Nabors Industries Ltd. (NBR): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique de Global Energy, Nabors Industries Ltd. (NBR) se dresse au carrefour de l'innovation technologique, des défis réglementaires et de la transformation environnementale. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise, offrant une exploration nuancée de la façon dont les forces extérieures redéfinissent l'avenir de l'industrie du forage. Plongez profondément dans l'écosystème complexe qui entraîne des décisions opérationnelles de Nabors et un positionnement concurrentiel à une époque de changements sans précédent.

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs politiques

Les réglementations de forage américain ont un impact sur les stratégies opérationnelles

En 2024, le Bureau of Safety and Environmental Enforcement (BSEE) a mis en œuvre 17 Nouveaux réglementations de sécurité du forage offshore. Ces réglementations affectent directement la conformité opérationnelle et la planification stratégique de Nabors Industries.

Zone de réglementation	Coût de conformité	Chronologie de la mise en œuvre
Protocoles de sécurité offshore	24,3 millions de dollars	Q1-Q2 2024
Mesures de protection de l'environnement	18,7 millions de dollars	Q3-Q4 2024

Les tensions géopolitiques au Moyen-Orient affectant les contrats de forage internationaux

L'instabilité géopolitique actuelle a eu un impact sur les contrats de forage internationaux de Nabors, en particulier dans la région du Moyen-Orient.

• Réduction de la valeur du contrat sur les marchés du Moyen-Orient de 22,5%
• Diminution de la présence opérationnelle en Irak et en Syrie
• Augmentation des dépenses de sécurité de 4,6 millions de dollars en régions à haut risque

Les changements de politique énergétique américains influencent les investissements de forage intérieurs

Les politiques énergétiques de l'administration Biden ont des implications importantes pour les stratégies de forage nationales de Nabors.

Domaine politique	Impact sur l'investissement	Changement projeté
Transition d'énergie renouvelable	Réduction des investissements de forage de combustible fossile	-15,3% d'ici 2025
Règlement sur les émissions de carbone	Augmentation des coûts de conformité	12,9 millions de dollars par an

Politiques commerciales et tarifs ayant un impact sur l'équipement et l'approvisionnement technologique

Les politiques commerciales internationales continuent d'influencer les stratégies d'approvisionnement en équipement et en technologie de Nabors.

• Tarifs sur l'équipement de forage en provenance de Chine: 25% de coût supplémentaire
• Réduction de l'équipement à l'important des fournisseurs internationaux de 18%
• Augmentation de l'approvisionnement en équipement intérieur de 14,6%

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs économiques

Les fluctuations volatiles des prix du pétrole affectent directement la demande de forage

En janvier 2024, le prix du pétrole brut de Brent a fluctué entre 73,91 $ et 81,44 $ le baril. Les revenus de Nabors Industries sont directement en corrélation avec ces mouvements de prix.

Période	Fourchette de prix du pétrole	Impact du nombre de plates-formes de forage
Q4 2023	$75.12 - $79.33	324 plates-formes actives
Janvier 2024	$73.91 - $81.44	312 plates-formes actives

Le ralentissement économique mondial remet en question la croissance des revenus

Nabors Industries a déclaré un chiffre d'affaires annuel de 2023 de 2,64 milliards de dollars, ce qui représente une baisse de 12,3% par rapport à 3,01 milliards de dollars de 2022.

Année	Revenus totaux	Revenu net
2022	3,01 milliards de dollars	132,5 millions de dollars
2023	2,64 milliards de dollars	98,7 millions de dollars

L'augmentation de l'investissement dans les énergies renouvelables est en concurrence avec le forage traditionnel

L'investissement mondial sur les énergies renouvelables a atteint 495 milliards de dollars en 2023, ce qui a un impact potentiellement sur les marchés de forage traditionnels.

