Nabors Industries sees Q2 CapEx $220M-$230M

Q2 CapEx view includes $35M for the Parker operations and $100M-$105M for the newbuilds in Saudi Arabia. Sees FY25 capital expenditures $770M-$780M, with $360M for the SANAD newbuilds and $60 million for Parker. Sees FY25 adjusted free cash flow $80M, any impact from tariffs, with SANAD consuming approximately $150M, while the remaining operations including Parker should generate around $230M. Anthony G. Petrello, Nabors CEO, concluded, “Our business and geographic diversity, and our industry-leading technology, will help us navigate this current environment. We expect the Parker business to make an immediate positive impact to our position. The investments we have made in our international business should generate meaningful returns, as we deploy a significant number of rigs over the next several quarters. In particular, SANAD is on track to operate 15 newbuild rigs by early 2026, with additional newbuilds already under discussion. The outlook for this program, and SANAD in total, is for considerable free cash generation, which should lead to material value creation for our shareholders.”