Description of Nabors Drilling business by region, technoogy and capability and plans for out year growth.

1. Modern Drilling Rig
Technology & Capabilities
March 3, 2017
Presented by:
Todd Fox
VP, Operations- U.S. Southern Region

2. 2
Forward-Looking Statements
This presentation discusses certain forward-looking statements including, but not limited to, EBITDA and Free Cash Flow projections on a consolidated
and segment basis, new rig technology, rig margin improvement potential, job growth opportunities, cost savings, and expectations regarding the
performance of our industry, our current and future markets and demand for our products and services, and other statements related to our future
performance. Such statements, including statements relating to matters that are not historical facts, are “forward-looking statements” within the meaning
of the safe harbor provisions of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These “forward-looking statements” are based on an analysis of currently available competitive, financial and economic data and our operating plans and
expectations. They are inherently uncertain and investors should recognize that events and actual results could turn out to be significantly different from
our expectations. By way of illustration, when used in this document, words such as “anticipate,” “believe,” “expect,” “plan,” “intend,” “forecast”,
“estimate,” “project,” “will,” “should,” “could,” “may,” “predict,” “illustrative,” “hypothetical,” “target” and similar expressions are intended to identify forward-
looking statements.
You should consider the following key factors when evaluating these forward-looking statements:
• fluctuations and volatility in worldwide prices of and demand for oil and natural gas;
• fluctuations in levels of oil and natural gas exploration and development activities;
• fluctuations in the demand for our services;
• competitive and technological changes and other developments in the oil and gas and oilfield services industries;
• our ability to complete, and realize the expected benefits of, strategic transactions, including our joint venture with Saudi Aramco;
• the existence of operating risks inherent in the oil and gas and oilfield services industries;
• the possibility of changes in tax and other laws and regulations;
• the possibility of political or economic instability, civil disturbance, war or acts of terrorism in any of the countries in which we do business;
• general economic conditions, including the capital and credit markets; and
• our expectations regarding future trends of EBITDA, net debt and free cash flow.
These statements are based on management’s current expectations and estimates; actual results may differ materially due in part to:
• risks related to fluctuations in oil and natural gas prices which adversely affect drilling activity and our revenues, cash flows and profitability;
• risks related to turmoil in the global economy and the impact on our results of operations and financial conditions;
• risks related to our highly competitive industry and inherent risks of loss inherent to the nature of our operations;
• the risk that we may record additional losses or impairment charges related to sold or idle rigs;

3. 3
Forward-Looking Statements
• the loss of one or a number of our large customers could have a material adverse effect on our business, financial condition and results of operations;
• the risk that our financial and operating flexibility could be affected by our long-term debt and other financial commitments;
• the risk that our long-term debt and other financial commitments could be affected by our long-term debt; and
• the risk of any unfavorable change in tax, environmental or other governmental regulation.
In addition, you should not place undue reliance on our financial guidance and guidance related to rig margin improvement potential, job growth
opportunities and cost savings because they are based on significant assumptions related to oil and gas prices and exploration activities and acceptance
of our new technologies, all of which are subject to significant fluctuations and drivers that our outside of our control.

4. 4
Non-GAAP Financial Measures Disclaimer
This presentation refers to certain non-GAAP financial measures, such as Adjusted EBITDA (or EBITDA), Free Cash Flow and Net Debt. Adjusted
EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from
operating revenues. The EBITDA forecasts presented herein exclude certain non-cash charges as we are unable to estimate with reasonable
certainty unusual or unanticipated charges, expenses or gains. Free Cash Flow is defined as net cash from operations less capital expenditures. Net
Debt is calculated as Total Debt minus the sum of cash and cash equivalents and short term investments. Adjusted EBITDA, Free Cash Flow and Net
Debt are non-GAAP financial measures and should not be used in isolation or as a substitute for the amounts reported in accordance with generally
accepted accounting principles (“GAAP”). However, management evaluates the performance of our operating segments and the Company’s
consolidated results based on several criteria, including adjusted EBITDA, because it believes that this financial measure accurately reflects our
ongoing profitability and performance. Management uses free cash flow and net debt as measures of our overall liquidity. In addition, securities
analysts and investors use these measures as some of the metrics on which they analyze our performance.
For a reconciliation of historical adjusted EBITDA to income (loss) from continuing operations before income taxes, which is the most closely
comparable GAAP measure, see the Investor Relations page on our website. We do not provide a reconciliation for non-GAAP estimates on a
forward-looking basis where we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable
effort. This is due to the uncertainty and variability of the nature and amount of certain charges, expenses or gains that would impact the most directly
comparable forward-looking GAAP financial measure, that have not yet occurred, are out of the company’s control and/or cannot be reasonably
predicted. However, we expect the variability of the above items to have a significant, and potentially unpredictable, impact on our future GAAP
financial results.

