HAMILTON, Bermuda, Sept. 16, 2021 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today
reiterated its financial outlook for the third quarter of 2021. The
Company published the original outlook in the July press release
detailing results for second quarter of 2021.
At maturity on September 15th,
Nabors repaid the outstanding portion of its 4.625% senior notes
due in September 2021. As of
June 30th, the remaining
amount totaled $82.4 million.
Anthony G. Petrello, Nabors
Chairman, CEO and President, commented, "Our overall activity has
developed as we expected in the third quarter with all of our
segments continuing their strong performance. We are also
encouraged by our cash generation quarter-to-date and expect once
again to reduce our net debt as anticipated. We remain committed to
improving the Company's balance sheet leverage and we have
completed another step. With the retirement of the 4.625% notes,
our next pending maturity occurs in early 2023 and amounts to less
than $25 million."
About Nabors Industries
Nabors Industries is a leading provider of advanced technology
for the energy industry. With operations in approximately 20
countries, Nabors has established a global network of people,
technology and equipment to deploy solutions that deliver safe,
efficient and sustainable energy production. By leveraging its core
competencies, particularly in drilling, engineering, automation,
data science and manufacturing, Nabors aims to help shape the
future of energy and enable the transition to a lower carbon world.
Learn more about Nabors and its 100-year history of energy
technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of 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 such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial
measures. The components of these non-GAAP measures are
computed by using amounts that are determined in accordance with
accounting principles generally accepted in the United States of America ("GAAP").
Adjusted operating income (loss) represents income (loss) from
continuing operations before income taxes, interest expense,
earnings (losses) from unconsolidated affiliates, investment income
(loss), (gain)/loss on debt buybacks and exchanges, impairments and
other charges and other, net. Adjusted EBITDA is computed
similarly, but also excludes depreciation and amortization
expenses. In addition, adjusted EBITDA and adjusted operating
income (loss) exclude certain cash expenses that the Company is
obligated to make. Net debt is calculated as total debt minus the
sum of cash, cash equivalents and short-term investments.
Free cash flow represents net cash provided by operating
activities less cash used for investing activities. Free cash flow
is an indicator of our ability to generate cash flow after required
spending to maintain or expand our asset base. Management believes
that this non-GAAP measure is useful information to investors when
comparing our cash flows with the cash flows of other companies.
Each of these non-GAAP measures has limitations and therefore
should not be used in isolation or as a substitute for the amounts
reported in accordance with GAAP. However, management evaluates the
performance of its operating segments and the consolidated Company
based on several criteria, including adjusted EBITDA, adjusted
operating income (loss), net debt, and free cash flow, because it
believes that these financial measures accurately reflect the
Company's ongoing profitability and performance. Securities
analysts and investors also use these measures as some of the
metrics on which they analyze the Company's performance. Other
companies in this industry may compute these measures
differently. Reconciliations of consolidated adjusted EBITDA
and adjusted operating income (loss) to income (loss) from
continuing operations before income taxes, net debt to total debt,
and free cash flow to cash flow provided by operations, which are
their nearest comparable GAAP financial measures, are included in
the tables at the end of this press release.
Media Contact: William C.
Conroy, Vice President of Corporate Development &
Investor Relations, +1 281-775-2423 or via e-mail
william.conroy@nabors.com, or Kara
Peak, Director of Corporate Development & Investor
Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To
request investor materials, contact Nabors' corporate headquarters
in Hamilton, Bermuda at
+441-292-1510 or via e-mail mark.andrews@nabors.com
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SOURCE Nabors Industries Ltd.