Nabors Industries Ltd, based in Bermuda, reported a net income of $33 million for the first quarter of 2025, marking a major turnaround from a $54 million loss in the previous quarter. This improvement was largely attributed to the completion of its acquisition of Parker Wellbore in March.

The company's operating revenues for the quarter reached $736 million, a slight increase from $730 million in the fourth quarter of 2024. Earnings per diluted share stood at $2.18, compared with a loss of $6.67 per share in the previous quarter.

The acquisition of Parker Wellbore contributed a one-time, non-cash net gain of $113 million. This gain was partially offset by non-cash charges of $28.6 million related to the winding down of operations in Russia and expenses associated with the Parker acquisition.

Adjusted earnings before interest, taxes, depreciation and amortisation for the quarter were $206 million, down from $221 million in the previous quarter.

In the US drilling segment, the average rig count decreased to 61 from 66 in the fourth quarter, leading to a drop in daily adjusted gross margin to $14,276 from $14,940. The international drilling segment saw an improvement, with daily adjusted gross margin increasing to $17,421, driven by higher margins in several international markets.

The acquisition of Parker Wellbore is expected to enhance the drilling solutions business of Nabors and contribute approximately $150 million in annualised adjusted ebitda for 2025, excluding anticipated expense synergies of $40 million by year-end.

Looking ahead, Nabors anticipates a Lower 48 average rig count of 63-64 rigs in the second quarter of 2025, with daily adjusted gross margin of about $14,100. Internationally, the company expects an average rig count of 85-86 rigs, including two from Parker, and daily adjusted gross margin of approximately $17,700.

Anthony Petrello, chairman, chief executive and president of Nabors, stated: "With the acquisition of Parker completed, we are already realising the benefits we anticipated.“ He also noted improvements in international markets and acknowledged challenges in the US segment.