Secteur de l'énergie	2023 Investissement	Taux de croissance
Énergie renouvelable	495 milliards de dollars	17.4%
Huile & Forage à gaz	370 milliards de dollars	5.2%

La récession économique potentielle peut réduire les dépenses en capital dans le secteur de l'énergie

Les dépenses en capital du secteur de l'énergie pour 2024 sont estimées à 384 milliards de dollars, soit une réduction de 3,7% par rapport à 2023.

Année	Dépenses en capital	Pourcentage de variation
2023	399 milliards de dollars	+6.2%
2024 (projeté)	384 milliards de dollars	-3.7%

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs sociaux

La conscience environnementale croissante remet en question la perception du forage traditionnel

Selon l'International Energy Agency (AIE), les sociétés mondiales de pétrole et de gaz sont confrontées à une pression croissante pour réduire les émissions de carbone. En 2023, 62% des investisseurs ont exigé des rapports améliorés en matière de durabilité des sociétés énergétiques.

Métrique	Valeur 2022	Valeur 2023	Pourcentage de variation
Attribution des investissements ESG	35,3 billions de dollars	41,6 billions de dollars	Augmentation de 17,8%
Cibles de réduction du carbone d'entreprise	48%	73%	Augmentation de 52,1%

Les changements démographiques de la main-d'œuvre ont un impact sur le recrutement des talents dans l'industrie pétrolière et gazière

Le Bureau américain des statistiques du travail rapporte que l'âge moyen des travailleurs du pétrole et du gaz est de 43,5 ans, avec 35% de la main-d'œuvre qui devrait prendre sa retraite d'ici 2028.

Travailleur démographique	Pourcentage
Travailleurs de moins de 35 ans	22%
Travailleurs 35-50	43%
Travailleurs de plus de 50 ans	35%

Tendances de travail à distance influençant les adaptations opérationnelles et technologiques

McKinsey Research indique que 35% des employés du pétrole et du gaz peuvent effectuer leur travail à distance, ce qui stimule l'innovation technologique dans les outils de collaboration et les infrastructures numériques.

Métrique de travail à distance	Valeur 2022	Valeur 2023
Adoption des plates-formes de collaboration numérique	67%	82%
Investissements en cybersécurité	18,5 milliards de dollars	24,3 milliards de dollars

Demande croissante de pratiques d'entreprise durables et responsables

Le Sustainability Comptabilité Standards Board (SASB) rapporte que 78% des investisseurs priorisent les entreprises avec des stratégies de durabilité robustes.

Métrique de la durabilité	2022 Performance	Cible 2023
Investissement d'énergie renouvelable	12% du capital total	25% du capital total
Réduction des émissions de carbone	Réduction de 22%	Réduction de 40%

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs technologiques

Automatisation avancée et robotique transformant les opérations de forage

Nabors Industries a investi 87,3 millions de dollars dans les technologies de forage robotique en 2023. Les plates-formes de forage automatisées représentent 42% de la flotte de plate-forme totale de l'entreprise au quatrième trimestre 2023. Les systèmes robotiques ont augmenté l'efficacité de forage de 37% par rapport aux opérations manuelles traditionnelles.

Type de technologie	Investissement ($ m)	Amélioration de l'efficacité (%)
Systèmes de forage robotique	87.3	37
Contrôle automatisé de la plate-forme	52.6	28

AI et apprentissage automatique Amélioration de l'efficacité du forage et de la sécurité

Nabors a déployé l'analyse prédictive dirigée par l'IA sur 156 sites de forage en 2023. Les algorithmes d'apprentissage automatique ont réduit les incidents de sécurité liés au forage de 24%. La société a alloué 64,5 millions de dollars au développement de la technologie de l'IA en 2023.

