XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Related-Party Transactions | 12 Months Ended
--- | ---
Dec. 31, 2016
Related-Party Transactions |
Related-Party Transactions | Note 16 Related‑Party Transactions Nabors and certain current and former key employees, including Mr. Petrello, entered into split‑dollar life insurance agreements, pursuant to which we pay a portion of the premiums under life insurance policies with respect to these individuals and, in some instances, members of their families. These agreements provide that we are reimbursed for the premium payments upon the occurrence of specified events, including the death of an insured individual. Any recovery of premiums paid by Nabors could be limited to the cash surrender value of the policies under certain circumstances. As such, the values of these policies are recorded at their respective cash surrender values in our consolidated balance sheets. We have made premium payments to date totaling $6.6 million related to these policies. The cash surrender value of these policies of approximately $6.0 million is included in other long‑term assets in our consolidated balance sheets as of December 31, 2017 and 2016. Under the Sarbanes‑Oxley Act of 2002, the payment of premiums by Nabors under the agreements could be deemed to be prohibited loans by us to these individuals. Consequently, we have paid no premiums related to our agreements with these individuals since the adoption of the Sarbanes‑Oxley Act. In the ordinary course of business, we enter into various rig leases, rig transportation and related oilfield services agreements with our unconsolidated affiliates at market prices. Historically, these transactions primarily related to our former equity method investment in Nabors Arabia. See Note 5 — Acquisitions. During 2017, our joint venture with Saudi Aramco, SANAD, began operations. As such, we have included transactions with Saudi Aramco effective as of the commencement of operations of SANAD. See Note 14 — Joint Ventures. During 2015, we entered into a Transition Services Agreement with CJES, which expired on December 31, 2015. Revenues from business transactions with these affiliated entities totaled $65.7 million and $142.2 million for 2017 and 2015, respectively. Expenses from business transactions with these affiliated entities totaled $0.1 million for 2017 and 2016. Additionally, we had accounts receivable from these affiliated entities of $54.2 million as of December 31, 2017, and $0.1 million as of December 31, 2016. We had accounts payable to these affiliated entities of $0.1 million as of December 31, 2016 and long‑term payables with these affiliated entities of $0.8 million as of December 31, 2017 and 2016, which are included in other long-term liabilities. In addition, Mr. Crane, one of our independent directors, is Chairman and Chief Executive Officer of Crane Capital Group Inc. (“CCG”), an investment company that indirectly owns a majority interest in several operating companies, some of which have provided services to us in the ordinary course of business, including international logistics and electricity. During 2017, 2016 and 2015, we made payments for these services of $14.6 million, $23.5 million and $33.7 million, respectively. We had accounts payable to these CCG‑related companies of $0.8 million and $1.0 million as of December 31, 2017 and 2016, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration