UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

Form 8-K CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 28, 2021

NABORS INDUSTRIES LTD. (Exact name of registrant as specified in its charter)

Bermuda 001-32657 98-0363970 (State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Incorporation or Organization) Identification No.)

Crown House 4 Par-la-Ville Road Second Floor Hamilton, HM08 N/A (Address of principal executive offices) (Zip Code)

(441) 292-1510 (Registrant’s telephone number, including area code)

N/A (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Name of exchange on which Title of each class Trading Symbol(s) registered Common shares NBR NYSE Preferred shares – Series A NBR.PRA NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2021, Nabors Industries Ltd. (“Nabors”) issued a press release announcing its results of operations for the three months ended March 31, 2021. A copy of that release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

On April 29, 2021, Nabors will hold a conference call at 1:00 p.m. Central Time, regarding the Company’s financial results for the quarter ended March 31, 2021. Information about the call – including dial-in information, recording and replay of the call, and supplemental information – is available on the Investor Relations page of www.nabors.com.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, of 1934 or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits Exhibit No. Description

99.1 Press Release 99.2 Investor Information 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NABORS INDUSTRIES LTD.

Date: April 28, 2021 By: /s/ Mark D. Andrews Mark D. Andrews Corporate Secretary

Exhibit 99.1

NEWS RELEASE

Nabors Announces First Quarter 2021 Results

HAMILTON, Bermuda, April 28, 2021 /PRNewswire/ -- Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported first quarter 2021 operating revenues of $461 million, compared to operating revenues of $443 million in the fourth quarter of 2020. The net loss from continuing operations attributable to Nabors common shareholders for the quarter was $141 million, or $20.16 per share. This compares to a loss from continuing operations of $112 million, or $16.46 per share in the prior quarter. The fourth quarter included $162 million of pretax gains from debt exchanges and repurchases, partially offset by charges of $71 million mainly from asset impairments, for a net after-tax gain of $52 million, or $7.40 per share. Excluding the above unusual items, the net loss improved by $23 million, reflecting lower depreciation and interest expense.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, “Our first quarter results exceeded our expectations, as we maintained our strong execution across the portfolio. First quarter adjusted EBITDA of $108 million was in line with the strong fourth quarter. We benefitted from activity increases in our North American and International markets and our Drilling Solutions business improved significantly. Margins in our largest drilling businesses and Drilling Solutions were consistent with our expectations.

“We had an outstanding quarter in terms of free cash flow generation. We also made progress in cutting our total debt. The entire Nabors team deserves credit for this performance.

“During the first quarter, global oil inventories drew down further. This action contributed to the rise in commodity prices. Oilfield activity responded, with increases across markets. The Lower 48 land drilling market grew by 28% on average in the first quarter. Activity also strengthened during the quarter in international markets, notably for Nabors in and Latin America. As commodity markets rebalance, we expect continued increases in drilling activity both in the U.S. and internationally. In tandem with improved utilization, we would also expect pricing to generally increase in the second half of 2021.

“The quarterly growth in our Drilling Solutions segment was impressive. Revenue and adjusted EBITDA both increased sequentially by nearly 12%. We delivered continued growth in Performance Products, notably our SmartDRILLTM sequencing and process automation app, and Managed Pressure Drilling in our international markets. Drilling Solutions continues to gain market traction, while also helping drive the performance of our global drilling rig business.

“In summary, the growing global economy, combined with continued rebalancing of worldwide oil supply and demand, is supportive of commodity prices, which justify higher drilling activity. Nabors is well positioned to capitalize on this prospect.”

NEWS RELEASE

Consolidated and Segment Results

The U.S. Drilling segment reported $58.8 million in adjusted EBITDA for the first quarter of 2021, a 5% reduction from the prior quarter. For the quarter, Nabors’ average Lower 48 rig count, at 56, increased by almost three rigs, or 5%. Average daily margins in the Lower 48 narrowed, to $8,466, driven principally by the shift in mix towards rigs priced at current market rates. The U.S. Drilling segment’s rig count currently stands at 69, with 64 rigs in the Lower 48. Based on the Company’s current outlook, the second quarter average Lower 48 rig count is expected to increase by approximately six to seven rigs over the first quarter average. Nabors expects second quarter drilling margins to exceed $7,000, reflecting the continued migration of the fleet’s pricing to current market rates. In the second quarter, for the U.S. Offshore and Alaska operations, the Company expects adjusted EBITDA somewhat higher than the first quarter.