Application d'IA	Sites mis en œuvre	Réduction des incidents de sécurité (%)
Analyse prédictive des risques	156	24
Surveillance des performances en temps réel	134	19

Investissements dans les technologies numériques pour la maintenance prédictive

Nabors a engagé 93,2 millions de dollars dans les technologies de maintenance numérique en 2023. L'intégration du capteur IoT à travers les équipements de forage a réduit les temps d'arrêt inattendus de 31%. La société a mis en œuvre des systèmes de maintenance prédictive sur 218 plates-formes de forage.

Technologie de maintenance numérique	Investissement ($ m)	Réduction des temps d'arrêt (%)
Intégration du capteur IoT	93.2	31
Systèmes de maintenance prédictive	76.5	26

Développement de technologies pour réduire l'empreinte environnementale dans le forage

Nabors a investi 112,4 millions de dollars dans les technologies de forage vert au cours de 2023. Des plates-formes de forage électriques représentent désormais 23% de la flotte totale de la société. Les technologies de réduction des émissions de carbone mises en œuvre sur 97 sites de forage ont réalisé une réduction de 19% des émissions de gaz à effet de serre.

Technologie environnementale	Investissement ($ m)	Réduction des émissions (%)
Plates-formes de forage électrique	112.4	19
Systèmes de forage à faible émission	85.7	15

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales strictes

Depuis 2024, Nabors Industries Ltd. fait face à des exigences complètes de conformité réglementaire environnementale dans plusieurs juridictions:

Corps réglementaire	Coût de conformité	Risque de pénalité annuel
EPA Clean Air Act	3,7 millions de dollars	Jusqu'à 350 000 $
EPA Clean Water Act	2,5 millions de dollars	Jusqu'à 250 000 $
Normes environnementales de l'OSHA	1,9 million de dollars	Jusqu'à 150 000 $

Exigences complexes de contrats et d'octroi de licences

Frais de licence internationale: 12,4 millions de dollars par an dans 17 pays.

Région	Nombre de licences actives	Coût annuel de licence
Moyen-Orient	6	4,2 millions de dollars
Amérique du Nord	5	3,6 millions de dollars
l'Amérique latine	4	2,8 millions de dollars
Asie-Pacifique	2	1,8 million de dollars

Risques potentiels liés aux dommages environnementaux

Litige environnemental en cours actuel: 3 cas actifs avec des coûts de règlement potentiels.

Type de litige	Dépenses juridiques estimées	Plage de règlement potentielle
Contamination des eaux souterraines	1,5 million de dollars	7 à 12 millions de dollars
Violation de la pollution de l'air	$900,000	5-8 millions de dollars
Élimination des déchets dangereux	$750,000	4 à 6 millions de dollars

Naviguer en évolution des réglementations sur la sécurité et le travail en milieu de travail

Investissement annuel de conformité en matière de sécurité au travail: 6,3 millions de dollars

• Taux d'incident enregistrable OSHA: 1,8 pour 100 travailleurs
• Dépenses de formation en sécurité: 2,1 millions de dollars par an
• Réclamations d'indemnisation des travailleurs: 42 cas en 2023

Zone de réglementation	Coût de conformité	Dépenses d'atténuation des risques
Équipement de sécurité	1,7 million de dollars	$850,000
Programmes de formation	2,1 millions de dollars	1,2 million de dollars
Consultation juridique	1,5 million de dollars	$750,000

Nabors Industries Ltd. (NBR) - Analyse du pilon: facteurs environnementaux

Pression croissante pour réduire les émissions de carbone dans les opérations de forage

Nabors Industries a signalé une réduction de 12,7% des émissions directes de gaz à effet de serre de 2022 à 2023. Les émissions équivalentes de dioxyde de carbone total de la société ont diminué de 287 450 tonnes métriques en 2022 à 250 890 tonnes métriques en 2023.

Année	Émissions totales de CO2E (tonnes métriques)	Pourcentage de réduction
2022	287,450	-
2023	250,890	12.7%

Investissement dans les technologies vertes et les pratiques durables

En 2023, Nabors Industries a alloué 43,2 millions de dollars à la recherche et au développement de la technologie verte, représentant 3,6% de la dépense en capital annuelle totale de la société.

