Nabors Prices $550 Million Senior Secured Notes Offering

HAMILTON, Bermuda, July 17, 2024 /PRNewswire/ — Nabors Industries Ltd. (NYSE: NBR) (“Nabors”) today announced that Nabors Industries, Inc. (“NII”), its indirect, wholly-owned subsidiary, has priced $550 million Nabors issued 1.500% Senior Secured Notes due 2031 (the “Notes”) in the offering announced earlier today. The Notes will bear interest at an annual rate of 8.875% and are being offered to investors at an initial price of 100% of par. The Notes will be fully and unconditionally guaranteed by Nabors and each of the subsidiaries, other than NII, that guarantee Nabors’ 7.50% Senior Secured Notes due 2028. The sale of the Notes to initial purchasers is expected to close on July 22, 2024subject to customary closing conditions, and is expected to generate approximately $540.7 million in net proceeds to Nabors after deduction of offering commissions and other expenses payable by Nabors.

The Notes will be senior unsecured obligations of NII and will be classified bet passed in right of payment with all existing and future senior obligations of NII, including the 7.50% Nabors Senior Secured Notes due 2028. The guarantees of the Notes will be senior unsecured obligations of the Guarantors and will be ranked bet passed in right of payment with all existing and future senior obligations of the guarantors, including the guarantors’ guarantee of the 7.50% Senior Secured Notes due 2028. The Notes will mature on August 15, 2031.

Nabors intends to use the net proceeds from this offering, together with available cash, to repurchase all of its 7.25% Senior Secured Notes due 2026. Any excess proceeds will be used for general corporate purposes, including, potentially, the repayment of other outstanding indebtedness.

The Notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the Company. United States in accordance with Regulation S under the Securities Act and applicable exemptions from registration, prospectus or similar requirements under the laws and regulations of relevant jurisdictions outside United StatesThe Notes will not be registered under the Securities Act and may not be offered or sold United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will also not be registered in any jurisdiction outside of United States and no action or proceeding will be taken to permit the offering of the Notes in any jurisdiction where registration or other action or proceeding would be required to permit an offering of the Notes.

The Notes will not be offered or sold in any such jurisdiction except pursuant to an exemption from, or in a transaction not subject to, the relevant requirements of the laws and regulations of such jurisdictions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities of Nabors or its subsidiaries, nor shall there be any offer, solicitation or sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

The above information includes forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain 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 these forward-looking statements. Nabors undertakes no obligation to update these forward-looking statements.

About Nabors Industries

Nabors Industries is a leading provider of advanced technologies to the energy industry. Operating in more than 20 countries, Nabors has established a global network of people, technologies and equipment to deploy solutions that ensure safe, efficient and responsible energy production. Leveraging its core competencies in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a low-carbon world. To learn more about Nabors and its leadership in energy technologies, visit www.nabors.com.

Media contacts:

For more information about Nabors, please contact William C. ConroyCFA, Vice President of Corporate Development and Investor Relations, +1 281-775-2423 or email (protected email)Or Kara PeakDirector of Corporate Development and Investor Relations, +1 281-775-4954 or by email (protected email). To request investor documents, contact Nabors Headquarters at Hamilton, Bermuda at +441-292-1510 or by e-mail (protected email).

SOURCE Nabors Industries Ltd.