Nabors Secures Venezuela Rig Contract While SANAD Deploys 17th Newbuild
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Nabors Industries has secured a multiyear agreement to operationalize a drilling rig in Venezuela by early 2027, signaling its official return to the nation’s energy sector.
In Saudi Arabia, the SANAD joint venture successfully introduced its 17th newbuild land rig. With plans to launch one additional rig later this year and two more during Q1 2027, the newbuild fleet will expand to 20 units. Chairman, CEO, and President Anthony Petrello noted that despite five rig suspensions temporarily lowering SANAD’s active count in the fourth quarter, international margins are projected to keep strengthening.
Driven by active rigs in Argentina and recent SANAD additions, International Drilling posted a record daily adjusted gross margin of $19,060 in Q3—a $1,526 quarter-over-quarter increase. Overall, active international rigs rose from 93.4 to an average of 94.9.
Operations across the Lower 48 expanded as the average active fleet grew 7% to 72.8 rigs, enabling clients to achieve significant performance milestones. In North Dakota, a PACE-B rig completed a 27,600-plus-foot stretch in 148 hours at an average penetration rate nearing 187 ft/hr. In South Texas, a PACE-X rig completed an 18,500-ft well in under six days, averaging over 3,200 ft/day to establish the operator’s fastest drilling benchmark in the region.
Canrig obtained agreements to supply four additional RZR rig floor automation modules, expanding its active total to six. Meanwhile, Drilling Solutions achieved growth through increased adoption of Nabors’ Downhole Services and Performance Software across its Lower 48 fleet.
Looking to Q4, Nabors projects maintaining 75 rigs in the Lower 48 alongside 92 to 93 active international rigs. According to CFO Miguel Rodriguez, full-year capital expenditures are adjusted to $710–$720 million—which includes $295–$305 million allocated to SANAD newbuilds—reflecting shifted SANAD construction timelines.
“Advanced drilling technology and reliable field delivery position us to continue increasing both rig count and daily margin,” Petrello stated regarding US land operations.