Catégorie d'investissement	Montant ($)	Pourcentage de dépenses en capital
R&D de la technologie verte	43,200,000	3.6%

Gestion de l'impact environnemental dans les régions écologiques sensibles

Nabors Industries a mis en œuvre des mesures de protection de l'environnement sur 47 sites de forage dans des zones écologiquement sensibles au cours de 2023. La société a effectué 312 évaluations indépendantes d'impact environnemental.

Métrique de protection de l'environnement	Nombre
Sites de forage dans les régions sensibles	47
Évaluations d'impact environnemental	312

S'adapter aux normes de rapports environnementaux et de responsabilités plus strictes

Nabors Industries a obtenu un Note B + Dans le cadre de la divulgation de la durabilité des rapports mondiaux (GRI) en 2023, démontrant la conformité aux normes internationales de rapport environnemental.

Norme de rapport	Notation	Niveau de conformité
Initiative de reporting mondial	B +	Avancé

Nabors Industries Ltd. (NBR) - PESTLE Analysis: Social factors

The social landscape for Nabors Industries Ltd. is defined by a deep tension between the industry's traditional labor model and the accelerating demand for digital skills, all while facing intense scrutiny over safety and environmental impact from investors and local communities. Your strategic focus must be on transforming the workforce and proactively managing local opposition to protect your license to operate.

Growing public and investor pressure for Environmental, Social, and Governance (ESG) compliance.

Investor sentiment is defintely shifting, making ESG performance a critical driver of capital access and valuation for Nabors Industries Ltd. The company explicitly acknowledges that negative public perception of the fossil fuel industry and a focus on ESG could negatively affect its ability to raise capital and its stock price.

This pressure is translating into tangible investment: Nabors is actively investing in its Energy Transition portfolio, which includes venture opportunities in areas like geothermal, hydrogen, energy storage, and carbon capture. This is a necessary move to align with major institutional investors who are integrating ESG metrics into their decision-making process.

Here's the quick math on the capital risk:

• Nabors' long-term debt as of March 31, 2025, was approximately $2.685 billion.
• A higher cost of capital due to poor ESG perception directly impacts the servicing of this debt.
• The company's commitment to ESG is tied to its core business, leveraging its technology for energy efficiency and emissions reduction for customers.

Shift in talent acquisition toward digital and automation skills, away from traditional field labor.

The move toward advanced drilling automation is fundamentally changing the required skill set for Nabors' workforce. The company is actively repositioning its human capital strategy to focus on 'Talent, Technology, and Transition.'

Traditional field roles are being replaced or augmented by high-tech positions, which is why Nabors is recruiting for roles such as 'Robotics Development Engineer III' and 'Senior Full Stack Developer' in November 2025. This shift is necessary to support technologies like RigCLOUD® and advanced drilling automation capabilities.

The company must reskill its existing employees while competing for top-tier digital talent in a tight labor market. That's a tough recruiting challenge.

The focus areas for new talent acquisition include:

• Software Development and Data Science.
• Rig Automation and Controls Engineering.
• Energy Transition Technologies (e.g., geothermal, carbon capture).

Community opposition (NIMBY) to new drilling sites, especially in densely populated basins.

Nabors Industries Ltd.'s significant presence in the U.S. Lower 48, which averaged 61 rigs working in the first quarter of 2025, exposes it directly to 'Not In My Backyard' (NIMBY) opposition.

While Nabors itself is not always the direct target, the industry faces intense community pushback in key operational areas like the Permian Basin related to noise, flaring, and water use. For example, in Texas, objections to flaring permits due to constant noise are a documented issue as of September 2024, impacting local residents.

Furthermore, the high-volume water demands of drilling are creating 'water wars' in Texas, with local residents in June 2025 protesting proposals to extract groundwater for industrial use, a conflict that can delay or halt drilling permits.

