Nabors adds SANAD newbuild in Saudi Arabia, lines up Venezuela rig

Nabors signed a multiyear contract to deploy one rig in Venezuela in early 2027, marking its return to drilling operations in the country.

The company’s SANAD land drilling joint venture deployed its 17th newbuild rig in Saudi Arabia during Q3. One more newbuild is scheduled for deployment in 2026 and two in Q1 2027, bringing the total newbuild fleet to 20. SANAD’s rig count is lower following the suspension of five rigs. Nabors also recently deployed a rig in Argentina.

In the Lower 48, a PACE-B rig in North Dakota drilled more than 27,600 ft in 148 hours at an average rate of penetration of nearly 187 ft/hr, and a PACE-X rig in South Texas drilled an 18,500-ft well in under six days, averaging more than 3,200 ft/day. Nabors averaged 72.8 rigs working in the Lower 48 and 94.9 internationally in Q3. It expects 75 and 92-93, respectively, in Q4.