and [ph] we will on financial discussion our made will excellence Thank you afternoon. This I I will for for we progress will the the five up questions. review Good results. follow and XXXX. afternoon, on begin the will comment overview we as will store of of follow comments. the with make our our results usual we key joining concluding detail first some quarter market. Then your remarks, some for format. our open I William with us,
in quarter the key first five solid our of progress initiatives. performance Our marked each on
dividends. paying was we increasingly time, services. in the EBITDA our At are strategies Our million. markets first constructive the benefited for from $XXX the Adjusted same quarter
especially strong, Our operational markets. execution remains in key our
the from well supply as Our ongoing operations in chain. results as impacts Russia, our reflect in minor disruptions to challenges
Solutions our rig since first nearly quarter the its mainly debt. to rigs. by X% Revenue for significant by increased reduce pandemic. growth this technology mark, made in sequentially. level the we Our drilling our in This of strong, count in by driven net remained the In Drilling XX $XX rig leader increasing EBITDA progress to million quarter, reached start highest global momentum US the first average segment count activity. was increase
business. exercises EBITDA, the of supply $XX by the which in improved first quarter, chain issued our in CapEx, warrants, Typical inventory constraints, in the exacerbated driven were the in the $XX were For debt and totaled by XXXX. growth capital million. first working quarter, Net quarter leads by less million
I I for outlined the Next, the past technology we have Nabors. our that key the improving the improving business, will our as technology our U.S. five on our include, innovation, believe and our highlight quarters, leading few support thesis capital on international investment drivers leverage drivers progress performance sustainability in structure the and reduced energy and for transition. market, and our of commitment results to and expansion These
is by helping U.S. We of of by delivering first quality these, quarter, ability our continued exited be performance equally level bring driven the and our advanced assets proposition execution. $X,XXX. each The was let's leadership in the the demonstrates technology, most our our performance. industry's with best-in-class We and the while leadership leading early the with In the solutions But starting the performance and drilling XX sustainability. clear, for technology the in me our value. improved rigs remain this safety best in margin important in our through running. margins Lower deliver $XXX demand market XX quarter the Let growth rig of the increased I'm drilling in Nabors our update is we and The convinced, value again. our to market committed yet to under to daily just the price and margins rigs
performed quarter. have The well segment Let's in is Operational outlook. should financial was rig, discuss the our in May. field our come were of rate the five this Kingdom which in the was We in per which end now and been a expected excellent. SANAD first anticipated results execution business. at international approximately with newbuild of before one newbuilds, of consistent awarded, rest to deploy quarter, first our the
over significant are XX will years, of terms EBITDA annual growth plan JV units XX of rigs the prospects agreement, $XX the new newbuild of each for estimate with these long-term Given outstanding. million, the JV's approximately the we generate for future
innovation. development of technology the our key success. discuss advanced deployment and believe Nabors let's are to We future technology Now, and
basis our market improved. position Quarterly first focus from combined robotization. more to Lower than businesses used business an combined In Drilling day. EBITDA Solutions on our [ph] margin the With and XX more and segment Our rig both in versus the than per our automation, evaluate to per Drilling areas in in added our $X,XXX Drilling peers. include apples-to-apples amounts increased We Drilling first figure this our quarter, contribution, Again, digitalization million. Solutions margins $XXXX $XX day. to daily daily the Solutions quarter, the
expands to of to Nabors is elements addressable strategy core the market. the third-party well beyond rates. our market the business of target rig own NDS This One approach
more XX% progress portfolio to I'll made of revenue. into have our Lower XX third-party quarter, customers of NDS's than We universe. penetration on expand goal the third-party this accounted for NDS Last automation wrap smart up rig performance technology, suite This of RXXX. as running. runs a as on integrated my brief comments on with our casing rig well automated update fully tools, our
learned We are in applying rest process the of rig across from lessons fleet. of this the using our them and
have modules RXXX. identified be automation the to exported functionality certain form We on in replicate rig can component of that
of automation install one now our ready rigs. on one modules these to are Permian of We
our time, automation modules on existing We these will of expect over high-spec most deployed rig fleet. that be
need third-party for In broaden without them the cycle available intend for way, new make and to on acceptance these these new and intend build we addition, this a exploit knowledge In we rigs. the solutions. to rig also technologies
driver maturity contributed on remarks agencies notes. rating let's TRIR key ratings we net by profile, we've Building of its exercise the we a of are completion million structure. efforts XXXX. increase this derisk the XXXX. reduction in Now XX% debt our severity In In transition. recognizing of progress exceeding of improve well to industry-leading near-term our as our significant reduce delevering visible with in as the in completed the energy February, our discussion the And equity, a issue-level and of one quarter, instant discuss on $XXX progress significant reported. the our severity particular, across ESG revolving to looking is the our to facility TRIR steps warrants in our in first finish and statistic capital debt. made new further improved debt that improved net and major debt rate raised credit the commensurate the our performance XXXX, Less of on incidents in I'll in value our
the We we expect demonstrate to on measures safety. XXXX. employee positive further of Both emphasis these advance in place