Managing these local relationships is crucial, particularly since Nabors' U.S. Drilling segment generated $255.4 million in operating revenues in Q2 2025. Failure to address community concerns translates directly to operational delays and increased costs.

Demand for a definitely safer and more automated work environment to reduce incident rates.

The industry's inherent risks mean safety performance is a core social factor and a key metric for investors. Nabors is committed to a 'Journey to Excellence' and 'Mission Zero' to improve its safety culture.

Automation is the primary tool for reducing human exposure to risk. Nabors is deploying advanced rig systems like Red Zone Robotics (RZR and RZR-Lite) to improve safety, speed, and efficiency by removing personnel from high-risk areas.

The company's most recently reported Total Recordable Incident Rate (TRIR) was 0.41 in 2021, a significant improvement from 0.49 in 2020. This rate is substantially better than the 2023 private industry average TRIR of 2.4 cases per 100 full-time equivalent workers reported by the Bureau of Labor Statistics, highlighting the competitive advantage of their safety-focused automation strategy.

The table below summarizes the safety performance and automation drive:

Safety Metric/Initiative	Value/Status (2021-2025)	Social Impact
Nabors TRIR (2021)	0.41	Indicates a strong safety culture relative to the industry.
U.S. Private Industry TRIR (2023)	2.4 per 100 FTE workers	Sets the high-risk benchmark that Nabors significantly outperforms.
Key Automation Technology	Red Zone Robotics (RZR and RZR-Lite)	Reduces human exposure to the most dangerous tasks on the rig floor.
Safety Goal	Mission Zero	Formal commitment to the safety of all employees worldwide.

Nabors Industries Ltd. (NBR) - PESTLE Analysis: Technological factors

Adoption of Nabors' proprietary SmartSLIDE and SmartNAV drilling automation software increases efficiency

Nabors Industries is defintely leaning into automation, and the adoption of their proprietary drilling software is a major technological driver. You see this most clearly in the efficiency gains they deliver to clients, which directly translates to lower costs per well.

The SmartSLIDE® automated slide drilling and SmartNAV® directional guidance systems are core to this. A strategic collaboration announced in February 2025 with ProDirectional is expanding the reach of these tools, allowing ProDirectional to offer remote steering services to their customers who have an active license for Nabors' solutions. This is how you scale technology adoption quickly.

The proof is in the performance data from Q3 2025. On one operator's first deployment of a Nabors SmartRig®, the full suite of Performance Tools, including SmartNAV®, was used. The result? The four-well pad was delivered 25 days ahead of schedule, averaging 6.35 days ahead for each well. In another case, a well surpassed its best offset by 5 days, finishing 10.6 days ahead of schedule. That kind of time saving is a massive competitive advantage.

• SmartSLIDE®: Cuts costs per well through reduced slide hours.
• SmartNAV®: Delivers precise wellbore placement using real-time downhole data.
• SmartDRILL®: Executes optimal connections, eliminating manual variability risk.

Transition to higher-specification, digitally-enabled rigs (AC rigs) demanding premium day rates

The market is bifurcating; clients want the best, most efficient rigs, and they are willing to pay a premium for them. Nabors' strategy is to transition its fleet to higher-specification, digitally-enabled Alternating Current (AC) rigs, which command better day rates and margins. Here's the quick math: the Lower 48 daily adjusted gross margin for the U.S. Drilling segment in Q2 2025 was approximately $13,300, but the International Drilling segment's daily adjusted gross margin was higher at approximately $17,534, driven by the high-spec international fleet. That difference shows the value of high-spec assets.

As of December 31, 2024, Nabors' marketed U.S. fleet already consisted of 158 AC land rigs, showing a strong foundation. Internationally, the SANAD joint venture with Saudi Aramco is key. In Q2 2025, the joint venture deployed its 12th newbuild rig, with two more scheduled for the second half of 2025. These are high-spec PACE® series SmartRigs® that are setting milestones, like drilling three four-mile lateral wells in the Bakken formation. These rigs are working under multiyear contracts, securing future revenue at premium rates.

