Nabors Industries Transformational Value Creation March 12, 2025
Parker SANAD (Saudi Arabia Wellbore Nabors Drilling) Powered by Bing Large-scale drilling operation with unique growth Nabors completes acquisition of Parker Wellbore trajectory and potential for value creation Adds Quail Tools,…
Parker Wellbore Acquisition N A B O R S . C O M 4
Nabors Industries and Parker Wellbore Addition of Parker Wellbore Drives Significant Benefits Incremental Expands Nabors Adds Quail Enhances scale Strengthens adjusted FCF Drilling Solutions Tools to NDS with growing…
Nabors Industries and Parker Wellbore Parker Brings Impactful Operations to Nabors Surface and Quail 1 in U.S. drill pipe rental Tubular Rentals 51% Scaling in major International markets 2024 ACTUAL REVENUE U.S. AND…
Nabors acquires Parker Wellbore: 4.8 million shares of Nabors common stock Transaction subject to certain adjustments Structure and Approximately 100 million of net debt Normalized full-year 2025E adjusted EBITDA of Purchase…
Nabors Industries and Parker Wellbore Projected 2025 Annualized Contributions from Parker Nabors Segments Adj. EBITDA Impact Market Outlook and Parker U.S. Drilling Adjusted EBITDA of 16 million Contribution: Growth in lateral…
SANAD Saudi Aramco Nabors Drilling N A B O R S . C O M 9
SANAD SANAD (Saudi Aramco Nabors Drilling) Overview Key Facts SANAD is a 50/50 joint venture between Fully funded internally with initial capital and Saudi Aramco and Nabors Industries cash flow generation from legacy and new…
SANAD SANAD Operating Rig Fleet Wholly-owned by SANAD Owned Rigs 15 RIGS 10 Contributed by Nabors at inception 5 Contributed by Saudi Aramco at inception OPERATING FLEET Wholly-owned by SANAD 50 rigs Newbuild Rigs 10 RIGS…
SANAD SANAD Capitalization and Cash Flows CONTRIBUTIONS CONTRIBUTIONS 394 million 394 million 20 million cash (equity) 20 million cash (equity) 10 rigs and assets* 5 rigs and assets* THRU 2018 247 million cash* Nabors LEASED…
SANAD Saudi Arabia Drilling Operation - Cash Flows SANAD Revenue - Operating Expense Nabors Lease Payment - Lease Expense Saudi Industries Adjusted Gross Margin Aramco - SG&A Adjusted EBITDA - Capital Expenses Working Cap…
SANAD Newbuild Program Rationale Targeted Financial Results for 800 600 SANAD Newbuilds High-impact Growth Initiative in Saudi Arabia: A unique, large-scale 700 500 expansion project in the premier global market Strategic…
SANAD Transformational Value Creation for Our Stockholders Assumes: Multiple of 9.5x based on the SANAD average of listed MENA drillers: ADES, ADNOC Drilling and Arabian Drilling Maintain utilization of legacy fleet Now At…
Robust Businesses Outside of SANAD N A B O R S . C O M 16
Nabors Industries Nabors Generated Solid FCF in Legal Entities Outside SANAD Nabors Adjusted Free Cash Flow** 200 2024* 2025 Outlook Before Parker impact, Nabors expects to generate 150 million adjusted FCF outside 150 SANAD in…
Nabors Industries Projected Operational Cash Generation* for 2025 Projected 2025 Full-Year Adjusted EBITDA less CAPEX, excluding SANAD Rig Before Parker impact, total adjusted EBITDA Technologies less CAPEX for operations…
Nabors Industries Projected Gross Debt Reduction in 2025 Nabors 2025 Gross Debt Outlook Nabors expects to generate 150 3,000 million adjusted FCF outside SANAD 2,607 excluding contribution from Parker 2,505 2,500 2,360…
Shifting Valuation Towards Sum-of-the-Parts N A B O R S . C O M 20
Nabors Industries and Parker Wellbore Nabors Earnings-Power Outlook Nabors Parker Full Year* Rig count between 62 and 64 Lower 48 Daily adjusted gross margin of 14,600 Alaska and U.S. Offshore Combined adjusted EBITDA down 5%…
Nabors Industries and Parker Wellbore Nabors SOTP Framework 2025 PF Adj. EBITDA(1) Peer Multiple(2) EV at Midpoint U.S. Drilling 410 million 4.0x 4.5x 1.7 billion SANAD 300 million 9.0x 10.0x 1.4 billion(4) International…
Appendix N A B O R S . C O M 23
Nabors Industries Valuation Metrics as of 12/31/2024 In millions CASH AND CASH EQUIVALENTS: Cash and cash equivalents, per Balance Sheet 389.7 (1) Less: Cash and cash equivalents held by SANAD 229.4 Cash and cash equivalents held…
Footnotes, Financial Definitions and Disclaimer N A B O R S . C O M 25
Non-GAAP Definitions We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA, Segment Gross Margin or Adjusted Free Cash Flow, as the amount and significance of items required to develop meaningful…
NABORS INDUSTRIES Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities Year Ended ( In th ou s an ds) December 31 2024 Net cash provided by operating activities 581,432 Add: Capital expenditures,…
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