<SEC-DOCUMENT>0001104659-17-019690.txt : 20170328
<SEC-HEADER>0001104659-17-019690.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170328162410
ACCESSION NUMBER:		0001104659-17-019690
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170328
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170328
DATE AS OF CHANGE:		20170328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NABORS INDUSTRIES LTD
		CENTRAL INDEX KEY:			0001163739
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				980363970
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		17719219

	BUSINESS ADDRESS:	
		STREET 1:		CROWN HOUSE
		STREET 2:		4 PAR-LA-VILLE ROAD   SECOND FLOOR
		CITY:			HAMILTON, HM08
		STATE:			D0
		ZIP:			0000
		BUSINESS PHONE:		2464219471

	MAIL ADDRESS:	
		STREET 1:		P O BOX HM3349
		CITY:			HAMILTON, HMPX
		STATE:			D0
		ZIP:			0000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a17-9930_28k.htm
<DESCRIPTION>8-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Form&nbsp;8-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported)<b> March&nbsp;28, 2017</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">NABORS INDUSTRIES LTD.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-32657</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">98-0363970</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other   Jurisdiction of<br>   Incorporation or Organization)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File   Number)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>   Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Crown   House</font></b><br>    <b>4 Par-la-Ville Road</b><br>    <b>Second Floor</b><br>    <b>Hamilton, HM08 Bermuda</b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal   executive offices)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(441) 292-1510</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report.)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.01</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Regulation FD Disclosure.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As previously disclosed, on March&nbsp;28, 2017, Mr.&nbsp;Anthony Petrello, CEO and President of Nabors Industries Ltd. (the &#147;Company&#148;), made a presentation at the Scotia Howard Weil Conference. The script for Mr.&nbsp;Petrello&#146;s presentation is attached hereto as Exhibit&nbsp;99.1 and incorporated herein by reference.&#160; Mr.&nbsp;Petrello&#146;s script should be read in conjunction with the simultaneously-presented slides, which were previously furnished and which are incorporated into this Form&nbsp;8-K as Exhibit&nbsp;99.2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The materials referenced above contain forward-looking statements within the meaning of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).&nbsp; Such forward-looking statements are subject to risks and uncertainties, as disclosed from time to time in the Company&#146;s filings with the Securities and Exchange Commission.&nbsp; As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in this Item 7.01 to this Current Report on Form&nbsp;8-K, including Exhibits 99.1 and 99.2, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Exchange Act, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)&nbsp;of the Securities Act.&#160; This current report on Form&nbsp;8-K will not be deemed an admission as to the materiality of any information contained herein (including the information incorporated by reference herein).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Financial Statements and Exhibits.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Exhibits</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presentation Script</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presentation Slides   (incorporated by reference to Exhibit&nbsp;99.1 of our Form&nbsp;8-K (File   No.&nbsp;001-32657) filed with the SEC on March&nbsp;27, 2017)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_233616_9714"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NABORS INDUSTRIES LTD.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March&nbsp;28,   2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark D. Andrews</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark   D. Andrews</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate   Secretary</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presentation Script</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Presentation Slides   (incorporated by reference to Exhibit&nbsp;99.1 of our Form&nbsp;8-K (File   No.&nbsp;001-32657) filed with the SEC on March&nbsp;27, 2017)</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank you for that gracious introduction.&#160; I also want to thank all of the staff at Scotia Howard Weil for giving us the opportunity to participate again this year, which I believe is our 26th consecutive year.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Today,&nbsp;I would like to focus on two topics:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First &#151; a quick operational update, and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Then, commentary on our focus and strategic direction</p>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operational Update</font></u></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First, as you have heard from recent industry updates, US land activity is accelerating sharply. At Nabors, we are experiencing the same dynamic.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is high current demand from customers for our rigs. Consequently, one of our main concerns is ensuring we have sufficient assets to meet that demand.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To do this, we have started to dig deeper into our idle rig inventory earlier than we anticipated. This includes moving assets, recertifying</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">equipment with the associated repairs, and earlier hiring to assist in the somewhat lengthier reactivation process.