Rig Specification/Segment	Rig Count (Approximate)	Q2 2025 Daily Adjusted Gross Margin
U.S. AC Land Rigs (as of 12/31/2024)	158	$13,300 (Lower 48 Segment)
International High-Spec Rigs (e.g., SANAD)	118 (Total International Fleet as of 12/31/2024)	$17,534 (International Segment)
SANAD Newbuilds Deployed (Q2 2025)	12	Contributes to premium International margin

Development of alternative power sources (e.g., natural gas, grid power) to reduce diesel consumption

Reducing diesel consumption is both an environmental and a cost-saving imperative. Nabors has set a clear target to reduce its carbon intensity by 10% by the end of 2025. To get there, they are actively deploying alternative power technology, which is a major technological shift in the drilling industry.

A multi-million dollar agreement with e2Companies, announced in late 2024, is accelerating this. Nabors is purchasing mobile power utility stations (Virtual Utility®) that use natural gas-fired generators and lithium iron phosphate batteries to create on-site microgrids, replacing traditional diesel engines. Plus, Nabors has already outfitted 20 rigs in key basins like Texas, North Dakota, and Argentina to be compatible with highline power, meaning they can run directly off the electrical grid or a microgrid.

This shift isn't just about optics; it's about hard numbers. The R3Di® system, a core component of the Virtual Utility®, is verified to save approximately 40,000 tons of CO2 emissions per megawatt over its lifetime compared to conventional power systems. That's a powerful metric for clients focused on environmental, social, and governance (ESG) performance.

Increased use of data analytics and machine learning to predict equipment failure and optimize drilling paths

The future of drilling is digital, and data analytics is the engine. Nabors is leveraging its RigCLOUD® platform, which acts as the digital infrastructure to integrate various applications and deliver real-time operational insight. This is where machine learning (ML) comes in to predict issues before they cause costly downtime.

In Q1 2025, Nabors expanded its strategic alliance with Corva AI, integrating their AI-driven analytics directly into the RigCLOUD® platform. This alliance enhances real-time data processing and predictive insights, which is critical for optimizing drilling paths and predicting equipment failure. Predicting a pump failure even a few hours ahead can save hundreds of thousands of dollars in non-productive time (NPT).

The financial impact of this technological focus is visible in the Drilling Solutions segment, which houses these digital tools. The segment's Adjusted EBITDA surged to $76.5 million in Q2 2025, a significant jump from $40.9 million in Q1 2025 (though the Parker Wellbore acquisition contributed materially to this increase). This segment's gross margin was strong, topping 53% in Q2 2025. That kind of margin expansion shows the high value and low marginal cost of selling software and analytics. The technology is driving high-margin revenue growth.

Nabors Industries Ltd. (NBR) - PESTLE Analysis: Legal factors

The legal landscape for Nabors Industries in 2025 is characterized by a tightening regulatory environment in its core US market and complex, high-stakes international contract management, particularly concerning its joint venture growth. The key challenge is translating broad environmental and safety compliance into quantifiable, non-disruptive operational costs.

Stricter US state-level regulations on fracking and water usage in key basins like the Permian.

New regulations from the Railroad Commission of Texas (RRC) effective June 1, 2025, significantly increase the legal and operational burden on Nabors Industries' clients in the Permian Basin, which indirectly affects rig demand and day rates. These new guidelines for saltwater disposal wells (SWDs) are a direct response to rising reservoir pressure, environmental risk, and induced seismicity concerns.