International Drilling adjusted EBITDA declined from the prior quarter by $1.9 million, to $62.6 million. The rig count averaged 65 rigs, a 4% increase from the fourth quarter. This improvement was driven primarily by the resumption of drilling rigs that had been temporarily idled in Saudi Arabia. Average margin per day was $12,917, a decline of approximately 4%, driven by the absence of early termination revenue realized in the fourth quarter.

The second quarter outlook for the International segment includes an increase of three to four rigs, mainly reflecting rig starts in Latin America and the full impact of the first quarter activity resumptions in Saudi Arabia. Sequentially, Nabors expects daily margins in the second quarter to soften by up to $500.

Canada Drilling reported adjusted EBITDA of $9.7 million. Rig count increased by 41% from the fourth quarter, as drilling activity reached its seasonal peak. Daily gross margin increased by more than $3,500 primarily driven by the stronger activity and a governmental wage subsidy. For the second quarter, following the seasonal activity peak, the Company expects an average rig count of slightly more than six rigs versus almost 14 in the prior quarter. This compares to just over two rigs in the second quarter of 2020.

In Drilling Solutions, adjusted EBITDA of $11.5 million increased by $1.2 million compared to the fourth quarter, due to increased volumes across services. The main contributors to the improvement were the performance drilling offerings and managed pressure drilling. The Company expects second quarter Drilling Solutions adjusted EBITDA to be in line with the first quarter.

In the Rig Technologies segment, first quarter adjusted EBITDA was a loss of $0.5 million, compared to adjusted EBITDA of $0.5 million in the fourth quarter. The decline was mainly due to a change in sales mix on capital equipment and parts. The Company expects second quarter adjusted EBITDA for Rig Technologies slightly above breakeven.

Free Cash Flow and Capital Discipline

Free cash flow, defined as net cash provided by operating activities less net cash used by investing activities, as presented in the Company’s cash flow statement, totaled $60 million in the first quarter after funding capital expenditures of $40 million. These results include the impact from semiannual interest payments on the Company’s senior notes, which are paid in the first and third quarters. The Company cut total debt by $70 million during the first quarter and reduced net debt, defined as total debt less cash, cash equivalents and short-term investments by $6 million. During the first quarter, the SANAD joint venture completed the distribution of approximately $50 million to each partner.

NEWS RELEASE

William Restrepo, Nabors CFO, stated, “Overall market activity has responded favorably to the improving macroeconomic conditions. We remain focused on our target markets, which value performance and technology. Our fleet of high-specification drilling rigs and our portfolio of innovative apps and services are uniquely positioned to serve this segment.

“The Lower 48 market continues to strengthen, as clients take advantage of the more favorable commodity price environment. As utilization increases, we would expect spot pricing to firm. We are further encouraged by the growth in our International activity and the progress we’ve made on Drilling Solutions.

“We remain firmly committed to cost and capital discipline, as demonstrated by our strong free cash flow generation in the most difficult quarter of the year. In addition to our continued cost and capital measures, robust collections from our customers provided a significant boost to our liquidity. We will maintain our discipline in the second quarter.”

Mr. Petrello concluded, “I am pleased with the first quarter results and our start to 2021. In particular, our free cash flow exceeded our own internal expectations. This solid performance validates our strategies aimed at the twin goals of generating free cash flow and improving leverage.

“We have also made progress on our commitment to reduce our carbon footprint. We continue to evaluate multiple technologies in the areas of carbon capture and sequestration, power management and storage, and emissions reduction. The initial results, both from field deployments and prototype testing, are promising.

