taxes	The components of our net deferred taxes consisted of the following: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 3,870,614 $ 4,004,602 Tax credit and other attribute carryforwards 86,188 86,896 Disallowed interest carryforward 33,907 19,311 Other 88,644 106,520 Subtotal 4,079,353 4,217,329 Valuation allowance (3,825,551) (3,962,200) Deferred tax assets: $ 253,802 $ 255,129 Deferred tax liabilities: Property, plant and equipment $ 34,089 $ 15,181 Other 5,903 2,443 Deferred tax liability $ 39,992 $ 17,624 Net deferred tax assets (liabilities) $ 213,810 $ 237,505 Balance Sheet Summary: Net noncurrent deferred tax asset $ 216,296 $ 238,871 Net noncurrent deferred tax liability (2,486) (1,366) Net deferred tax asset (liability) $ 213,810 $ 237,505
Schedule of changes in uncertain tax positions	The following is a reconciliation of our uncertain tax positions: 2024 2023 2022 (In thousands) Balance as of January 1 $ 34,016 $ 45,452 $ 45,988 Additions for tax positions of prior years 322 2,207 806 Reductions for tax positions for prior years (1,046) (256) (1,342) Settlements (9,968) (13,387) — Balance as of December 31 $ 23,324 $ 34,016 $ 45,452

Joint Ventures (Tables)

Joint Ventures (Tables)	12 Months Ended
Joint Ventures (Tables)	Dec. 31, 2024
Joint Ventures
Schedule of condensed balance sheet of SANAD	The condensed balance sheet of SANAD, as included in our consolidated balance sheet, is presented below. December 31, 2024 2023 (In thousands) Assets: Cash and cash equivalents $ 229,442 $ 281,329 Accounts receivable 111,497 86,461 Other current assets 12,122 12,461 Property, plant and equipment, net 862,031 646,215 Other long-term assets 12,404 25,099 Total assets $ 1,227,496 $ 1,051,565 Liabilities: Accounts payable $ 112,373 $ 88,432 Accrued liabilities 12,447 10,301 Other liabilities 47,254 38,524 Total liabilities $ 172,074 $ 137,257

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2024
Commitments and Contingencies
Summary of financial guarantees maturity	Maximum Amount 2025 2026 2027 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ 44,073 3,726 5,548 6,561 $ 59,908

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	12 Months Ended
Earnings (Losses) Per Share (Tables)	Dec. 31, 2024
Earnings (Losses) Per Share
Reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations	A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: Year Ended December 31, 2024 2023 2022 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss), net of tax $ (87,987) $ 49,904 $ (307,218) Less: net (income) loss attributable to noncontrolling interest (88,097) (61,688) (43,043) Less: deemed dividends to SPAC public shareholders — (8,638) — Less: accrued distribution on redeemable noncontrolling interest in subsidiary (29,723) (29,824) (10,324) Numerator for basic earnings per share: Adjusted income (loss), net of tax - basic $ (205,807) $ (50,246) $ (360,585) Weighted-average number of shares outstanding - basic 9,202 9,159 8,898 Earnings (losses) per share: Total Basic $ (22.37) $ (5.49) $ (40.52) DILUTED EPS: Adjusted income (loss), net of tax - diluted $ (205,807) $ (50,246) $ (360,585) Weighted-average number of shares outstanding - diluted 9,202 9,159 8,898 Earnings (losses) per share: Total Diluted $ (22.37) $ (5.49) $ (40.52)
Potentially dilutive securities excluded as anti-dilutive	The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): Year Ended December 31, 2024 2023 2022 (In thousands) Potentially dilutive securities excluded as anti-dilutive 3,388 3,381 3,369

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Schedule of accrued liabilities	Accrued liabilities include the following: December 31, 2024 2023 (In thousands) Accrued compensation $ 68,776 $ 58,769 Deferred revenue 30,902 29,233 Other taxes payable 33,446 41,322 Workers’ compensation liabilities 6,588 6,588 Interest payable 66,300 57,607 Litigation reserves 10,493 19,924 Other accrued liabilities 7,254 16,797 $ 223,759 $ 230,240
Schedule of investment income (loss)	Investment income (loss) includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Interest and dividend income $ 39,097 $ 45,900 $ 15,474 Gains (losses) on marketable securities (384) (2,080) (482) $ 38,713 $ 43,820 $ 14,992
Schedule of other, net	Other, net includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Losses on sales, disposals and involuntary conversions of long-lived assets $ 26,358 $ 13,923 $ 7,350 Transaction related costs 6,763 — — Other than temporary impairment on securities 26,080 8,293 — Energy transition initiatives 1,260 6,502 — Warrant and derivative valuation (16,894) (54,948) 95,876 Litigation expenses and reserves 6,284 26,451 15,160 Foreign currency transaction losses 28,149 37,285 6,689 Loss (gain) on debt buyback 14,857 (25,274) (4,597) Other losses (gains) 13,959 (12,958) 6,621 $ 106,816 $ (726) $ 127,099
Schedule of changes in accumulated other comprehensive income (loss)	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, 2023 $ 2 $ (3,767) $ (7,273) $ (11,038) Other comprehensive income (loss) before reclassifications — — 45 45 Amounts reclassified from accumulated other comprehensive income (loss) — 161 — 161 Net other comprehensive income (loss) — 161 45 206 As of December 31, 2023 $ 2 $ (3,606) $ (7,228) $ (10,832) (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, 2024 $ 2 $ (3,606) $ (7,228) $ (10,832) Other comprehensive income (loss) before reclassifications — — 256 256 Amounts reclassified from accumulated other comprehensive income (loss) — 162 — 162 Net other comprehensive income (loss) — 162 256 418 As of December 31, 2024 $ 2 $ (3,444) $ (6,972) $ (10,414) (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, 2024 2023 2022 (In thousands) General and administrative expenses 210 209 208 Total income (loss) before income tax (210) (209) (208) Tax expense (benefit) (48) (48) (48) Reclassification adjustment for (gains)/ losses included in net income (loss) $ (162) $ (161) $ (160)
Schedule of supplemental cash flow information	Supplemental cash flow information includes the following: Year Ended December 31, 2024 2023 2022 (In thousands) Cash paid for income taxes (refunded), net $ 73,799 $ 49,486 $ 29,191 Cash paid for interest, net of capitalized interest $ 198,561 $ 186,923 $ 189,755 Net change in accounts payable related to capital expenditures $ 41,721 $ 10,363 $ 8,615

