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- **$625M Quail Sale Drives Debt Reduction**: Net debt cut to $1.7B, lowest in 10+ years.
- **International Growth**: Saudi Arabia EBITDA +8%, SANAD newbuilds on track for 25 rigs by 2030.
- **PACE-X Ultra Success**: Record 240+ ft/h drilling in Lower 48, automation package for Middle East.
- **Free Cash Flow**: $70M+ from core businesses, targeting $1.1B net debt.
- **Gas Market Expansion**: 13 rigs in Argentina, 50% Saudi rigs may return, global LNG demand growth.

**【CEO Opening Remarks】**
- Sold Quail Tools for $625M, reducing net debt to $1.7B (lowest in 10+ years), with $375M cash received at closing and $250M seller note prepaid.
- Highlighted strong performance in International Drilling (+8% EBITDA) and U.S. Drilling (37.7% margin).
- Launched PACE-X Ultra rig in Lower 48, achieving 240+ ft/h lateral drilling speed.

**【CFO Financial Commentary】**
- Q3 Adjusted EBITDA: $236M (28.9% margin), driven by $127M in International Drilling (8% growth).
- U.S. Drilling EBITDA: $94.2M (37.7% margin), despite 2.5% revenue decline.
- Free cash flow: $6M (Q3), guided to $10M (Q4), with $70M+ EBITDA from retained businesses post-Quail sale.
- Capital expenditures: $188M (31% for SANAD newbuilds), guiding to $180-190M/Q4.

**【Q&A Highlights】**
- **U.S. Activity Outlook**: 57-59 rigs expected in Q4, with stable demand in gas basins.
- **Saudi Arabia Rigs**: 50% of 80 suspended rigs may return, with Nabors' 3 rigs in tender.
- **Free Cash Flow**: $70M+ from non-SANAD businesses, targeting $1.1-1.2B net debt.
- **Argentina Growth**: 13 rigs by Q2 2026, supporting global gas development trends.
- **Technology**: PACE-X Ultra automation package to be deployed in Middle East, enhancing efficiency.

Nabors Industries Ltd. (NBR) Q3 2025 Earnings Call Transcript

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