“As we look to the future, we envision complementing our current portfolio of advanced digital solutions with more data intensity. Because the energy industry is a prodigious generator of data, we believe it is a prime candidate to benefit from such expertise.

“In the near term over the balance of 2021, we foresee market fundamentals continuing to improve. With this backdrop, I am confident that with outstanding execution and our portfolio of innovative technology, we will make substantial progress on our financial goals this year.”

About Nabors

Nabors (NYSE: NBR) owns and operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs in the and several international markets. Nabors also provides services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Leveraging advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform the industry.

Forward-looking Statements

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward- looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.

NEWS RELEASE

Non-GAAP Disclaimer

This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), (gain)/loss on debt buybacks and exchanges, impairments and other charges and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments. Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA, adjusted operating income (loss), net debt, and free cash flow, because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and free cash flow to cash flow provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release.

Media Contact: William C. Conroy, Vice President of Corporate Development & Investor Relations, +1 281-775-2423, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292- 1510 or via e-mail [email protected]

NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

Three Months Ended March 31, December 30, (In thousands, except per share amounts) 2021 2020 2020 Revenues and other income: Operating revenues $ 460,511 $ 718,364 $ 443,396 Investment income (loss) 1,263 (3,198) 3,342 Total revenues and other income 461,774 715,166 446,738

Costs and other deductions: Direct costs 290,654 461,840 274,278 General and administrative expenses 54,660 57,384 53,719 Research and engineering 7,467 11,409 7,285 Depreciation and amortization 177,276 227,063 208,654 Interest expense 42,975 54,722 47,943 Impairments and other charges 2,483 276,434 71,328 Other, net 4,863 (17,110) (151,377) Total costs and other deductions 580,378 1,071,742 511,830

Income (loss) from continuing operations before income taxes (118,604) (356,576) (65,092) Income tax expense (benefit) 9,725 17,693 38,842

Income (loss) from continuing operations, net of tax (128,329) (374,269) (103,934) Income (loss) from discontinued operations, net of tax 19 (93) 55

Net income (loss) (128,310) (374,362) (103,879)

Less: Net (income) loss attributable to noncontrolling interest (8,776) (17,465) (4,358) Net income (loss) attributable to Nabors (137,086) (391,827) (108,237) Less: Preferred stock dividend (3,653) (3,652) (3,653) Net income (loss) attributable to Nabors common shareholders $ (140,739) $ (395,479) $ (111,890)

Amounts attributable to Nabors common shareholders: Net income (loss) from continuing operations $ (140,758) $ (395,386) $ (111,945) Net income (loss) from discontinued operations 19 (93) 55 Net income (loss) attributable to Nabors common shareholders $ (140,739) $ (395,479) $ (111,890)

Earnings (losses) per share: Basic from continuing operations $ (20.16) $ (56.72) $ (16.46) Basic from discontinued operations - (0.01) 0.01 Total Basic $ (20.16) $ (56.73) $ (16.45)

Diluted from continuing operations $ (20.16) $ (56.72) $ (16.46) Diluted from discontinued operations - (0.01) 0.01 Total Diluted $ (20.16) $ (56.73) $ (16.45)

Weighted-average number of common shares outstanding: Basic 7,102 7,051 7,067 Diluted 7,102 7,051 7,067

Adjusted EBITDA $ 107,730 $ 187,731 $ 108,114

Adjusted operating income (loss) $ (69,546) $ (39,332) $ (100,540)

NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, December 30, (In thousands) 2021 2020 (Unaudited) ASSETS Current assets: Cash and short-term investments $ 417,561 $ 481,746 Accounts receivable, net 331,453 362,977 Assets held for sale 16,563 16,562 Other current assets 270,454 270,180 Total current assets 1,036,031 1,131,465 Property, plant and equipment, net 3,829,222 3,985,707 Other long-term assets 389,653 386,256 Total assets $ 5,254,906 $ 5,503,428

LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ - $ - Other current liabilities 490,797 515,469 Total current liabilities 490,797 515,469 Long-term debt 2,898,879 2,968,701 Other long-term liabilities 341,109 319,610 Total liabilities 3,730,785 3,803,780