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2024
Segment Information
Schedule of financial information with respect to operating segments	The following tables sets forth financial information with respect to our reportable operating segments: Year Ended December 31, 2024 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,028,122 $ 1,446,092 $ 314,071 $ 201,677 $ 2,989,962 $ (59,836) $ 2,930,126 Direct costs (554,527) (941,118) (151,387) (138,936) (1,785,968) 43,557 (1,742,411) Depreciation and amortization (272,559) (328,924) (19,988) (9,200) (630,671) (2,737) (633,408) Other segment expenses (2) (24,755) (68,192) (30,309) (33,298) (156,554) (149,826) (306,380) Total adjusted operating income (loss) $ 176,281 $ 107,858 $ 112,387 $ 20,243 416,769 $ (168,842) 247,927 Capital expenditures $ 110,822 $ 459,175 $ 17,787 $ 5,767 $ 593,551 $ 16,176 $ 609,727 Year Ended December 31, 2023 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,207,629 $ 1,345,249 $ 301,757 $ 242,768 $ 3,097,403 $ (91,422) $ 3,005,981 Direct costs (647,251) (892,182) (145,139) (181,644) (1,866,216) 75,836 (1,790,380) Depreciation and amortization (271,310) (347,786) (18,634) (7,865) (645,595) 301 (645,294) Other segment expenses (2) (26,715) (64,413) (27,027) (33,730) (151,885) (148,559) (300,444) Total adjusted operating income (loss) $ 262,353 $ 40,868 $ 110,957 $ 19,529 $ 433,707 $ (163,844) $ 269,863 Capital expenditures $ 136,311 $ 357,609 $ 25,721 $ 21,229 $ 540,870 $ 12,038 $ 552,908 Year Ended December 31, 2022 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Total Reportable Segments Other items (1) Total (In thousands) Operating revenues $ 1,100,614 $ 1,199,282 $ 243,349 $ 195,129 $ 2,738,374 $ (84,608) $ 2,653,766 Direct costs (652,899) (813,418) (118,452) (151,135) (1,735,904) 69,900 (1,666,004) Depreciation and amortization (311,759) (329,335) (20,829) (5,794) (667,717) 2,645 (665,072) Other segment expenses (2) (27,450) (57,408) (26,200) (29,294) (140,352) (138,018) (278,370) Total adjusted operating income (loss) $ 108,506 $ (879) $ 77,868 $ 8,906 $ 194,401 $ (150,081) $ 44,320 Capital expenditures $ 118,017 $ 222,099 $ 19,946 $ 15,660 $ 375,722 $ 5,765 $ 381,487 Year Ended December 31, 2024 2023 2022 (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): Net income (loss) $ (87,987) $ 49,904 $ (307,218) Income tax expense (benefit) 56,947 79,220 61,536 Income (loss) before income taxes $ (31,040) $ 129,124 $ (245,682) Investment (income) loss (38,713) (43,820) (14,992) Interest expense 210,864 185,285 177,895 Other, net 106,816 (726) 127,099 Total adjusted operating income (loss) (3) $ 247,927 $ 269,863 $ 44,320 December 31, December 31, 2024 2023 (In thousands) Total assets: U.S. Drilling $ 1,049,650 $ 1,239,765 International Drilling 2,348,590 2,227,308 Drilling Solutions 79,065 78,472 Rig Technologies 215,225 239,167 Total reportable segments 3,692,530 3,784,712 Other reconciling items (4) 811,771 1,493,253 Total $ 4,504,301 $ 5,277,965 (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures. (2) Other segment expenses represent general and administrative expenses and research and engineering expenses. (3) 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) is provided in the above table. (4) Represents corporate-related assets.
Schedule of financial information with respect to operations by geographic area	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, 2024 2023 2022 (In thousands) Operating revenues U.S. $ 1,283,785 $ 1,477,774 $ 1,323,531 Outside the U.S. 1,646,341 1,528,207 1,330,235 $ 2,930,126 $ 3,005,981 $ 2,653,766 Property, plant and equipment, net: U.S. $ 1,165,677 $ 1,304,686 $ 1,437,333 Outside the U.S. 1,665,280 1,594,042 1,588,767 $ 2,830,957 $ 2,898,728 $ 3,026,100

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2024
Revenue Recognition
Schedule of revenue, disaggregated by geographical region	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, 2024 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other Total (In thousands) Lower 48 $ 872,432 $ — $ 172,832 $ 83,313 $ — $ 1,128,577 U.S. Offshore Gulf of Mexico 107,253 — 9,943 — — 117,196 Alaska 48,437 — 2,447 — — 50,884 Canada — — 1,847 6,331 — 8,178 Middle East & Asia — 1,002,350 51,222 91,344 — 1,144,916 Latin America — 360,092 74,225 14,310 — 448,627 Europe, Africa & CIS — 83,650 1,555 6,379 — 91,584 Eliminations & other — — — — (59,836) (59,836) Total $ 1,028,122 $ 1,446,092 $ 314,071 $ 201,677 $ (59,836) $ 2,930,126 Year Ended December 31, 2023 U.S. Drilling International Drilling Drilling Solutions Rig Technologies Other Total (In thousands) Lower 48 $ 1,052,274 $ — $ 196,252 $ 121,958 $ — $ 1,370,484 U.S. Offshore Gulf of Mexico 118,218 — 11,147 — — 129,365 Alaska 37,137 — 1,733 — — 38,870 Canada — — 1,522 7,270 — 8,792 Middle East & Asia — 943,285 44,896 93,032 — 1,081,213 Latin America — 341,470 44,422 11,162 — 397,054 Europe, Africa & CIS — 60,494 1,785 9,346 — 71,625 Eliminations & other — — — — (91,422) (91,422) Total $ 1,207,629 $ 1,345,249 $ 301,757 $ 242,768 $ (91,422) $ 3,005,981 Year Ended December 31, 2022 U.S. 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
Summary of receivables, contract assets, current and long-term contract liabilities	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 thousands) As of December 31, 2023 $ 397,051 $ 8,434 $ 2,980 $ 20,295 $ 1,969 As of December 31, 2024 $ 433,562 $ 17,510 $ 9,742 $ 24,002 $ 13,424

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2024
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, 2024 2023 Classification on the Balance Sheet (In thousands) Assets Operating lease assets Other long-term assets $ 28,688 $ 30,650 Total lease assets $ 28,688 $ 30,650 Liabilities Current liabilities: Operating lease liabilities Current lease liabilities $ 6,768 $ 5,423 Noncurrent liabilities: Operating lease liabilities Other long-term liabilities $ 22,145 $ 25,713 Total lease liabilities $ 28,913 $ 31,136
Schedule of lease costs	The table below presents certain information related to the lease costs for our operating leases: Year Ended December 31, 2024 2023 2022 (In thousands) Operating lease cost 7,941 9,688 10,047 Short-term lease cost 763 150 596 Variable lease cost 25 39 115 Total lease cost $ 8,729 $ 9,877 $ 10,758
Summary of supplemental cash flow information related to leases	The table below presents supplemental cash flow information related to leases: Year Ended December 31, 2024 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,941 $ 9,688 $ 10,047
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, 2024 2023 Weighted-average remaining lease term - operating leases 5.57 6.44 Weighted-average discount rate - operating leases 7.25% 6.82%
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, 2024 (In thousands) 2025 $ 8,568 2026 8,071 2027 5,966 2028 2,766 2029 2,699 Thereafter 6,487 Total undiscounted lease liability 34,557 Less: amount of lease payments representing interest (5,644) Long-term lease obligations $ 28,913