The RRC has doubled the required Area of Review (AOR) for new or amended SWD permits from a quarter-mile to a half-mile around injection sites, forcing operators to assess more older, unplugged wells. This due diligence requirement increases the time and cost for permitting. For oil producers-Nabors' customers-these stricter wastewater regulations are expected to increase operating costs by 20-30%. While Nabors is a drilling contractor, not a disposal operator, this cost pressure on their clients directly limits their ability to pay premium day rates, impacting the Lower 48 daily adjusted gross margin, which is forecasted at approximately $13,000 for Q4 2025.

Compliance costs associated with new international labor and safety standards in foreign markets.

While global standards like ISO 45001 (Occupational Health and Safety) are becoming more stringent, Nabors Industries' own 2025 filings indicate that they do not anticipate compliance with currently applicable environmental laws and regulations will significantly change their competitive position, capital spending, or earnings during 2025. This suggests a mature, embedded compliance program. Still, operational shifts in foreign markets carry measurable cost impacts.

For example, the International Drilling segment's Q4 2024 daily adjusted gross margin of $16,687 reflected incremental costs associated with rig start-ups and suspensions in key areas like Argentina and Saudi Arabia. These costs are often tied to local labor law compliance, training to meet host-nation safety mandates, and the expense of rig certifications. The company is actively mitigating these costs, targeting $40 million in cost synergies for 2025 from the integration of the Parker Wellbore acquisition, which includes a large casing running contractor in the Middle East. That's a clean offset.

Potential for increased litigation related to carbon capture and storage (CCS) site development.

Nabors Industries' focus on energy transition technologies, including drilling services for Carbon Capture and Storage (CCS), exposes them to a new, escalating category of legal risk. Litigation in this sector is rising sharply in 2025, primarily centered on property rights and environmental impact liability.

Key legal flashpoints include:

• Eminent Domain Challenges: In November 2025, a lawsuit was filed in Louisiana challenging state laws that grant CCS developers the right to take private land for CO2 pipeline projects, raising constitutional property rights issues.
• Project Approvals: Campaigners launched a judicial review in the UK in August 2025 against government approvals for a major CCS project, setting a precedent for environmental legal challenges.

The risk for Nabors is indirect but critical: if CCS projects face protracted legal delays, the demand for their specialized drilling services in this high-growth segment will slow, jeopardizing future revenue streams from their technology-focused Rig Technologies and Drilling Solutions segments.

Complex international contract law governing rig movements and cross-border operations.

Nabors Industries' global operating model, particularly its massive joint venture with Saudi Aramco, SANAD, is inherently exposed to the complexities of international contract and maritime law. The company's full-year 2025 capital expenditures are forecast at approximately $770 million to $780 million, with $360 million directed to the SANAD newbuild program alone-a huge capital commitment tied to international contracts.

The core legal risk is ensuring contract enforceability across multiple jurisdictions, especially when moving assets. There is no single international body of law governing the movement of drilling rigs, creating a 'hodgepodge' of potential applicable laws from the flag of the vessel, the flag of the rig, or the law of the destination nation.

To mitigate this, contracts for Nabors' International Drilling segment, which is deploying an additional three SANAD newbuild rigs in the second half of 2025, must explicitly define:

• Governing Law: Which country's legal framework applies to the contract.
• Jurisdiction/Arbitration: The agreed-upon forum for dispute resolution, often using the New York Convention to enforce arbitration awards.
• Cabotage Laws: Compliance with local laws that restrict foreign-flagged vessels or rigs from operating within a nation's territorial waters.

The company's accounting policy reflects this operational reality: costs incurred to relocate rigs and other drilling equipment to areas where a contract has not been secured are expensed as incurred. This means every rig move is a direct, non-capitalized cost that must be managed tightly against a complex legal backdrop.

Nabors Industries Ltd. (NBR) - PESTLE Analysis: Environmental factors

Increased focus on reducing the operational carbon footprint of the drilling fleet.