5. • Nabors Overview
• International Footprint
• Evolution of Rigs and Drilling Technology
• Benefits of Integration of Services
5
Presentation Overview
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2
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6. 6
Nabors Global Footprint
430+Land Rigs 42Offshore rigs23Countries
12,000+ Employees 60+Nationalities
Active in Major O&G Basins Internationally

7. 7
Company Highlights
• Over 100 years of land drilling experience, beginning in the US
• Fulfill our customers’ most challenging drilling projects
• Operating in the MENA region for over four decades
• Specialize in designing fit-for-purpose rigs and operating in challenging
environments
• Present in nearly all major producing basins globally
Nabors Global Footprint

8. 8
Nabors Global Footprint
International as a Key Differentiator
1. Excludes 500HP or smaller rigs, as of Q3/16
2. As of Q3/16
• Established international portfolio and infrastructure is the major differentiator from peers,
mainly U.S.-centric
• Significant international portfolio, with the size and infrastructure of a standalone company
• Fleet approx. 3x larger than combined int’l fleet of U.S. peers
(2)
• High-spec fleet with 89% of the rigs being 1500HP or larger
• Proven track record to deliver performance in complex environments
11%
89%
145
Rigs(1)
< 1500HP
≥ 1500HP

9. 9
Western Hemisphere
Leadership Position for High-Spec Rigs in Key Countries
Argentina
Colombia
Mexico
 One of the leading providers of high-spec rigs
 Maintained high utilization during challenging downturn
 NDS projects under implementation for Directional Drilling and MPD
 Currently pursuing opportunities for additional rigs in 2017
 Currently the only international driller working for NOC Ecopetrol
 First international market to deploy PACE®-X rigs (6 added in 2015)
 Strong market recovery expected for 2017
 Firm commitments to reactivate 3 rigs in 2017
 Strong footprint as the pioneer of the Offshore Modular Rig concept
 Market deeply affected by the current downturn
 Nabors is well positioned to activate rigs once market recovers
 Expecting to reactivate 3 to 5 Nabors platform rigs in 2017

10. 10
Eastern Hemisphere
Leadership Position for High-Spec Rigs in Key Countries
Algeria
Kuwait
Kazakhstan
 Largest and top performing international contractor in country
 Stable market during 2014 - 2016 cycle
 Challenging outlook in the short-term
 Several projects under discussions with various operators
 Top international contractor with 3 each 3000HP high-spec rig fleet
 Long-standing relationship with NOC supports the potential to increase share
 Highest near-term potential for rig additions in the Middle East (40+ tenders)
 Offering new and existing rigs with initial deployments in 2017
 Strategic alliance with major IOC secures our long-term position in country
 Focus on high-spec market; the only international driller in Tengiz Field
 Commissioned 2 high-spec 3000HP rigs engineered and designed in-house
 Well positioned to capture future opportunities

11. 11
Saudi Arabia
Market Leader Focused on Gas & Exploration Drilling
1. Nabors internal estimates as of Q3/16
2. High Spec = 2000HP or bigger rigs
3. Lower Spec = 1500HP of smaller rigs
• Historical leadership position with focus on Gas & Exploration rigs
• Favorable market outlook as activity remains resilient and tenders pending
• Performing field trials for DD & MWD services (NDS)
• Contracted and performing Managed Pressure Drilling & Continuous
Circulation Services (NDS)
Land Rigs(1)
(% Market Share)
Others
(#10)
Top 2
Peers
Nabors
Market Share by Rig Spec(1)
(Land Rigs Only)
35
%
32%
32
%
1High Spec(2)
71
%
20%
9%
1Lower Spec(3)
22%
16%
11%
51%
Others
(#10)
Nabors
Peer 1
Peer 2

12. 12
• Joint Venture was initiated as part of Saudi Arabia’s “2030
Vision” and Saudi Aramco’s “In-Kingdom Total Value Add”
(IKTVA) Program
• Major Saudi Aramco’s goals are to increase localization to 70%
by 2021, while:
- Serving Saudi Aramco’s needs
- Exporting to the region & the world
- Growing & diversifying the Kingdom’s economy
Saudi Arabia Joint Venture
A Strategic Partnership for the Future
Source: Saudi Aramco In-Kingdom Total Value Add presentation; Saudi Aramco website
• Result is a best-in-class land drilling company with a robust platform for long-term growth
with superior technology and a highly capable national workforce