Special Purpose Acquisition C_2

Special Purpose Acquisition Company (Tables)	12 Months Ended
Special Purpose Acquisition Company (Tables)	Dec. 31, 2024
NETC
Special Purpose Acquisition Companies
Schedule of Special Purpose Acquisition Companies effects on changes in non-controlling interest subject to possible redemption	The following table summarizes NETC’s effects on changes in non-controlling interest subject to possible redemption. 2023 (In thousands) Balance, beginning of year $ 284,841 Net earnings 5,540 Nabors deemed dividends to SPAC public shareholders 3,055 Noncontrolling interest deemed dividends to SPAC public shareholders 1,774 Redemptions and distributions of Trust Account (295,210) Balance as of December 31 $ —

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	12 Months Ended
Nature of Operations (Details) $ in Millions	Dec. 31, 2024 country	Dec. 31, 2023	Feb. 27, 2025 USD ($)
Nature of Operations
Number of countries with company operations \| country	15
Actively marketed rigs for land based drilling operations	285
Actively marketed rigs for offshore based drilling operations	26
Russia \| Minimum \| Forecast
Nature of Operations
Potential future charges related to sanctions			$ 30
Russia \| Maximum \| Forecast
Nature of Operations
Potential future charges related to sanctions			$ 35
Geographic Concentration Risk \| Property, Plant and Equipment, Net \| Russia
Nature of Operations
Concentration risk (as a percent)	0.70%	0.90%
Geographic Concentration Risk \| Revenue \| Russia
Nature of Operations
Concentration risk (as a percent)	0.90%	1.10%
Geographic Concentration Risk \| Revenue \| Ukraine
Nature of Operations
Concentration risk (as a percent)	0%
Geographic Concentration Risk \| Assets \| Ukraine
Nature of Operations
Concentration risk (as a percent)	0%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Inventory reserves	$ 24,300	$ 23,900
Raw materials	124,711	144,886
Work-in-progress	2,768	2,912
Finished goods	2,500
Total inventory, net of reserves	$ 129,979	$ 147,798

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2024
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

Accounts Receivable Purchase _2

Accounts Receivable Purchase and Sales Agreement (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2022	Jul. 31, 2021
A/R Purchase Agreement
Accounts Receivable Sales Agreement
Receivables sold	$ 130	$ 145
A/R Purchase Agreement \| Asset Pledged as Collateral
Accounts Receivable Sales Agreement
Balance of receivables	$ 44.6	$ 67
A/R Purchase Agreement, First Amendment
Accounts Receivable Sales Agreement
Agreement amount				$ 150
A/R Purchase Agreement, Third Amendment
Accounts Receivable Sales Agreement
Agreement amount			$ 250
A/R Purchase Agreement, Third Amendment \| Maximum
Accounts Receivable Sales Agreement
Agreement amount			$ 300

Merger Agreement (Details)

Merger Agreement (Details) - Parker $ / shares in Units, shares in Millions	Oct. 14, 2024 USD ($) D item $ / shares shares
Merger Agreement
Number of equity shares transferred as consideration in a business combination \| shares	4.8
Number of trading days \| D	15
Expected price of acquisition \| $	$ 478,176,000
Number of drilling rigs included in acquisition \| item	17
Minimum
Merger Agreement
Closing price	$ 42.7
Maximum
Merger Agreement
Closing price	$ 99.62

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Level 1 - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Restricted Cash Held in Trust	$ 331.8	$ 315.5
Short-Term Investments	7.6	12.7
Common share warrants
Fair Value Measurements
Warrants, at fair value	$ 9	$ 25.9

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 22, 2024	Feb. 28, 2023
Fair Value of Financial Instruments
Other than temporary impairment on investment	$ 26,080	$ 8,293
Carrying Value
Gross carrying value of debt	2,539,609	3,175,132
Less: current portion		629,621
Less: deferred financing costs	34,392	33,992
Long-term debt	2,505,217	2,511,519
Fair Value
Debt at fair value	$ 2,414,792	$ 3,028,307
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)		0.75%
Effective Interest Rate		0.84%
Carrying Value
Gross carrying value of debt		$ 155,529
Fair Value
Debt at fair value		$ 154,989
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)		5.75%
Effective Interest Rate		5.97%
Carrying Value
Gross carrying value of debt		$ 474,092
Fair Value
Debt at fair value		$ 474,120
7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)		7.25%
Effective Interest Rate		7.53%
Carrying Value
Gross carrying value of debt		$ 555,902
Fair Value
Debt at fair value		$ 535,328
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%	7.72%
Carrying Value
Gross carrying value of debt	$ 700,000	$ 700,000
Fair Value
Debt at fair value	$ 699,916	$ 687,526
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%	7.69%
Carrying Value
Gross carrying value of debt	$ 389,609	$ 389,609
Fair Value
Debt at fair value	$ 362,823	$ 334,090
1.75% senior exchangeable notes due June 2029
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	1.75%	1.75%		1.75%
Effective Interest Rate	2.27%	2.26%
Carrying Value
Gross carrying value of debt	$ 250,000	$ 250,000
Fair Value
Debt at fair value	$ 179,548	$ 185,383
9.125% senior priority guaranteed notes due January 2030
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9.125%	9.125%
Effective Interest Rate	9.40%	9.40%
Carrying Value
Gross carrying value of debt	$ 650,000	$ 650,000
Fair Value
Debt at fair value	$ 661,401	$ 656,871
8.875% Senior Guaranteed Notes due August 2031
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	8.875%		8.875%
Effective Interest Rate	9.12%
Carrying Value
Gross carrying value of debt	$ 550,000		$ 550,000
Fair Value
Debt at fair value	511,104
NETC
Fair Value of Financial Instruments
Other than temporary impairment on investment	$ 15,400

Share-Based Compensation - Summ

Share-Based Compensation - Summary (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation
Share-based compensation expense	$ 16.5	$ 15.8	$ 15.8
Common shares available for issuance	0.4
Restricted Stock \| General and administrative and research and engineering expenses
Share-Based Compensation
Share-based compensation expense	$ 16.5	$ 15.8	$ 15.8
Performance based restricted stock units
Share-Based Compensation
Performance period	1 year
Vesting period	3 years
Employee Stock Option
Share-Based Compensation
Vesting period	1 year
Expiration period	10 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock option activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Options outstanding at the beginning of the period (in shares)	16,000
Granted (in shares)	0	0
Expired (in shares)	(1,000)
Options outstanding at the end of the period (in shares)	15,000	16,000
Options exercisable at the end of the period (in shares)	15,000
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)	$ 362.76
Expired (in dollars per share)	897.34
Options outstanding at the end of the period (in dollars per share)	317.82	$ 362.76
Options exercisable at the end of the period (in dollars per share)	$ 317.82
Weighted Average Remaining Contractual Term
Options outstanding at the end of the period	3 years 6 months
Options exercisable at the end of the period	3 years 6 months
Directors
Shares
Granted (in shares)			1,056