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The longer a rig has been sidelined, the more expensive the repairs required and the more labor needed to bring the rig back to working condition. We are also moving more equipment as we run out of available assets in the fastest growing basins. Finally, we are starting to run out of trained employees to rehire in certain areas, while our training costs are increasing.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result, we have experienced operational expenses of roughly $500,000 higher per reactivated rig than in the fourth quarter of last year. These costs, when applied to 20 or so rigs reactivated during the quarter, are not insignificant. However, they are one-time costs that we expect to weigh proportionately less on our results, as our working rig fleet continues to expand.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the day rates on our latest contracts continue to increase and now exceed the average day rate on our fleet. Day rates for our</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">most recent contracts for PACE</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>-X and PACE<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>-M rigs are in the $19,000 range. Day rates for new-builds being delivered between 3 and 9 months from today range up to $23,000.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that daily margins in the Lower 48, including one-time reactivation costs, will trough in the first quarter and inflect in the second.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turning to international, we also mentioned previously that our client in our largest international market had requested recertification of various structural components, from multiple drilling contractors in the country. This request somewhat impacted our results in the fourth quarter, as we noted in the conference call. At the time, we expected to complete the balance of this process for just over 30 remaining rigs evenly spread over 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since then, our customer has requested that we accelerate the program, and essentially finalize all re-certifications and associated repair work in the first quarter. This has resulted in approximately 20</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">additional rig re-certifications in the first quarter versus prior expectations. At an average of 20 days per rig required to complete each recertification on 20 extra rigs, the related lost revenue versus initial expectations is also material.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I would like to point out, however, that the lost revenue from this program will be essentially the same for the full year. In other words, almost all of the full year impact has been moved into the first quarter. As a result, we expect to put this issue behind us from the second quarter onwards.</font></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Strategic Direction</font></u></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now let me switch topics to our strategy.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since 2012, we have realized approximately $1.6 billion in cash proceeds from non-core asset divestitures.&#160; We consolidated 13 operating entities into three, and five engineering groups into two - yielding large cost savings through standardization.&#160; We also deployed</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">multiple rigs internationally as well as a new generation of pad-optimal rigs for the US land market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the recent downturn, we maintained neutral cash flow, reduced net debt by more than $500 million, preserved our dividend and continued to execute on our key R&amp;D initiatives.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The one critical strategic objective that we have not commented on in depth until recently was our multiple initiatives toward automation of the drilling rig and processes, which is what we are going to spend our time on today.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interestingly, most of the talk today is about &#147;AC Rigs&#148; and &#147;Pad capable&#148; rigs.&#160; Neither is really new. AC land rigs are 15 year-old technology.&#160; And we have had pad capable rigs on the North Slope in Alaska since 1973.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadly speaking, new technology in the drilling sector generally originates in deepwater and international markets, and is mainly the domain of the largest service companies.&#160; We assessed the U.S. land</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">market as technology-starved, and we set out to find those areas where there could be quick wins.&#160; Of course, &#147;quick&#148; is historically a <i>non sequitur</i> in this industry, and even more so in the area of technology.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe there is a strong business case for redeveloping certain commonplace, but expensive, offshore rig equipment, rig software, and downhole tools for the land market, particularly targeting the US unconventional.&#160; This trend will accelerate due to the desire for factory drilling and to capitalize on the benefits of &#147;Big Data.&#148;&#160; On both of these trends we are still in the second inning of the ballgame.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have focused on those items which can be delivered in a cost-effective and automated fashion.&#160; We believe we have a clear path to our &#147;<b>RIG OF THE FUTURE</b>.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At our analyst meeting this past November, we highlighted a number of technology initiatives. These initiatives - when combined with our other efforts these past several years - create a path for higher levels of free</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cash flow and returns on capital employed, even in a moderate US recovery scenario.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">First &#151; permanent cost reduction.</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have achieved a permanent reduction in our cost structure, principally through the efforts I previously mentioned.