Nabors Industries posted a first-quarter net loss of $15 million attributable to shareholders, a reversal from $10 million in net income recorded in the previous quarter.

Despite the loss, the Bermudian-based drilling company delivered adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of $205 million, supported by increased drilling activity in key markets.

Growth in the US “Lower 48” region was a standout, with four additional rigs deployed during the quarter, bringing the total to 66 active rigs — up eight since November 2025.

Internationally, Nabors continued expanding operations through its Sanad joint venture in Saudi Arabia, adding a newbuild rig and reactivating a previously suspended unit. The company now has 15 newbuild rigs deployed, with four more expected later this year.

Anthony Petrello, Nabors’ chairman and chief executive officer, cited geopolitical tensions in the Middle East as a factor shaping energy markets but noted only modest operational disruption so far. He emphasised the company’s diversified global footprint as a buffer against regional volatility.

Segment performance was mixed. International drilling generated $121 million in adjusted Ebitda, down from the prior quarter due to higher operating costs and slight declines in rig count. US drilling posted $88 million, reflecting improved Lower 48 activity offset by weaker offshore and Alaska results.

Nabors also advanced its balance sheet strategy, reducing total debt to $2.1 billion after redeeming remaining 2028 notes. Since the end of 2024, the company has cut debt by $386 million.

Looking ahead, Nabors expects modest gains in the second quarter, projecting steady rig counts and a return to positive free cashflow. Executives say disciplined capital spending and growing international operations will support performance through the remainder of 2026.

• This story was generated by machine and edited by The Royal Gazette newsroom