Share-Based Compensation - St_2

Share-Based Compensation - Stock option valuation assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation
Options exercised	0	0	0
Total fair value of option vested during the period			$ 0.2
Employee Stock Option
Share-Based Compensation
Dividend yield (as a percent)			0%
Volatility (as a percent)			111.50%
Expected life (in years)			4 years
Employee Stock Option \| Weighted-Average
Share-Based Compensation
Weighted average fair value of options granted (in dollars per share)			$ 111.23
Weighted average risk free interest rate (as a percent)			3.69%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted shares (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))	185,000
Granted (in shares)	96,368	103,465	112,203
Vested (in shares)	(67,000)
Forfeited (in shares)	(14,000)
Outstanding at the end of the period (in shares)	200,000	185,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 140.56
Granted (in dollars per share)	83.32
Vested (in dollars per share)	131.64
Forfeited (in dollars per share)	122.85
Outstanding at the end of the period (in dollars per share)	$ 117.2	$ 140.56
Aggregate value at grant date	$ 8	$ 16.6	$ 14.8
Fair value of vested shares	8.9	$ 8.4	$ 6.3
Total future compensation cost related to unvested awards	$ 15.3
Recognition period	2 years 2 months 15 days
Maximum
Share-Based Compensation
Vesting period	4 years

Share-Based Compensation - Re_2

Share-Based Compensation - Restricted shares based on performance conditions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance based restricted stock units
Share-Based Compensation
Vesting period	3 years
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))	103,000
Granted (in shares)	92,761	60,633	49,065
Vested (in shares)	(44,000)
Forfeited (in shares)	(4,000)
Outstanding at the end of the period (in shares)	148,000	103,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 92.84
Granted (in dollars per share)	81.36
Vested (in dollars per share)	81.14
Forfeited (in dollars per share)	38.37
Outstanding at the end of the period (in dollars per share)	$ 73.36	$ 92.84
Performance based restricted stock units \| Minimum
Share-Based Compensation
Vesting percentage	30%
Performance based restricted stock units \| Maximum
Share-Based Compensation
Vesting percentage	200%
Performance based restricted shares
Restricted shares outstanding
Granted (in shares)	5,356

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation
Shares awarded during period	52,930	29,621	47,622
Vesting period	3 years
Aggregate fair value at grant date	$ 4.3	$ 2.5	$ 2.3
Assumptions used to value grant date fair value
Risk free interest rate (as a percent)	4.01%	4.13%	1.03%
Expected volatility (as a percent)	65%	94%	92%
Closing stock price at grant date (in dollars per share)	$ 81.63	$ 154.87	$ 81.09
Expected term (in years)	3 years	3 years	3 years
Restricted shares outstanding
Outstanding at the beginning of the period (in shares))	77,000
Granted (in shares)	52,930	29,621	47,622
Forfeited (in shares)	(48,000)
Outstanding at the end of the period (in shares)	82,000	77,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 65.62
Granted (in dollars per share)	50.51
Forfeited (in dollars per share)	49
Outstanding at the end of the period (in dollars per share)	$ 65.52	$ 65.62
Total future compensation cost related to unvested awards	$ 2.7
Recognition period	1 year 8 months 1 day

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 12,755,422	$ 12,603,880
Less: accumulated depreciation and amortization	(9,924,465)	(9,705,152)
Property, Plant and Equipment, Net	2,830,957	2,898,728	$ 3,026,100
Depreciation expense	632,900	644,900	663,100
Repair and maintenance expense	199,200	228,200	$ 202,500
Land
Property, Plant and Equipment
Property, plant and equipment, gross	31,529	32,074
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	158,518	140,330
Drilling rigs and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	12,084,276	11,959,989
Oilfield hauling and mobile equipment
Property, Plant and Equipment
Property, plant and equipment, gross	228,730	233,920
Other machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 252,369	$ 237,567

Financial Instruments and Ris_2

Financial Instruments and Risk Concentration (Details)	12 Months Ended
Financial Instruments and Risk Concentration (Details)	Dec. 31, 2024	Jul. 22, 2024	Dec. 31, 2023	Feb. 28, 2023
1.75% senior exchangeable notes due June 2029
Financial Instruments and Risk Concentration
Interest rate (as a percent)	1.75%		1.75%	1.75%
7.50% senior guaranteed notes due January 2028
Financial Instruments and Risk Concentration
Interest rate (as a percent)	7.50%		7.50%
8.875% Senior Guaranteed Notes due August 2031
Financial Instruments and Risk Concentration
Interest rate (as a percent)	8.875%	8.875%
7.375% senior priority guaranteed notes due May 2027
Financial Instruments and Risk Concentration
Interest rate (as a percent)	7.375%		7.375%
9.125% senior priority guaranteed notes
Financial Instruments and Risk Concentration
Interest rate (as a percent)	9.125%		9.125%
Net accounts receivables \| Credit Concentration Risk \| Saudi Arabia
Financial Instruments and Risk Concentration
Concentration risk (as a percent)	33%
Net accounts receivables \| Credit Concentration Risk \| Mexico
Financial Instruments and Risk Concentration
Concentration risk (as a percent)	26%

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jul. 22, 2024	Dec. 31, 2023	Feb. 28, 2023
Debt
Gross carrying value of debt	$ 2,539,609		$ 3,175,132
Less: current portion			629,621
Less: deferred financing costs	34,392		33,992
Long-term debt	2,505,217		2,511,519
0.75% senior exchangeable notes due January 2024
Debt
Gross carrying value of debt			$ 155,529
Interest rate on senior notes (as a percent)			0.75%
5.75% senior notes due February 2025
Debt
Gross carrying value of debt			$ 474,092
Interest rate on senior notes (as a percent)			5.75%
7.25% senior guaranteed notes due January 2026
Debt
Gross carrying value of debt			$ 555,902
Interest rate on senior notes (as a percent)			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%
1.75% senior exchangeable notes due June 2029
Debt
Gross carrying value of debt	$ 250,000		$ 250,000
Interest rate on senior notes (as a percent)	1.75%		1.75%	1.75%
9.125% senior priority guaranteed notes due January 2030
Debt
Gross carrying value of debt	$ 650,000		$ 650,000
Interest rate on senior notes (as a percent)	9.125%		9.125%
8.875% Senior Guaranteed Notes due August 2031
Debt
Gross carrying value of debt	$ 550,000	$ 550,000
Interest rate on senior notes (as a percent)	8.875%	8.875%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 22, 2024	Feb. 28, 2023
Principal amount and maturities of primary debt
2027	$ 700,000
2028	389,609
2029	250,000
Thereafter	1,200,000
Total	2,539,609
Loss on repurchase of debt	$ (14,857)	$ 25,275	$ 4,119
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%
1.75% senior exchangeable notes due June 2029
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	1.75%	1.75%			1.75%
9.125% senior priority guaranteed notes
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	9.125%	9.125%
8.875% Senior Guaranteed Notes due August 2031
Principal amount and maturities of primary debt
Interest rate on senior notes (as a percent)	8.875%			8.875%
5.75% senior notes due February 2025
Principal amount and maturities of primary debt
Principal amount redeemed	$ 474,100
Interest rate on senior notes (as a percent)		5.75%
Amount redeemed including principal and accrued interest	487,000
Unamortized premium	1,400
Accrued and unpaid interest	11,500
7.25% senior guaranteed notes due January 2026
Principal amount and maturities of primary debt
Principal amount redeemed	555,900
Interest rate on senior notes (as a percent)		7.25%
Amount redeemed including principal and accrued interest	568,300
Unamortized premium	10,100
Accrued and unpaid interest	$ 2,400
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%