Redeemable noncontrolling interest in subsidiary 396,167 442,840

Equity: Shareholders' equity 1,013,753 1,151,384 Noncontrolling interest 114,201 105,424 Total equity 1,127,954 1,256,808 Total liabilities and equity $ 5,254,906 $ 5,503,428

NABORS INDUSTRIES LTD. AND SUBSIDIARIES SEGMENT REPORTING (Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:

Three Months Ended March 31, December 30, (In thousands, except rig activity) 2021 2020 2020 Operating revenues: U.S. Drilling $ 142,299 $ 274,901 $ 134,129 Drilling 20,989 25,591 14,824 International Drilling 246,838 337,110 245,093 Drilling Solutions 35,706 55,384 31,997 Rig Technologies (1) 25,748 42,150 27,357 Other reconciling items (2) (11,069) (16,772) (10,004) Total operating revenues $ 460,511 $ 718,364 $ 443,396

Adjusted EBITDA: (3) U.S. Drilling $ 58,786 $ 101,809 $ 62,162 Canada Drilling 9,659 7,931 3,501 International Drilling 62,611 91,509 64,490 Drilling Solutions 11,458 19,439 10,262 Rig Technologies (1) (533) (3,178) 511 Other reconciling items (4) (34,250) (29,779) (32,812) Total adjusted EBITDA $ 107,730 $ 187,731 $ 108,114

Adjusted operating income (loss): (5) U.S. Drilling $ (23,336) $ (7,404) $ (26,215) Canada Drilling 3,907 37 (2,501) International Drilling (18,632) (4,147) (35,462) Drilling Solutions 4,710 10,549 (2,532) Rig Technologies (1) (2,569) (8,151) (2,031) Other reconciling items (4) (33,626) (30,216) (31,799) Total adjusted operating income (loss) $ (69,546) $ (39,332) $ (100,540)

Rig activity: Average Rigs Working: (6) Lower 48 56.2 89.0 53.6 Other US 4.3 7.4 5.0 U.S. Drilling 60.5 96.4 58.6 Canada Drilling 13.7 16.8 9.7 International Drilling 64.8 86.7 62.6 Total average rigs working 139.0 199.9 130.9

Daily Rig Revenue: Lower 48 $ 21,656 $ 27,199 $ 20,949 Other US 83,793 80,996 66,841 U.S. Drilling (8) 26,115 31,339 24,862 Canada Drilling 16,995 16,767 16,600 International Drilling 42,347 42,717 42,551

Daily Rig Margin: (7) Lower 48 $ 8,466 $ 9,891 $ 9,541 Other US 54,974 43,756 44,811 U.S. Drilling (8) 11,803 12,497 12,548 Canada Drilling 8,160 5,694 4,633 International Drilling 12,917 13,471 13,486

(1)Includes our oilfield equipment manufacturing, automated systems, and downhole tools.

(2)Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment.

(3)Adjusted EBITDA represents income (loss) from continuing operations before income taxes, interest expense, depreciation and amortization, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".

(4)Represents the elimination of inter-segment transactions and unallocated corporate expenses.

(5)Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. A reconciliation of this non- GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".

(6)Represents a measure of the average number of rigs operating during a given period. For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year.

(7)Daily rig margin represents operating revenue less operating expenses, divided by the total number of revenue days during the quarter.

(8)The U.S. Drilling segment includes the Lower 48, Alaska, and Gulf of operating areas.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (Unaudited)

Three Months Ended March 31, December 30, (In thousands) 2021 2020 2020 Adjusted EBITDA $ 107,730 $ 187,731 $ 108,114 Depreciation and amortization (177,276) (227,063) (208,654) Adjusted operating income (loss) (69,546) (39,332) (100,540)

Investment income (loss) 1,263 (3,198) 3,342 Interest expense (42,975) (54,722) (47,943) Impairments and other charges (2,483) (276,434) (71,328) Other, net (4,863) 17,110 151,377 Income (loss) from continuing operations before income taxes $ (118,604) $ (356,576) $ (65,092)

NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF NET DEBT TO TOTAL DEBT

March 31, December 30, (In thousands) 2021 2020 (Unaudited) Current portion of debt $ - $ - Long-term debt 2,898,879 2,968,701 Total Debt 2,898,879 2,968,701 Less: Cash and short-term investments 417,561 481,746 Net Debt $ 2,481,318 $ 2,486,955

NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited)

Three Months Ended March 31, December 30, (In thousands) 2021 2020 2020 Net cash provided by operating activities $ 79,490 $ 59,162 $ 101,855 Less: Net cash used for investing activities (19,119) (50,773) (36,115) Free cash flow $ 60,371 $ 8,389 $ 65,740

Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of the consolidated Company based on several criteria, including free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance.

Exhibit 99.2

1 4/28/2021 NABORS INDUSTRIES LTD. 1Q Earnings Presentation

2 Forward Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements . Such statements, including statements in this document that relate to matters that are not historical facts, are “forward - looking statements” within the meaning of the safe harbor provisions of Section 27 A of the U . S . Securities Act of 1933 and Section 21 E of the U . S . Securities Exchange Act of 1934 . These “forward - looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans . They are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our expectations . Factors to consider when evaluating these forward - looking statements include, but are not limited to: • the Covid - 19 pandemic and its impact on oil and gas markets and prices; • fluctuations and volatility in worldwide prices of and demand for oil and natural gas; • fluctuations in levels of oil and natural gas exploration and development activities; • fluctuations in the demand for our services; • competitive and technological changes and other developments in the oil and gas and oilfield services industries; • our ability to renew customer contracts in order to maintain competitiveness; • the existence of operating risks inherent in the oil and gas and oilfield services industries; • the possibility of the loss of one or a number of our large customers; • the impact of long - term indebtedness and other financial commitments on our financial and operating flexibility; • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our unsecured revolving credit facility, and future issuances of debt or equity securities; • our dependence on our operating subsidiaries and investments to meet our financial obligations; our ability to retain skilled employees; • our ability to complete, and realize the expected benefits, of strategic transactions; • changes in tax laws and the possibility of changes in other laws and regulation; • the possibility of political or economic instability, civil disturbance, war or acts of terrorism in any of the countries in which we do business; • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes or sanctions; and • general economic conditions, including the capital and credit markets. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities . Therefore, sustained lower oil or that have a material impact on exploration, development or production activities could also materially affect our financial position, results of operations and cash flows . The above description of risks and uncertainties is by no means all - inclusive, but is designed to highlight what we believe are important factors to consider . For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our Annual Reports on Form 10 - K and Quarterly Reports on Form 10 - Q, which are available at the SEC's website at www . sec . gov .

Recent Company Highlights Generated FCF of $60M in 1Q 2021 After funding $40M in capital spending and semi - annual interest payments of $71M Reduced Total Debt by $70M during 1Q 2021 Includes repaying senior notes and executing debt exchanges for a total reduction of $30M, as well as reducing credit facility outstanding by $40M 1Q 2021 adjusted EBITDA of $108M in line with Q4 2020 Drilling activity continues to strengthen throughout our markets. Strong improvement in Drilling Solutions and Canada Drilling Solutions continues growth of new product offerings and market penetration in Lower 48 RigCLOUD® installations on 90% of our average working rigs SmartDRILL TM increased by 25% in Lower 48 Received 4 awards to date from to provide in Kingdom newbuild rigs Fully funded by SANAD’s cash on hand ESG score (ISS) improvement in 1Q 1 point on Governance vs 4Q 2020 3 Note: For adjusted EBITDA and FCF see non - GAAP reconciliations in the Appendix

4 1Q Rig Utilization and Availability RIG FLEET (1) 383 1Q21 AVERAGE RIGS ON REV 139 AVERAGE UTILIZATION 36% (1) As of March 31, 2021 Note: Subtotals may not foot due to rounding TOTAL U.S. OFFSHORE 12 2 17% CANADA 16 2 14% ALASKA 35 14 39% INTERNATIONAL 133 65 49% 187 56 30% U.S. LOWER 48 HIGH SPEC 110 HIGH SPEC 55 HIGH SPEC 50%

