(WO) – Nabors Industries has signed a multiyear contract to deploy one rig in Venezuela in early 2027, a deployment the company said will mark its return to drilling operations in the country.
In Saudi Arabia, the SANAD land drilling joint venture deployed its 17th newbuild rig. One more newbuild is scheduled for deployment this year and two in the first quarter of 2027, bringing the newbuild fleet to 20. Chairman, CEO and President Anthony Petrello said the company expects a lower SANAD rig count in the fourth quarter following the suspension of five rigs, though Nabors still expects further international margin improvement.
International Drilling’s daily adjusted gross margin reached a record $19,060 in the third quarter, up $1,526 from the second quarter, helped by a recently deployed rig in Argentina and the SANAD newbuild. Nabors averaged 94.9 international rigs, up from 93.4.
In the Lower 48, the average working fleet rose 7% to 72.8 rigs. Nabors rigs helped two operators set drilling records. A PACE-B rig in North Dakota drilled more than 27,600 ft in 148 hours, an average rate of penetration of nearly 187 ft per hour. A PACE-X rig in South Texas drilled an 18,500-ft well in under six days, averaging more than 3,200 ft per day; the operator recorded its fastest drilling performance in the basin to date.
Canrig secured commitments for four more RZR rig floor automation modules, which will bring the total deployed to six. Drilling Solutions growth came mainly from greater use of Nabors’ Performance Software and Downhole Services on its own Lower 48 rigs.
For the fourth quarter, Nabors expects an average of 75 Lower 48 rigs and 92 to 93 international rigs. Full-year capital spending is now expected at $710 million to $720 million, including $295 million to $305 million for SANAD’s newbuild program; CFO Miguel Rodriguez said some SANAD construction milestones shifted to later periods.
“Advanced drilling technology and reliable field delivery position us to continue increasing both rig count and daily margin,” Petrello said of the Lower 48 business.
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