Debt - Senior Guaranteed Notes

Debt - Senior Guaranteed Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jul. 22, 2024	Dec. 31, 2023
Debt
Gross carrying value of debt	$ 2,539,609		$ 3,175,132
8.875% Senior Guaranteed Notes due August 2031
Debt
Gross carrying value of debt	$ 550,000	$ 550,000
Interest rate (as a percent)	8.875%	8.875%

Debt - Senior Exchangeable Note

Debt - Senior Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Feb. 28, 2023 USD ($) D $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Aggregate principal amount outstanding		$ 2,539,609	$ 3,175,132
1.75% senior exchangeable notes due June 2029
Debt
Aggregate principal amount at issuance	$ 250,000
Interest rate on senior notes (as a percent)	1.75%	1.75%	1.75%
Aggregate principal amount outstanding		$ 250,000	$ 250,000
Exchange rate of common shares per $1,000 principal amount	4.7056
Exchange price per common share \| $ / shares	$ 212.51
Threshold percentage of exchange price	130%
Threshold number of trading days, whether or not consecutive \| D	20
Threshold number of consecutive trading days \| D	30
Percentage of principal to be redeemed	100%

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) $ in Thousands	Jun. 17, 2024 USD ($)	Dec. 31, 2024 USD ($)
2024 Credit Agreement
Debt
Additional borrowing capacity under terms of accordion feature	$ 200,000
2024 Credit Agreement \| Debt covenant
Debt
Interest coverage ratio	2.75
Percentage of property, plant and equipment to be owned by the revolver guarantor and its subsidiaries	90%
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 loans
Debt
Maximum borrowing capacity	350,000
Outstanding balance		$ 0
Weighted average interest rate (as a percent)		8.04%
Letters of credit
Debt
Maximum borrowing capacity	$ 125,000	$ 303,667
Outstanding balance		129,523
Letters of credit outstanding		$ 51,600

Debt - Letters of Credit (Detai

Debt - Letters of Credit (Details) - Letters of credit $ in Thousands	Dec. 31, 2024 USD ($) item	Jun. 17, 2024 USD ($)
Debt
Number of letter of credit facilities \| item	7
Credit available	$ 303,667	$ 125,000
Less: Letters of credit outstanding, inclusive of financial and performance guarantees	129,523
Remaining availability	$ 174,144

Income Taxes - Income tax expen

Income Taxes - Income tax expense (benefit) from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States and Other Jurisdictions
Income (loss) before income taxes	$ (31,040)	$ 129,124	$ (245,682)
Current:
State	1,762	2,787	4,042
Total current income tax expense (benefit)	35,263	63,339	54,199
Deferred:
State	1,422	893	6,897
Total deferred income tax expense (benefit)	21,684	15,881	7,337
Total income tax expense (benefit)	56,947	79,220	61,536
U.S. federal
United States and Other Jurisdictions
Income (loss) before income taxes	33,302	215,306	(19,820)
Current:
Foreign	1,175	4,783	1,320
Deferred:
Foreign	6,408	16,886	681
Outside the U.S.
United States and Other Jurisdictions
Income (loss) before income taxes	(64,342)	(86,182)	(225,862)
Current:
Foreign	32,326	55,769	48,837
Deferred:
Foreign	$ 13,854	$ (1,898)	$ (241)

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	51,433	74,581	25,685
Increase (decrease) in valuation allowance	10,094	22,533	43,060
Impact of foreign exchange rates	(9,145)	(28,484)	(32,108)
Prior year adjustments to provision	2,540	(3,513)	15,959
Uncertain tax positions	(1,828)	5,854	2,080
Audit settlements	(646)	12,464
State income taxes (benefit)	1,698	3,838	266
Other	2,801	(8,053)	6,594
Total income tax expense (benefit)	$ 56,947	$ 79,220	$ 61,536
Effective tax rate (as a percent)	(183.50%)	61.40%	(25.00%)
Tax audit settlement		$ 11,800
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, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 3,870,614	$ 4,004,602
Tax credit and other attribute carryforwards	86,188	86,896
Disallowed interest carryforward	33,907	19,311
Other	88,644	106,520
Subtotal	4,079,353	4,217,329
Valuation allowance	(3,825,551)	(3,962,200)
Deferred tax assets	253,802	255,129
Deferred tax liabilities:
Property, plant and equipment	34,089	15,181
Other	5,903	2,443
Deferred tax liability	39,992	17,624
Net deferred tax assets (liabilities)	213,810	237,505
Balance Sheet Summary :
Net noncurrent deferred tax asset	216,296	238,871
Net noncurrent deferred tax liability	(2,486)	(1,366)
Net deferred tax assets (liabilities)	$ 213,810	$ 237,505

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Income Taxes
Net operating losses subject to expiration	$ 7,900
Recognized valuation allowance relating to NOL carryforwards	3,800
Federal
Income Taxes
Net operating loss carryforwards	599.5
State
Income Taxes
Net operating loss carryforwards	792.4
Foreign
Income Taxes
Net operating loss carryforwards	$ 16,300

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in unrecognized tax benefits
Balance as of January 1	$ 34,016	$ 34,016	$ 45,452	$ 45,988
Additions for tax positions of prior years		322	2,207	806
Reductions for tax positions of prior years		(1,046)	(256)	(1,342)
Settlements	(10,000)	(9,968)	(13,387)
Balance as of December 31		23,324	34,016	45,452
Unrecognized tax benefits that would impact the worldwide effective tax rate if realized		23,300
Interest and penalties on unrecognized tax benefits		8,200	11,100	17,000
Accruals for estimated interest and penalties related to uncertain tax positions		(2,900)	(6,000)	$ 2,600
Interest and penalties accrued	$ 1,800
Valuation allowance		3,825,551	$ 3,962,200
Bermuda
Change in unrecognized tax benefits
Deferred tax asset for Bermuda net operating losses		206,900
Valuation allowance		$ 206,900

Shareholders' Equity - Common S

Shareholders' Equity - Common Shares (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Aggregate share capital, shares authorized	57,000
Common shares, shares authorized	32,000	32,000
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Preferred shares, shares authorized	25,000
Preferred stock, par value (in dollars per share)	$ 0.001
Treasury shares, common	1,161	1,161
Treasury Shares
Shareholders' Equity
Treasury shares reissued during the year	0	0	0
Common Shares
Shareholders' Equity
Common shares issued upon conversion of warrants			1,100

