纳伯斯工业 2025年季度报告

Washington, D.C. 20549 FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the Quarterly Period EndedSeptember30, 2025☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Commission File Number:001-32657 NABORS INDUSTRIES LTD.(Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Crown HouseSecond Floor4 Par-la-Ville RoadHamilton,HM08Bermuda(Address of principal executive office)(441)292-1510(Registrant’s telephone number, including area code) Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (Section232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “acceleratedfiler”, “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated Filer☐ Smaller reporting company☐ Non-accelerated Filer☐ Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ The number of common shares, par value $.05 per share, outstanding as of October 27, 2025 was 14,561,171, excluding1,161,283 common shares held by our subsidiaries, or15,722,454in the aggregate. NABORS INDUSTRIES LTD. AND SUBSIDIARIES Index PARTI FINANCIAL INFORMATION Item 1.Financial StatementsCondensed Consolidated Balance Sheets as of September 30, 2025 and December 31,20243Condensed Consolidated Statements of Income (Loss) for the Three and Nine MonthsEnded September 30, 2025 and 20244Condensed Consolidated Statements of Comprehensive Income (Loss) for the Threeand Nine Months Ended September 30, 2025 and 20245Condensed Consolidated Statements of Cash Flows for the Nine Months EndedSeptember 30, 2025 and 20246Condensed Consolidated Statements of Changes in Equity for the Three andNine Months Ended September 30, 2025 and 20247Notes to Condensed Consolidated Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations28Item 3.Quantitative and Qualitative Disclosures About Market Risk39Item 4.Controls and Procedures39PARTII OTHER INFORMATIONItem 1.Legal Proceedings39Item 1A.Risk Factors39Item 2.Unregistered Sales of Equity Securities and Use of Proceeds40Item 3.Defaults Upon Senior Securities41Item 4.Mine Safety Disclosures41Item 5.Other Information41Item 6.Exhibits42Signatures43 NABORS INDUSTRIES LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) The accompanying notes are an integral part of these condensed consolidated financial statements. NABORS INDUSTRIES LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)(Unaudited) NABORS INDUSTRIES LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited) NABORS INDUSTRIES LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Nine Months EndedSeptember30,20252024(Inthousands)Cash flows from operating activities:Net income (loss)$357,440$(55,118)Adjustments to net income (loss):Depreciation and amortization490,046477,060Deferred income tax expense (benefit)103,56610,776Impairments and other charges31,10215,379Amortization of debt discount and deferred financing costs6,6816,757Bargain purchase gain(116,499)—Losses (gains) on debt buyback1,94814,857Losses (gains) on sale of long-lived assets, net(13,362)17,109Share-based compensation14,62311,825Foreign currency transaction losses (gains), net5,34721,317Mark-to-market (gain) loss on warrants(7,424)(12,538)Gain on disposition of Quail Tools(415,557)—Other3,9745,445Changes in operating assets and liabilities, net of effects from acquisitions:Accounts receivable(15,813)(38,163)Inventory19,9044,337Other current assets(22,651)(6,900)Other long-term assets15,596(1,311)Trade accounts payable and accrued liabilities(4,553)583Income taxes payable1,980(24,912)Other long-term liabilities(8,923)(13,990)Net cash provided by