13. 13
1. Solid footprint in major producing countries
2. High flexibility to upgrade and re-deploy rigs at substantial lower cost
3. Most scalable platform among peers for business growth
4. Tendering activity expected to increase in 2017
5. Existing infrastructure to increase penetration for NDS services
Takeaways
High-Class Portfolio with Growth Potential in Key Global Markets
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3
4
5

14. Flashback to 1995
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15. Voice:
− Sprint
− Worldcom
− Pacific Bell
− Ameritech
− AT&T
Internet (ISP’s):
− AOL
− MSN
− Earthlink
− Netscape
− Compuserve
Communication in 1995
15
• Data = Pager Plans:
− Skytel
− Weblink
− Arch Wireless
− Metrocall

16. Internet/Phone/Data:
− Comcast
− AT&T
− Time Warner
− Century Link
− Charter
− Verizon
− Cox
− Optimum
− Frontier
− Suddenlink
Communication Today
16

17. • Those who owned the wire, fiber, and satellites now
control the internet.
• Integrated services made better sense to consumers.
• Customers preferred the ease of one invoice.
• In many cases, the systems are now linked.
• Additional add-ons & automation are now possible.
Lessons Learned
17

18. • Drilling Rig
• TD Rental
• EDR Rental
• Directional Services
• MWD
• Mud Logging
• Mud Engineer
• Drill Bit
• Drilling Fluid
Drilling Rig Operation of 1995
• Choke
• Rotating Head
• BOP Tester
• Phone/Pager
• Rig Site Housing
• Solids Control
• Gas Buster
• Nipple Up
• Etc.
18

19. • Drilling Contractor as integrated service provider:
− Rig & Top Drive
− MWD/DD
− Digital Mud Logging
− Casing Running
− Super/Auto Choke
− BOP Testing
− BOP Nipple Up
− Rotating Head
• Drilling Fluid/Cuttings disposal contractor
• Bit contractor
• On-site housing contractor/Other contractor
Drilling Rig Operation of Today/Future
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20. 20
Nabors’ Solutions
1. Wellbore Placement Capabilities
2. Measurement of Rig Performance
3. Real-Time Data Management
Major Operator’s Challenges
1. Reduce the costs of wells
2. Increase Reservoir Contact
3. Better Wells!!
Global Performance Driller of Choice
Embracing Challenge to Address Customer Needs

21. 21
Technological Transformation of Drilling Rigs
Similar to Evolution of the Airline Pilot
1960’s cockpits completely analog and
required significant effort from pilots
Old rigs had analog gauges and drillers
relied on brake “feel” to perform tasks
Drillers cabins now have interactive HMIs
and automated functions
Glass cockpits now have digital gauges
and automate most of the functions

22. 22
The Future of Drilling Has Arrived at Nabors
All major decisions for airlines are now decided in control centers
RIGLINE 24/7 will have an increasingly proactive role in operations

23. 23
Nabors Drilling Solutions – Four Product Lines
Supported by Nabors IP Portfolio
Performance Drilling Tools
ROCKit® REVit®
DrillsmartTMRigWatch®
AccuSteer ®
MWD
RSS Tool
Wellbore Placement
Managed Pressure
Drilling
Non Stop Driller BOP Testing
Tubular Services
MPD-Ready™ Other Services

24. 24
1
3
4
5
1. Performance Drilling
Training
Directional, MPD, CRT
2. Nabors’ Communication
Loop
RigWatch® Logging System
3. Top Drive
ROCKit®-Pilot, REVit®, ECM
enabled
4. Integrated Rig Sensors
2
5. Mud Pump Optimization
Integrated mud/gas separator
Reduced shock and vibration
6. Compatibility with Automated
Catwalk
7. RigWatch® Daily KPI’s
Directional, MPD, CRT
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The SMARTRig™ is a Directional-Ready™ Rig

25. 25
Nabors is Meeting the Most Demanding Well and
Pad Designs
Well design trends Client requirements Nabors Current Pad-Optimal SMARTRig™ Fleet
Longer well
laterals3
 Racking capacity to handle
increased length of drill pipe
 Mud system able to pump
increasingly higher flow rates
 Higher power and torque
requirements
Improved
drilling
performance
4
 Able to maintain consistent
performance during key
activities e.g., drilling, rig-
moves, tripping, connections
More
simultaneous
operations
during rig moves
1
 Ability to walk without
handling pipe racks and
move loads over existing
well heads
Increasing
number of
wells per pad
2
 Ability to walk greater
distances in X and Y directions

26. Nabors Proprietary Side-saddle Design
Unmatched for High-density Pad Drilling
Conventional
Design
Side-Saddle
Design
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Cut-out permits
moves over wellheads
BOP access from
both sides
BOP access
from one side