Shareholders' Equity - Common_2

Shareholders' Equity - Common Stock Warrants (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 11, 2021 shares	Dec. 31, 2024 USD ($) D $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 27, 2021 shares
Shareholders' Equity
Gain (loss) recognized for the change in liability \| $		$ 16,894	$ 54,948	$ (95,876)
Common share 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
Number of business day notice period \| D		20
Fair value of outstanding warrants \| $		$ 9,000	25,900
Gain (loss) recognized for the change in liability \| $		$ 16,900	$ 54,700	$ (99,200)
Common stock
Shareholders' Equity
Aggregate number of shares issued from the exercise of warrants		1,100,000
Number of shares which may be purchased by each right		1
Exercise price (in dollars per share) \| $ / shares		$ 166.66667
Conversion, threshold percentage of market price		95%

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
Joint Ventures (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Joint Ventures
Redeemable noncontrolling interest			$ 785,091	$ 739,075
Assets:
Cash and cash equivalents			389,652	1,057,487	$ 451,025	$ 991,471
Accounts receivable			387,970	347,837
Other current assets			84,289	79,865
Property, plant and equipment, net			2,830,957	2,898,728	$ 3,026,100
Other long-term assets			125,730	179,200
Total assets	[1]		4,504,301	5,277,965
Liabilities:
Accounts payable			321,030	294,442
Other liabilities			218,343	270,014
Total liabilities	[1]		3,297,963	3,996,880
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			453,300	423,600
Assets:
Cash and cash equivalents			229,442	281,329
Accounts receivable			111,497	86,461
Other current assets			12,122	12,461
Property, plant and equipment, net			862,031	646,215
Other long-term assets			12,404	25,099
Total assets			1,227,496	1,051,565
Liabilities:
Accounts payable			112,373	88,432
Accrued liabilities			12,447	10,301
Other liabilities			47,254	38,524
Total liabilities			$ 172,074	$ 137,257

[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 12—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
	Jul. 31, 2023	Nov. 30, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Joint ventures
Related-Party Transactions
Revenue from related party			$ 881.8	$ 782.7	$ 682.7
Accounts receivable from affiliated entities			115.9	92.7
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			4.7	4.9
Premiums paid related to agreements			0	0	0
Services provided by Crane Capital \| Directors
Related-Party Transactions
Expenses from business transactions			7.9	13.2	$ 11.4
Accounts payable to affiliated entities			$ 1.8	$ 2
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
NETC II \| IPO
Related-Party Transactions
Units issued	30,500,000
NETC II \| Private Placement
Related-Party Transactions
Warrants Issued	9,540,000
Warrants issued, fair value per warrant	$ 1
Warrants purchased by related parties	4,348,000

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Rental expense relating to operating leases \| $	$ 15.7	$ 17.2	$ 15
Minimum
Commitments and Contingencies
Lease term	30 days
Joint ventures
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 $ in Millions	1 Months Ended
	Mar. 31, 2011 USD ($)
Commitments and Contingencies
Total litigation amount as per judgment at current exchange rates	$ 20.8
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	$ 12.8

Commitments and Contingencies_3

Commitments and Contingencies - Off-Balance Sheet Arrangements (Details) - Financial guarantees $ in Thousands	Dec. 31, 2024 USD ($)
Summary of total maximum amount of financial guarantees issued
2025	$ 44,073
2026	3,726
2027	5,548
Thereafter	6,561
Total	$ 59,908

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss) (numerator):
Income (loss), net of tax	$ (87,987)	$ 49,904	$ (307,218)
Less: net (income) loss attributable to noncontrolling interest	(88,097)	(61,688)	(43,043)
Less: deemed dividends to SPAC public shareholders		(8,638)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(29,723)	(29,824)	(10,324)
Adjusted income (loss), net of tax - basic	$ (205,807)	$ (50,246)	$ (360,585)
Weighted-average number of shares outstanding - basic	9,202	9,159	8,898
Earnings (losses) per share:
Total Basic (in dollars per share)	$ (22.37)	$ (5.49)	$ (40.52)
DILUTED EPS:
Adjusted income (loss), net of tax - diluted	$ (205,807)	$ (50,246)	$ (360,585)
Weighted-average number of shares outstanding - diluted	9,202	9,159	8,898
Earnings (losses) per share:
Total Diluted (in dollars per share)	$ (22.37)	$ (5.49)	$ (40.52)

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2023
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	3,388	3,381	3,369
1.75% senior exchangeable notes due June 2029
Earnings (Losses) Per Share
Interest rate on senior notes (as a percent)	1.75%	1.75%		1.75%
Conversion of 1.75% senior exchangeable notes due June 2029
Earnings (Losses) Per Share
Interest rate on senior notes (as a percent)	1.75%
Conversion of 1.75% senior exchangeable notes due June 2029 \| 1.75% senior exchangeable notes due June 2029
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	1,200	1,200

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued liabilities
Accrued compensation	$ 68,776	$ 58,769
Deferred revenue	30,902	29,233
Other taxes payable	33,446	41,322
Workers' compensation liabilities	6,588	6,588
Interest payable	66,300	57,607
Litigation reserves	10,493	19,924
Other accrued liabilities	7,254	16,797
Total accrued liabilities	$ 223,759	$ 230,240

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment income (loss)
Interest and dividend income	$ 39,097	$ 45,900	$ 15,474
Gains (losses) on marketable securities	(384)	(2,080)	(482)
Investment income (loss)	$ 38,713	$ 43,820	$ 14,992

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Other, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other, net
Losses on sales, disposals and involuntary conversions of long-lived assets	$ 26,358	$ 13,923	$ 7,350
Transaction related costs	6,763
Other than temporary impairment on securities	26,080	8,293
Energy transition initiatives	1,260	6,502
Warrant and derivative valuation	(16,894)	(54,948)	95,876
Litigation expenses and reserves	6,284	26,451	15,160
Foreign currency transaction losses	28,149	37,285	6,689
Loss (gain) on debt buyback	14,857	(25,274)	(4,597)
Other losses (gains)	13,959	(12,958)	6,621
Total other, net	$ 106,816	$ (726)	$ 127,099

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 326,614
Other comprehensive income (loss), net of tax	418	$ 206	$ (404)
Ending balance	134,996	326,614
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Beginning balance	(10,832)	(11,038)
Other comprehensive income (loss) before reclassifications	256	45
Amounts reclassified from accumulated other comprehensive income (loss)	162	161
Other comprehensive income (loss), net of tax	418	206
Ending balance	(10,414)	(10,832)	(11,038)
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	(3,606)	(3,767)
Amounts reclassified from accumulated other comprehensive income (loss)	162	161
Other comprehensive income (loss), net of tax	162	161
Ending balance	(3,444)	(3,606)	(3,767)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Beginning balance	(7,228)	(7,273)
Other comprehensive income (loss) before reclassifications	256	45
Other comprehensive income (loss), net of tax	256	45
Ending balance	$ (6,972)	$ (7,228)	$ (7,273)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	$ 249,317	$ 244,147	$ 228,431
Total income (loss) before income tax	(31,040)	129,124	(245,682)
Tax expense (benefit)	56,947	79,220	61,536
Net income (loss)	(87,987)	49,904	(307,218)
Reclassification adjustment for (gains)/ losses included in net income (loss)
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	210	209	208
Total income (loss) before income tax	(210)	(209)	(208)
Tax expense (benefit)	(48)	(48)	(48)
Net income (loss)	$ (162)	$ (161)	$ (160)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental cash flow information
Cash paid for income taxes (refunded), net	$ 73,799	$ 49,486	$ 29,191
Cash paid for interest, net of capitalized interest	198,561	186,923	189,755
Net change in accounts payable related to capital expenditures	$ 41,721	$ 10,363	$ 8,615

