Nabors Industries is one of the world's largest contract drilling companies, operating a fleet of land and offshore platform rigs that drill oil and gas wells on behalf of oil and gas companies. Customers pay Nabors a dayrate — a fixed daily fee — to use its rigs and crews, rather than owning the rigs themselves. Nabors operates across 20+ countries, with its two core markets being the U.S. Lower 48 (the Permian, Eagle Ford, and Haynesville) and international markets, particularly Saudi Arabia, Kuwait, Argentina, and Latin America. Saudi Aramco is the single largest customer, accounting for roughly 30% of consolidated revenue through SANAD, a 50/50 JV between Nabors and Aramco that operates ~52 rigs in Saudi Arabia and is executing a 50-rig new-build program. Nabors operates four segments: U.S. Drilling, International Drilling (the primary growth engine), Drilling Solutions (NDS), and Rig Technologies. NDS is a capital-light technology services business that provides directional steering, performance software, and managed pressure drilling — both on Nabors' own rigs and increasingly on third-party rigs — at EBITDA margins around 37-38%. Rig Technologies, operated through its Canrig subsidiary, manufactures and sells drilling equipment globally. Nabors' top financial priority is debt reduction, and the company reduced net leverage meaningfully in 2025 through asset sales, including the divestiture of Parker Wellbore's Quail Tools division for $625M.