&#160; Through the downturn, we reduced SG&amp;A by approximately $180 million between the fourth quarters of 2014 and 2016.&#160; While nominal levels of SG&amp;A must increase as the market recovers, we expect to retain the majority of this $180 million savings, directly improving our results.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Second - International Portfolio Upside</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Between 2012 and 2014, we experienced a compounded annual growth rate of 34% in adjusted EBITDA Internationally.&#160; This proved to be relatively resilient throughout the downturn.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The intermediate and longer term prospects for growth are promising.&#160; As the international market follows the lead of the Lower 48 market in</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">technology adoption, our initiatives will create further opportunities.&#160; In Colombia, for example, our PACE</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>-X rigs have reduced our client&#146;s average days per well by 30%.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our new joint venture with Saudi Aramco will be a significant driver of incremental growth. The JV is committed to deploying a minimum of 50 new AC rigs during the next 10 years.&#160; We were honored that the world&#146;s largest oil producer chose Nabors as its partner in fulfilling their &#147;2030 Vision&#148;.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Third &#151; Premium Operational Performance</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The customer preference for our PACE</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>-X and more recently our new PACE<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>-M800/1000 rigs is evidenced by the outsized demand for these rigs.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the market bottomed 10 months ago, the industry rig count has increased by 110%, whereas our rig count has increased by 154% and our working SmartRig&#153; by 205%. These gains represent customers&#146; validation that these rigs are second to none in the industry for high</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">density pad drilling. The leading-edge pricing for these rigs is now the highest in the industry and increasing.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Over the past three years we have worked on improving the &#147;brains&#148; of our rigs and developed our new Rigtelligent&#153; operating system.&#160; This operating system automates routine drilling procedures.&#160;&#160; We believe our pre-programmed recipes can yield further drilling time efficiencies of 20 to 30%.&#160; This is accomplished in two ways:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First: performing operations in parallel compared to manual sequential operations.&#160; This reduces what we refer to as hidden flat time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Second: the system <b><i style="font-weight:bold;">consistently</i></b> performs operations at peak levels compared to the variability of manual operations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Rigtelligent&#153; system is now being expanded to include directional drilling and managed pressure applications, in addition to our well- known Rockit</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;and Revit&#153; performance tools, which have been in the market a number of years.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Now let&#146;s see how Rigtelligence&#153; enables our fourth lever, the integration and automation of auxiliary drilling services.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fourth &#151; Nabors Drilling Solutions</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A key feature of our Rigtelligent&#153; operating system is the ability to integrate and automate drilling services traditionally not performed by drilling contractors.&#160; We have developed four categories of services which our operating system accommodates.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that these services can be delivered more consistently, reliably and with less manpower than the traditional delivery model of separate providers.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have created a separate operating unit, Nabors Drilling Solutions or NDS, to further develop these services and achieve market penetration.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keep in mind we are not targeting all services around the rig. We are targeting only those services where our technology and our rig footprint provide a unique, scalable and differentiated service offering</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">through integration with the rig operating system. Let me break this down for you in more detail.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bar chart on this slide [slide 18] illustrates the breakdown of margin per day, per service, we believe NDS can generate by 2020.&#160; The two curves on the right side represent two scenarios of adoption rate and our view of the progression of their contribution to an expected $200 million to $250 million in 2020 EBITDA.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we separate the four categories from the previous slide, the performance drilling tools constitute approximately one quarter of this additional contribution.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These products have been proven in the market for several years now.&#160; Although volume has been lower during the downturn, market recognition of the value of these performance-enhancing products has broadened.&#160; This element of NDS is well established with high returns and low capital intensity.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The &#147;Other Services&#148; category at the bottom of the chart consist of BOP testing, choke rental and casing running services.&#160; While pricing remains challenged, all of these services are gaining penetration.&#160;&#160; Our available equipment is fully utilized and we are currently building or procuring additional assets.