Segment Information - Financial

Segment Information - Financial Information by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Information
Number of reportable segments \| segment	4
Operating revenues	$ 2,930,126	$ 3,005,981	$ 2,653,766
Direct costs	(1,742,411)	(1,790,380)	(1,666,004)
Depreciation and amortization	(633,408)	(645,294)	(665,072)
Other segment expenses	(306,380)	(300,444)	(278,370)
Total adjusted operating income (loss)	247,927	269,863	44,320
Capital expenditures	609,727	552,908	381,487
Operating Segments
Segment Information
Operating revenues	2,989,962	3,097,403	2,738,374
Direct costs	(1,785,968)	(1,866,216)	(1,735,904)
Depreciation and amortization	(630,671)	(645,595)	(667,717)
Other segment expenses	(156,554)	(151,885)	(140,352)
Total adjusted operating income (loss)	416,769	433,707	194,401
Capital expenditures	593,551	540,870	375,722
Operating Segments \| U.S. Drilling
Segment Information
Operating revenues	1,028,122	1,207,629	1,100,614
Direct costs	(554,527)	(647,251)	(652,899)
Depreciation and amortization	(272,559)	(271,310)	(311,759)
Other segment expenses	(24,755)	(26,715)	(27,450)
Total adjusted operating income (loss)	176,281	262,353	108,506
Capital expenditures	110,822	136,311	118,017
Operating Segments \| International Drilling
Segment Information
Operating revenues	1,446,092	1,345,249	1,199,282
Direct costs	(941,118)	(892,182)	(813,418)
Depreciation and amortization	(328,924)	(347,786)	(329,335)
Other segment expenses	(68,192)	(64,413)	(57,408)
Total adjusted operating income (loss)	107,858	40,868	(879)
Capital expenditures	459,175	357,609	222,099
Operating Segments \| Drilling Solutions
Segment Information
Operating revenues	314,071	301,757	243,349
Direct costs	(151,387)	(145,139)	(118,452)
Depreciation and amortization	(19,988)	(18,634)	(20,829)
Other segment expenses	(30,309)	(27,027)	(26,200)
Total adjusted operating income (loss)	112,387	110,957	77,868
Capital expenditures	17,787	25,721	19,946
Operating Segments \| Rig Technologies
Segment Information
Operating revenues	201,677	242,768	195,129
Direct costs	(138,936)	(181,644)	(151,135)
Depreciation and amortization	(9,200)	(7,865)	(5,794)
Other segment expenses	(33,298)	(33,730)	(29,294)
Total adjusted operating income (loss)	20,243	19,529	8,906
Capital expenditures	5,767	21,229	15,660
Other items
Segment Information
Operating revenues	(59,836)	(91,422)	(84,608)
Direct costs	43,557	75,836	69,900
Depreciation and amortization	(2,737)	301	2,645
Other segment expenses	(149,826)	(148,559)	(138,018)
Total adjusted operating income (loss)	(168,842)	(163,844)	(150,081)
Capital expenditures	$ 16,176	$ 12,038	$ 5,765

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of segment adjusted operating income (loss) to net income (loss)
Net income (loss)	$ (87,987)	$ 49,904	$ (307,218)
Income tax expense (benefit)	56,947	79,220	61,536
Income (loss) before income taxes	(31,040)	129,124	(245,682)
Investment (income) loss	(38,713)	(43,820)	(14,992)
Interest expense	210,864	185,285	177,895
Other, net	106,816	(726)	127,099
Total segment adjusted operating income (loss)	$ 247,927	$ 269,863	$ 44,320

Segment Information - Total ass

Segment Information - Total assets (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Segment Information
Total assets	[1]	$ 4,504,301	$ 5,277,965
Operating Segments
Segment Information
Total assets		3,692,530	3,784,712
Operating Segments \| U.S. Drilling
Segment Information
Total assets		1,049,650	1,239,765
Operating Segments \| International Drilling
Segment Information
Total assets		2,348,590	2,227,308
Operating Segments \| Drilling Solutions
Segment Information
Total assets		79,065	78,472
Operating Segments \| Rig Technologies
Segment Information
Total assets		215,225	239,167
Other items
Segment Information
Total assets		$ 811,771	$ 1,493,253

[1] The consolidated balance sheets include assets and liabilities of consolidated joint ventures. See Note 12—Joint Ventures for additional information.

Segment Information - Operation

Segment Information - Operations by geographic area (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Segment Information
Operating revenues	$ 2,930,126	$ 3,005,981	$ 2,653,766
Property, plant and equipment, net	$ 2,830,957	$ 2,898,728	$ 3,026,100
Customer concentration \| Major customers
Segment Information
Number of customers representing more than 10% of revenues \| customer	1	1	1
Revenue \| Customer concentration \| Major customers
Segment Information
Concentration risk (as a percent)	31%	26%	26%
UNITED STATES
Segment Information
Operating revenues	$ 1,283,785	$ 1,477,774	$ 1,323,531
Property, plant and equipment, net	1,165,677	1,304,686	1,437,333
Outside the U.S.
Segment Information
Operating revenues	1,646,341	1,528,207	1,330,235
Property, plant and equipment, net	1,665,280	1,594,042	1,588,767
Saudi Arabia
Segment Information
Operating revenues	$ 927,700	$ 821,100	$ 712,800

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Revenues	$ 2,930,126	$ 3,005,981	$ 2,653,766
Other
Revenue Recognition
Revenues	(59,836)	(91,422)	(84,608)
Operating Segments
Revenue Recognition
Revenues	2,989,962	3,097,403	2,738,374
Operating Segments \| Lower 48
Revenue Recognition
Revenues	1,128,577	1,370,484	1,182,838
Operating Segments \| U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	117,196	129,365	133,201
Operating Segments \| Alaska
Revenue Recognition
Revenues	50,884	38,870	65,880
Operating Segments \| Canada
Revenue Recognition
Revenues	8,178	8,792	7,247
Operating Segments \| Middle East & Asia
Revenue Recognition
Revenues	1,144,916	1,081,213	911,940
Operating Segments \| Latin America
Revenue Recognition
Revenues	448,627	397,054	340,338
Operating Segments \| Europe, Africa & CIS
Revenue Recognition
Revenues	91,584	71,625	96,930
Operating Segments \| U.S. Drilling
Revenue Recognition
Revenues	1,028,122	1,207,629	1,100,614
Operating Segments \| U.S. Drilling \| Lower 48
Revenue Recognition
Revenues	872,432	1,052,274	913,932
Operating Segments \| U.S. Drilling \| U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	107,253	118,218	122,536
Operating Segments \| U.S. Drilling \| Alaska
Revenue Recognition
Revenues	48,437	37,137	64,146
Operating Segments \| International Drilling
Revenue Recognition
Revenues	1,446,092	1,345,249	1,199,282
Operating Segments \| International Drilling \| Middle East & Asia
Revenue Recognition
Revenues	1,002,350	943,285	805,944
Operating Segments \| International Drilling \| Latin America
Revenue Recognition
Revenues	360,092	341,470	309,320
Operating Segments \| International Drilling \| Europe, Africa & CIS
Revenue Recognition
Revenues	83,650	60,494	84,018
Operating Segments \| Drilling Solutions
Revenue Recognition
Revenues	314,071	301,757	243,349
Operating Segments \| Drilling Solutions \| Lower 48
Revenue Recognition
Revenues	172,832	196,252	157,709
Operating Segments \| Drilling Solutions \| U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	9,943	11,147	10,665
Operating Segments \| Drilling Solutions \| Alaska
Revenue Recognition
Revenues	2,447	1,733	1,734
Operating Segments \| Drilling Solutions \| Canada
Revenue Recognition
Revenues	1,847	1,522	1,521
Operating Segments \| Drilling Solutions \| Middle East & Asia
Revenue Recognition
Revenues	51,222	44,896	41,257
Operating Segments \| Drilling Solutions \| Latin America
Revenue Recognition
Revenues	74,225	44,422	29,515
Operating Segments \| Drilling Solutions \| Europe, Africa & CIS
Revenue Recognition
Revenues	1,555	1,785	948
Operating Segments \| Rig Technologies
Revenue Recognition
Revenues	201,677	242,768	195,129
Operating Segments \| Rig Technologies \| Lower 48
Revenue Recognition
Revenues	83,313	121,958	111,197
Operating Segments \| Rig Technologies \| Canada
Revenue Recognition
Revenues	6,331	7,270	5,726
Operating Segments \| Rig Technologies \| Middle East & Asia
Revenue Recognition
Revenues	91,344	93,032	64,739
Operating Segments \| Rig Technologies \| Latin America
Revenue Recognition
Revenues	14,310	11,162	1,503
Operating Segments \| Rig Technologies \| Europe, Africa & CIS
Revenue Recognition
Revenues	6,379	9,346	11,964
Eliminations & other
Revenue Recognition
Revenues	(59,836)	(91,422)	(84,608)
Eliminations & other \| Other
Revenue Recognition
Revenues	$ (59,836)	$ (91,422)	$ (84,608)

Revenue Recognition - Receivabl

Revenue Recognition - Receivables, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Contract Receivables	$ 433,562	$ 397,051
Contract Assets (Current)	17,510	8,434
Contract Assets (Long-term)	9,742	2,980
Contract Liabilities (Current)	24,002	20,295
Contract Liabilities (Long-term)	$ 13,424	$ 1,969
Contract liability balance
Percentage of contract liability balance at the beginning of the period recognized as revenue during the period	69%
Contract asset balance
Percentage of contract asset balance at the beginning of the period recognized as expense	34%
Percentage of contract asset balance at the beginning of the year expected to be recognized as expense during 2025	34%
Percentage of contract asset balance at the beginning of the year expected to be recognized as expense during 2027 or later	32%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Contract liability balance
Percentage of remaining performance obligation to be recognized	18%
Recognition period for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Contract liability balance
Percentage of remaining performance obligation to be recognized	13%
Recognition period for remaining performance obligation	12 months

Leases - Lease Position (Detail

Leases - Lease Position (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases
Package of practical expedients	true
Assets
Operating lease assets	$ 28,688	$ 30,650
Operating lease assets, Balance Sheet location	Other long-term assets	Other long-term assets
Current liabilities:
Operating lease liabilities	$ 6,768	$ 5,423
Noncurrent liabilities:
Operating lease liabilities	$ 22,145	$ 25,713
Noncurrent operating lease liabilities, Balance Sheet location	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 28,913	$ 31,136

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 7,941	$ 9,688	$ 10,047
Short-term lease cost	763	150	596
Variable lease cost	25	39	115
Total lease cost	$ 8,729	$ 9,877	$ 10,758

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 7,941	$ 9,688	$ 10,047

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Lease Terms and Discount Rates
Weighted-average remaining lease term - operating leases	5 years 6 months 25 days	6 years 5 months 8 days
Weighted-average discount rate - operating leases	7.25%	6.82%

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases
2025	$ 8,568
2026	8,071
2027	5,966
2028	2,766
2029	2,699
Thereafter	6,487
Total undiscounted lease liability	34,557
Less: amount of lease payments representing interest	(5,644)
Long-term lease obligations	$ 28,913	$ 31,136

Special Purpose Acquisition C_3

Special Purpose Acquisition Company (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jul. 18, 2023	Nov. 30, 2021
Special Purpose Acquisition Companies
Restricted cash held in trust		$ 331,781	$ 315,488
SPAC deconsolidation adjustment included in Other, net			7,200
Other than temporary impairment on investment		26,080	8,293
SPAC's effects on changes in non-controlling interest subject to possible redemption
Balance, beginning of year		739,075
Balance, end of period		785,091	739,075
NETC II \| IPO
Special Purpose Acquisition Companies
Units issued	30,500,000
Price per unit	$ 10
Proceeds from units issued	$ 305,000
NETC II \| Private Placement
Special Purpose Acquisition Companies
Number of warrants issued	9,540,000
Proceeds from issuance of warrants	$ 9,500
Value of unsecured promissory notes issued	$ 3,100
NETC
Special Purpose Acquisition Companies
Restricted cash held in trust					$ 281,500
Other than temporary impairment on investment		15,400
SPAC's effects on changes in non-controlling interest subject to possible redemption
Balance, beginning of year		0	284,841
Net earnings			5,540
Nabors deemed dividends to SPAC public shareholders			3,055
Noncontrolling interest deemed dividends to SPAC public shareholders			1,774
Redemptions and distributions of Trust Account			(295,210)
Balance, end of period			0
NETC II
Special Purpose Acquisition Companies
Restricted cash held in trust		331,800	315,500	$ 308,100
SPAC's effects on changes in non-controlling interest subject to possible redemption
Balance, beginning of year		315,488	0
Initial public offering			294,474
Net earnings		16,293	7,438
Nabors deemed dividends to SPAC public shareholders			5,583
Noncontrolling interest deemed dividends to SPAC public shareholders			7,993
Balance, end of period		$ 331,781	$ 315,488

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	$ 52,864	$ 52,895	$ 67,291
Charged to Costs and Other Deductions	4,688	(56)	929
Charged to Other Accounts	(326)	56	(192)
Deductions	(1)	(31)	(15,133)
Balance at End of Period	57,225	52,864	52,895
Inventory reserve
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	23,902	23,038	21,931
Charged to Costs and Other Deductions	364	864	1,107
Deductions	42
Balance at End of Period	24,308	23,902	23,038
Valuation allowance on deferred tax assets
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	3,962,200	3,839,885	3,754,207
Charged to Other Accounts	(136,649)	122,315	85,678
Balance at End of Period	$ 3,825,551	$ 3,962,200	$ 3,839,885