Stock Track | Nabors Soars 5.45% as Saudi Joint Venture Rigs Set to Resume Operations

Stock Track11-03

Nabors Industries Ltd (NBR) stock is soaring 5.45% in pre-market trading on Monday, following an announcement that its Saudi Arabian joint venture, Sanad Drilling, has received notices to resume work for two rigs.

The company revealed that Sanad, its land drilling joint venture in Saudi Arabia, has been notified to restart operations for two rigs that had previously been suspended. These rigs are scheduled to return to service in March and June 2026, respectively. This development signals a positive outlook for Nabors' operations in the region and potential revenue growth.

Adding to the positive sentiment, Nabors also announced that the terms for each of the drilling contracts have been extended equal to the suspension periods. This extension ensures that the company will not lose out on the contracted work duration, further bolstering investor confidence. The resumption of these operations in Saudi Arabia could mark a turning point for Nabors, potentially leading to improved financial performance in the coming years.

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