27. 27
Nabors Proprietary Side-saddle Design
Unmatched for High-density Pad Drilling

28. 28
• Longer measured depths require higher surface pressure to
achieve required pressure at the mud motor
• More pressure requires more power
Fleetwide Enhancement of Pump Pressure and
Flow Capability
Lo-pressure
system
Hi-pressure
system

29. 29
Coming Attractions: PACE®-X Quads Rig Design
• Quad stands require fewer
connections vs. triples
• Less time spent making and
breaking connections
• PACE®-X rig readily accommodates
upgrade w/ existing bootstrap mast
• Offline casing stand-building reduces
casing running time and risk of not
reaching bottom w/ casing
Triple Quad

30. PACE®-X Quads Rig Design
• 186-foot mast height
• 30,000-foot total capacity,
including casing
• 126-foot quad stand
• 90-foot casing stand
Brown = drill pipe
Green = casing
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31. 31
• Steering automation integrates the directional drilling workflow into Nabors’
proprietary Rigwatch® system
• Combined with our ROCKit ®, PILOT automation, and Rigline support systems,
existing rig crews can execute directional drilling with superior results
Patent Pending
Rigwatch® 3Directional™ Well Path
Monitoring and Steering

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SMARTRigs™:
- Consistent high
spec/performance rigs
- Rig-floor equipment
integrated through
Rigtelligent™ controls
- Drilling and directional
functions semi-automated
- ECM on all equipment
- Proactive monitoring and
troubleshooting by
RIGLINE24/7
- NDS-Ready™ rig
- 3rd party services replaced
by NDS as a single
provider
The SMARTRig™ has Consistent Specifications
Significant Rig and Downhole Integration and Automation
RIGLINE24/7 or ROC
Rigtelligent™
Controls

33. 33
The iRig™: Closed Loop Drilling
Example In-Built Drilling Recipes
Please Push Button
Industry Standard Drilling Workflow iRig™ Closed Loop Drilling
DRILLER
WORKFLOW

34. 34
Changing Nature of Service Delivery
SMARTRig™ DRILLER
REMOTE OPERATIONS CENTER
CASING CREW
MANAGED PRESSURE
DRILLER
RIG MANAGER
MUD LOGGING
More than 160 drillers, rig managers, and engineers trained for NDSReady™ Rigs
DIRECTIONAL DRILLING
DIRECTIONAL
DRILLERS
MWD

35. 35
Automated Real Time Performance Measurement
Rigorous Performance Tracking on all NDS Services
Sample Snapshots of KPI Reports
• Unique in the industry
• Auto-generated daily reports and end-of-well report ensure
transparency of performance
• Data-driven decision-making drives top performance in all
services provided
• Data analyzed at a personnel- and process-level to optimize
service delivery
• Focus on eliminating variability in performance and reducing
outliers

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Nabors Will Have 100 SMARTRigs™
Enhancing Fleet to All PACE®-X and PACE®-M Rigs
Nabors Rig Fleet of SMARTRigs™, 2Q-2017
Nabors will have ~100 SMARTRigs™
10
14
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PACE-MPACE-SPACE-BPACE-X
PACE-X
PACE-M
SMARTRIGs™
100
73
27
Selected rigs for upgrade, Q3 2016 Upgraded SMARTRigs™, Q2 2017

37. 37
NDS Penetration Making Progress
Upside with Market Improvement
Number of global rigs with NDS products
Nabors U.S. rigs running at least one NDS
service
153 rigs
93%
52%
Nabors international rigs running at least one
NDS service
51 3rd party rigs running at least one NDS service

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1. The evolution of drilling rigs and drilling programs is
fundamentally changing the way services are performed
2. The oil and gas industry still operates using an outdated
business model that does not fully use available
technologies
3. Nabors believes it is uniquely positioned to redefine the
offering that has the potential to generate EBITDA growth
Three Takeaways

39. 39
Shareholder Return Map
Enhanced Margins High-Impact Growth
Cost control
Capital discipline &
allocation
Working capital
focus
Automation
& integration
NDS
expansion
Global footprint,
Intl. tenders
Integrated
structure
Market-leading
performance
Preferred rig
class for L48
pad drilling
Targeted rig
enhancements
Saudi Aramco JV

40. 40
Why Invest in Nabors?
Path to
Earnings
Growth
Improving
Capital
Efficiency
with Limited
Capex
Reducing
Leverage
Increases
Equity Value
Growth with Returns Exceeding the Cost of Capital

41. Thank you for the opportunity to present
41