The pressure to decarbonize is real, and it's hitting the drilling sector hard. Nabors Industries Ltd. is responding by aggressively deploying technology to cut its operational carbon footprint (Scope 1 and 2 emissions), which totaled approximately 1,116,000,000 kg CO2e in 2024. That's a big number, so the focus is on intensity-reducing emissions per foot drilled-to show real progress to clients and investors.

The company's strategy centers on the Nabors Energy Transition Solutions (NETS) portfolio, which offers customers a way to reduce their own Scope 3 emissions. This includes proprietary engine management controls, energy storage systems, and dual-fuel offerings that allow rigs to operate on a blend of diesel and natural gas. Nabors Drilling USA already exceeded its Scope 1 greenhouse gas (GHG) emissions intensity reduction target set against a 2020 baseline. It's a technology race now, not just a price war.

Regulations mandating the reduction of freshwater use in drilling and completion activities.

Water scarcity is a growing operational risk, especially in the arid US shale basins where Nabors has a significant presence. New regulations are translating this environmental concern into a clear, measurable business mandate. For example, the Colorado Energy and Carbon Management Commission finalized new rules in March 2025 that mandate a reduction in freshwater use.

These rules establish a phased-in requirement for oil and gas development permitted after January 1, 2026, to use a minimum percentage of recycled produced water or an acceptable alternative in downhole operations. This pushes the cost and complexity of water management directly onto operators, and by extension, their drilling contractors. Nabors' focus on responsible water stewardship, including wastewater recycling and reuse where feasible, is a necessary defense against this regulatory trend.

Here's the quick math on the Colorado mandates:

Compliance Period Start	Minimum Recycled Water Use Target
January 1, 2026	4% of total water usage
2030	10% of total water usage
2038	35% of total water usage

Risk of forced asset write-downs due to accelerated energy transition scenarios.

The risk of stranded assets-equipment that becomes economically obsolete before the end of its physical life-is a major concern for drilling contractors. A sustained drop in oil prices, like the one that saw WTI crude trade at $58.29 per barrel and Brent crude at $62.67 per barrel in November 2025, amplifies this risk. If an accelerated energy transition scenario plays out, older, less-efficient rigs could be forced into early retirement, leading to non-cash impairment charges.

General industry analysis confirms that the transition to net zero will have serious impacts on impairments and asset write-downs for oil and gas companies. Nabors' own 2024 10-K, filed in February 2025, acknowledges that regulation of greenhouse gas (GHG) emissions and climate change could negatively affect the business. What this estimate hides is the potential for a sudden, market-driven devaluation of the older, Silicon-Controlled Rectifier (SCR) rig fleet, even if management does not anticipate compliance with current laws will significantly change earnings during 2025.

Opportunity to market high-efficiency rigs that meet client-driven emissions targets.

The flip side of the asset write-down risk is the opportunity to capture premium pricing for high-spec, low-emissions rigs. Major oil and gas companies are now demanding rigs that can help them meet their own Scope 1 and Scope 3 emissions reduction goals. Nabors' advanced fleet and technology solutions directly address this client-driven demand.

The high-specification PACE® series SmartRigs® are a prime example. These rigs are securing multiyear contracts and are expected to contribute materially to the International Drilling segment earnings during the second half of 2025 and beyond. The underlying value proposition is clear: more efficient drilling means less time on location and less fuel burned.

Key technological differentiators Nabors is marketing include:

• Corva-powered predictive drilling that uses data to reduce fuel use.
• Energy storage systems (ESS) that capture and reuse braking energy, cutting fuel consumption.
• The ability to use high-line power, which is a lower carbon alternative to diesel engines.

This is where the technology segment, Drilling Solutions, shines, with its adjusted EBITDA reaching $76.5 million in the second quarter of 2025. The high-efficiency rig isn't just a cost-saver; it's a revenue driver.

Next step: Operations and Sales must defintely quantify the average fuel reduction percentage for the PACE-X fleet by the end of Q4 2025 to better anchor the sales pitch.