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The second largest component of the prospective NDS contribution is Managed Pressure Drilling.&#160; We have started operating MPD in the Lower 48 and are in the process of qualifying the technology in Saudi where we see significant potential.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The majority of wells in the US Lower 48 are now drilled utilizing some degree of drilling pressure management.&#160; By controlling the amount of pressure at the bit, we can drill any given formation faster while preventing damage to the wellbore.&#160; Today, standard MPD rig-up and rig-down times are costly for operators and introduce operational and safety risks.&#160; Our MPD hardware and software configuration will bring</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">significant savings, and when combined with our rig operating system, a superior value proposition for the customer.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our wellbore placement strategy is focused on implementing fully automated closed loop directional drilling.&#160; As spacing between today&#146;s parallel wells has become ever closer, it necessitates a much higher degree of wellbore accuracy to achieve maximum ultimate recovery.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe the value proposition in automating this service is not solely man-hours reduction. Rather the value proposition is based on consistent, reliable performance through rig automation.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Here is an example of how we expect our technology initiative to pay off. Nabors has developed a new proprietary suite of MWD tools. These tools encompass features that do not exist in the majority of MWD tools used today in the U.S. onshore market.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In essence, we have taken a deepwater offshore tool and packaged it into a lower cost 30 foot drill collar for land well manufacturing.&#160; The</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">technical features of the AccuSteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;tool are offered by the big service companies, but at higher operating costs and customer charges.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As this chart shows, unlike the typical MWD tools, our Accusteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;tool additionally provides more sophisticated features of downhole dynamics.&#160; For example, shock and vibration, stick slip and pressure at the bit.&#160; This information can be used to mitigate downhole tool and drill bit failures.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perhaps more significantly, with the advent of leveraging big data for drilling optimization, we believe that this information will be of keen interest to operators for developing their own algorithms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our strategy is perhaps most easily illustrated by a feature incorporated in all our MWD tools&#151;continuous inclination.&#160; This feature continuously measures the vertical inclination of the well as opposed to traditional systems which stop drilling to take a reading and reorient the bit angle every 90 feet.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Let&#146;s take a look at a short 3 minute video that describes the benefits of our Accusteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;tool, particularly continuous inclination.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Viewing of video]</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standard Lower 48 tools can lead to significant inaccuracies in today&#146;s laterals, both in terms of calculating true vertical depth and maintaining target in the horizontal.&#160; The ability of AccuSteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;to feed wellbore inclination to the surface continuously addresses both problems.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Knowing the true vertical depth for your kickoff point and staying in the zone is critical when your pay targets can be 30 to 40 feet.&#160; Recently, an operator found it was missing the horizontal section of his reservoir due to the inherent inaccuracy of using 90 foot data and the corresponding inability to accurately determine the true vertical depth where the curve should have begun.&#160; Subsequent wells with Accusteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;revealed that they had previously missed 200 feet of reservoir before they got back on the correct path.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In another case using AccuSteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>, we helped a major US Operator stay within a <i>one foot</i> thick easily-drilled strata, within a 30 foot horizontal reservoir, for over 4,000 feet without stopping to take extra surveys</p>
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<p style="margin:0in 0in .0001pt;text-indent:2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and without sliding for a corresponding course correction. The result was a wellbore placed 100% within the target.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The more comprehensive data produced by our AccuSteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&nbsp;MWD tool seamlessly integrates with our new&nbsp;Rigwatch<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&nbsp;Navigator&#153; software.&#160; This software automates the calculation for the driller to stay on the planned wellbore path.&#160; It automatically determines whether to rotate, or to stop and reorient.&#160; It also calculates the distance to drill and the angle to get back on the correct path.&#160; All of these calculations today are done manually by the directional driller.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This unique capability has delivered</font> directional drilling jobs with remote monitoring assistance and in a few cases operated remotely from our Rigline 24/7&#153; control room.&#160; We expect the process to soon outperform the current standards of a directional driller.