Successful Sale of Quail Tools
Nabors Industries completed the sale of Quail Tools for $625 million, resulting in a significant transformation for their capital structure. The entire proceeds were collected, including $375 million in cash and a $250 million seller note, which was fully prepaid.
Debt Reduction Achievements
Proceeds from the Quail sale were used to pay down approximately $330 million of debt, reducing net debt by more than 20% for the year and achieving the lowest net debt in more than 10 years at approximately $1.7 billion.
International Drilling Segment Growth
Adjusted EBITDA for the International Drilling segment increased by more than 8% sequentially, driven by strong performance in Saudi Arabia and Kuwait.
Improved Performance in Drilling Solutions
Excluding Quail, EBITDA for Nabors Drilling Solutions increased in the third quarter, demonstrating strong value proposition even in challenging markets.
Technological Advancements in Rig Operations
Deployment of the PACE-X Ultra rig in the Lower 48, which combines advanced specifications and automation, exceeded performance expectations.