Parker Wellbore Acquisition
Acquisition of Parker Wellbore completed, contributing $21.7 million in revenue and $7.8 million in EBITDA in the first quarter. The integration is on track to achieve $40 million in synergies for 2025.
International Drilling Growth
International segment revenue increased by $10.3 million (3%), with strong performance in key markets like Saudi Arabia and the SANAD joint venture. SANAD's adjusted EBITDA is projected to exceed $300 million in 2025.
Stable Rig Count in Lower 48
Lower 48 rig count ended the quarter at 62, and increased to 63 by the call date. Despite volatility, the market remained relatively stable.
Drilling Solutions Business Expansion
Drilling Solutions segment generated $46 million in EBITDA, benefiting from the Parker acquisition and geographic diversity.
Positive Cash Flow Management
Free cash flow was better than expected, with Nabors business consuming $61 million, lower than the anticipated $80-$90 million.