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Again, our mission in wellbore placement, is not to duplicate or bundle standard directional drilling services.&#160; Instead, we seek to deliver through the use of rig automation a superior and consistent service to the operator.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Like more sophisticated MWD tools, rotary steerable tools have not played a large role in the US land market &#151; again historically largely for cost reasons.&#160; As the need for improved geosteering becomes dominant, its use is increasing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approximately two years ago we acquired a Norwegian startup developing an innovative new concept for a rotary steerable tool.&#160; Our objective was simple: A reliable, cost efficient, tool that would work well in the evolving US land market, much like our AccuSteer</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font>&#160;strategy.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The prototype units have been in field testing mode for two quarters and have met the design criteria. &#160;Specifically, it can build angle at a rate of 15&#176; per hundred feet of wellbore, which matches the best in class RSS tools.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe our tool will have broad applicability, not just in the Lower 48 market, but in key international markets as well.&#160; We expect commerciality by the end of the year.&#160; Even modest penetration of this service on our rigs would have a very substantial effect on margins.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fifth &#151; the iRig</font></u></b><b><u style="font-weight:bold;">&#174; System</u></b><b><u style="font-weight:bold;"> &#151; Full drill floor and downhole automation</u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fifth and final lever of our strategy is the achievement of a man-less rig floor.&#160; When combined with automatic control of downhole directional drilling, there will be a fully automated factory drilling process.&#160; We name this fully automated rig: the iRig</font>&#174;.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A man-less rig floor, automating drill pipe handling and casing running functions, has been an elusive aspiration of our industry for a long time.&#160; While expensive deepwater rigs have had similar features, there are many challenges to designing such a system for land rigs.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A land system must be compact, relatively low cost to build and operate, readily portable, sufficiently rugged to withstand frequent rig ups and rig downs, and survive frequent transport.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At our recent analyst day, we showed a working prototype of our new iRacker&#153; system which addresses these goals.&#160; We are finishing prototype testing and completing production drawings.&#160; We expect to</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">have the first units with customers on rigs in field trials in the second half of this year.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perhaps most significant is that we will not need to build all new rigs&#151;like some others &#151; to achieve this level of true factory automation. Because we have been working in parallel on this initiative when developing our SmartRig&#153; system, we expect that all our SmartRig&#153; systems will be easily upgraded at modest cost for these features.&#160; This gives us the potential of having 100 fully automated rigs within a much earlier time frame compared to newbuilds.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bottom line of all this effort is to restore our cash flow generation and earnings power to historical highs, even in the face of a US land drilling industry that is continually more efficient and less rig intensive per BOE produced.&#160; This table lays out the parameters that get us to $1.6 billion in adjusted EBITDA in 2020, which equals our 2014 high.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While this chart shows average margins and rig counts for our global fleet, it is important to point out that this is achievable in a US land rig</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">count of 1200 rigs compared to the 1875 rigs working in 2014.&#160; For Nabors, this means a US land rig count approximately 2/3 of our 2014 high and 2/3 of our average US rig margins when adjusted for the mix shift to a higher proportion of high specification rigs.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internationally, rig activity and margins are not heroic either.&#160; They are essentially equal to the rig count and margins we achieved in early 2016.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The incremental contribution of the portfolio of NDS services is a significant component in achieving these results.&#160; Today, we have one or more services on approximately 150 rigs and are steadily increasing this penetration, primarily in the North American market.&#160; Internationally, we are pursuing multiple opportunities.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By pursuing this strategy, we expect our adjusted EBITDA growth to generate sufficient free cash flow to reduce net debt to less than one-and-a-half times adjusted 2020 EBITDA compared to today&#146;s level of</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">just over 5.&#160; Similarly, we expect to restore our returns on capital employed to an attractive spread to our cost of capital.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that Operators&#146; quest for more efficiency is here to stay. The genie is out of the bottle. Interest in automated drilling and integrating drilling data for optimization will only accelerate and those trends will be core to the drilling landscape.&#160; In the future, we have a plan, and now solutions, to meet those challenges.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank you for your time and attention today.</font></p>
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