5 Nabors’ Commitment to Environmental Stewardship 40 dual - fuel - capable rigs in Lower 48 and 12 in Canada Image: Rig 27E in Deadhorse Alaska 3 High - Line rigs, 4 Bi - Fuel rigs, including 2 rigs using advanced energy management system in L48 Evaluating carbon capture, emissions minimization and power storage and power management technologies

Energy Storage 6 Engine Management System ESG Compliance Emissions Reporting Green Fuels Clean Energy Energy Transition Solutions Reduce Emissions & Drive Fuel Savings

0 2 4 6 8 10 12 14 16 18 20 0 100 200 300 400 500 600 700 800 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q1'21 FOOTAGE DRILLED Millions # OF WELLS DRILLED # of Wells Drilled Footage Drilled • Over 18 MILLION Feet Drilled • 720+ Wells Drilled • 5 Basin Records in Q1 2021 • 30% of Smart Suite Customers on Performance Based Contracts • 0 Recordable Incidents SmartDRILL TM Commercialization SmartNAV TM & SmartSLIDE TM Commercialization Smart Suite Growth Smart Suite Growth

Four additional Operators added Smart Suite across multiple basins in Q1 2021. Smart Suite is now active across all major US L48 basins. Expanding Next - Gen Digital Solutions and Smart Suite Smart Suite Active RigCLOUD ® EDGE Active 5+ Rigs 1 - 5 Rigs

9 Smart Suite Apps High - end edge computing at the rig site Delivery of Analytics at the rig transforms insights into performance, delivering more value for customers Transparency of value delivery facilitates adoption of new technology Stakeholders communicate value in the same terms Driller’s Dashboards EDGE SmartSLIDE TM & SmartDRILL TM Apps Expanding Next - Gen Digital Solutions through RigCLOUD ®

86 146 287 855 560 390 633 $0 $250 $500 $750 $1,000 $1,250 $1,500 2021 2022 2023 2024 2025 2026 2027 2028 Revolving Credit Facility Notes Outstanding (1) 10 (1) Annual figures shown in millions at maturity face value as of March 31, 2021 (2) Annual figures shown reflect carrying values as of March 31, 2021 Total Debt improved by $70M, driven by positive FCF and gains from debt exchanges completed during 1Q 2021 (1) Debt at 3/31/2021 Total Debt: $2.90Bn (2) Cash, Cash Equivalents & STI $0.42Bn Total Debt Less Cash, Cash Equiv. & STI $2.48Bn (2) Debt Maturity Profile as of March 31, 2021

11 APPENDIX

12 Reconciliation of Adjusted EBITDA to Income (Loss) From Continuing Operations Before Income Tax Adjusted EBITDA represents income (loss) from continuing operations before income taxes, interest expense, depreciation and a mor tization, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Adjusted EBITDA is a non - GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certa in cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several c rit eria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing pro fitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in thi s i ndustry may compute these measures differently. A reconciliation of this non - GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided below. Three Months Ended March 31, 2021 Adjusted EBITDA $107,730 Depreciation and Amortization 177,276 Adjusted Operating Income (loss) (69,546) Investment Income (loss) 1,263 Interest Expense (42,975) Other, net (4,863) Impairments and other charges (2,483) Income (loss) from continuing operations before income taxes ($118,604) (In Thousands)

13 Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow i s a n indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. Management believes that this non - GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. This non - GAAP measure has limitations and therefore should not be used in isolation or a s a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of the consolidated Company based on several criteria, in clu ding free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. A reconciliation of thi s m easure to net cash provided by operating activities is provided below. March 31, 2021 Net cash provided by operating activities $79,490 Less: Net Cash used for investing activities (19,119) Free cash flow $60,371 (In Thousands)

nabors.com Contact Us: William C. Conroy VP - Corporate Development and Investor Relations [email protected] Kara K. Peak Director - Corporate Development and Investor Relations [email protected] NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 , TX 77067 - 4525