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 two rigs from its Saudi Arabian joint venture, Sanad Drilling, are set to resume operations. This positive development has sparked investor optimism about the company's future revenue prospects in the Middle East region.

According to the company's statement, Sanad Drilling has received notices to resume work for two rigs that had previously been suspended. The rigs are scheduled to return to service in March and June 2026, respectively. This move signals a potential upturn in drilling activity in Saudi Arabia, which could significantly benefit Nabors' operations in the region.

In a further boost to investor confidence, Nabors also revealed that the terms for each of the drilling contracts have been extended equal to their suspension periods. This extension ensures that the company will not lose out on the contracted work duration, potentially safeguarding future revenue streams. The market's positive reaction to this news underscores the importance of Middle Eastern operations to Nabors' overall business strategy and financial health.

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