an opportunities the On XX% XXXX. environmental the greenhouse we in investment core footprint our verticals across front, commercial GA field adjacent of our adjacent as accelerate by to we to further portfolio to in companies, drive existing We three in expertise, To another organization, are in intensity carbon other environmental improvement this admissions. comprised geothermal technologies. advanced a our then, our our Since year. to scale. X.X% XXXX, we activity build the company practices, our and pillars, supporting capitalize operations on we announced recently, further delivered applying areas Nabors existing also of Lower additional the targeting addition support transition our reduce hydrogen footprint injection and their the to top hope technology. adding transition Drilling. capture well. our monitoring initiatives enhances for on energy gas and invested next-generation Most This other position in have progress measuring out investing our made and and focused is geothermal We reiterate, and products best GHG emissions available We technologies to in XX company, using new in both in global achievement on help own a approach and of
are each see, on we significant As these can you fronts. making progress of
few will I environment. macro the on a Now moments spend
the XX% for in were year. operator nearly we the In activity the quarter. range, prices their by of response In the provide war well. Since just volatile. February. quarter been mark outset Since prices it's above months in above our quarter remained just the has accounts alone analyst Nabors to working count expectations. as The activity for the late above oil first again, above first increased clients previous The closed XX that market priced quarterly XX Crude surveyed rig months improving the in in from XX count. higher would quarter. to out let The from than group increase quarter. stands level, materially with Lower of with meeting, has our the [ph] WTI pre-war drilling clients forward Ukraine, December drilling price WTI more December XX% the WTI of in improved the out this last the higher industry the This first economics, that the meeting. largest XX% we over of average of $XX $XX thoroughly now incentivize end at $XXX. operators Once futures the oil began highlighted returns rig price
an than pricing survey bullish. more in operator group of the XX the remains plans clients by Our environment increase activity Nearly for indicates activity. end these of year. to this every XX% The among increase
daily average which $XX,XXX the sequentially. first up quarter, was exceeded nearly revenue $XXX in or Our X%
the Our in own rates leading-edge high day are XXs.
as by increase, the balance over With activity pricing see potential industry we the to indicated utilization our year. climbs increase continue survey, of the
Technology next Turning & to MDS.
our quarter's the This EBITDA higher. by versus previous and increases saw NDS continued is specific first our than of the record international the NDS the sequentially. RigCLOUD high growth performance points from production we more reflects contractors up our the of on a the in prices quarter. third-party the markets, exceeded metric focus growth penetration. and notable rig The more exceptionally percentage Demonstrating opportunities, third-party this revenue XX and quarter in strong grew represents driving proposition XX% commodity are five XX% services, activity our expected X strong of In rigs of were and penetration or portfolio, value related Lower previous oilfield analytics. Among with services, strong SmartDRILL
we visibility In month. expected Nabors, with in head to the builds next new have the several to markets. center rings For first deployment expect Saudi we Arabia in particular,
for the modern will require Middle series, Saudi picked will Arabia, growth other activity likely In flagship the technologies. across be will favorable has higher our should incorporate presents and MXXXX our be capability opportunity East, from countries. This most for notably markets addition, which which Gulf in rates. pricing we up Tendering rig an in can rigs in deploying a
have in are Latin those Clients optimistic plans. rigs rigs increases additional for support the and there planning We relationships also and we in to are activity, America.
continue Russia operate rates, labor for rigs wrap me discussion in covenant performing areas, contracts in the under with global light region. us macro on of updates for Let several we Russia, the there remain welfare the Ukraine, other concerned that interest throughout require citizens of a and on conflict and chain. In up to We the [ph] three drilling this currently availability period. supply
and all of Recent factors to making with compliance remain markets, potential the vigilant new credit coupled in additional we could from global the China, energy from COVID are in to refraining as on with the room maintaining still forward country. investments We introducing outlook. have applicable the technologies sanctions, events the into While resurgence these risks impact demand.
For end addressed last staffing year somewhat. to been additional market of labor, the eased compensation challenging. improve. experienced rigs successful. tight Timely costs, through We profitability levels remain Notwithstanding the for steps to competitive those and continued have has the we increase in remains has
Finally, at let inflation address the me chain. supply
materials our seen supply including higher chain, across have costs logistics. We and
disruptions, can our operational sum stretched and We significantly increases to for and spare of lead our have committed Nabors. tempo. This the and inventories industry customers pressures to chain To are to parts to components significant challenge increase our internally on we to forced infrastructure. without internal has times. We continue with We our been ensure drilling globally. a maintaining experience activity manufacturing the we seeing to us great indications to supply continued remain up, able deliver portion our offset
larger the in Our on ago. largely count Lower hype, operators quarter plans appear that least latest larger XX slightly expected a remain outlook. see based emerging rig at higher just We some opportunities to operator reflects commodity exit markets. pre-war withstanding indicates not a of survey now, the for our This international XXXX than
additional prices reassessing hydrocarbon countries, their in a supply our seeing in our and quarters. capital our I remain to spur as These natural results on Nabors, chain improving We many coming we present. gas are At have continue ability gas. the needs expect could focused increase well. in activity to while significant and demonstrated financial structure. our this constraints Inflation grow fully business, performance factors also
and Now to the who guidance. turn let over results me call will discuss William, our financial
