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HAMILTON, Bermuda - Nabors Industries Ltd. (NYSE: NBR), a global leader in advanced technology for the energy sector with annual revenue of $2.9 billion and an EBITDA of $881 million, announced a forthcoming change in its executive leadership. The company’s Chief Financial Officer, William Restrepo, is set to retire on September 30, 2025. Following his retirement, Restrepo will serve as a Strategic Advisor to Anthony G. Petrello, the Chairman, CEO, and President of Nabors. According to InvestingPro analysis, the company currently maintains a FAIR financial health score, with liquid assets exceeding short-term obligations.
Petrello praised Restrepo’s 11-year tenure as CFO, highlighting his pivotal role in the company’s strategic refocusing in the drilling space, international expansion, and technological advancements. Restrepo’s financial guidance was also credited with helping the company navigate through significant industry downturns in 2015 and 2020, contributing to the company’s resilience and success. The company faces current challenges, with its stock down over 52% in the past year, though maintaining a solid current ratio of 1.75.
Miguel Rodriguez, currently Nabors’ Senior Vice President – Operations Finance, will gradually assume the CFO role over the coming months. Rodriguez, who joined Nabors in 2019 after a notable 25-year tenure at SLB, has been instrumental in revamping the company’s Operations Finance and integrating the Treasury and Tax functions. Petrello expressed confidence in Rodriguez’s readiness to take on the new responsibilities and anticipates his leadership to be beneficial during Nabors’ ongoing transformation. For deeper insights into Nabors’ financial health and future prospects, investors can access comprehensive analysis through InvestingPro, which offers detailed research reports and financial metrics.
Nabors Industries operates in over 20 countries, focusing on innovative solutions for safe and efficient energy production. The company leverages its expertise in drilling, engineering, automation, data science, and manufacturing to support the energy industry’s transition to a lower-carbon future. Based on InvestingPro’s Fair Value analysis, the stock currently appears slightly undervalued, presenting potential opportunities for investors interested in the energy sector transformation.
The press release also contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ from those projected. Nabors does not commit to updating these statements.
This news is based on a press release statement from Nabors Industries Ltd.
In other recent news, Nabors Industries reported its fourth-quarter 2024 earnings, revealing a significant miss on earnings per share (EPS) expectations. The company posted an EPS of -6.67, falling short of the forecasted -2.07, while revenue for the quarter was slightly below projections at $730 million. Despite these financial challenges, Nabors Industries maintained a strong position in international markets, with revenues in this segment showing slight growth. The company is advancing its strategic initiatives in the Middle East, planning to deploy 10 new rigs internationally in 2025, with a focus on this region.
Meanwhile, Vast Renewables Limited has secured up to AUD180 million in conditional funding from the Australian Renewable Energy Agency for its Port Augusta utility-scale clean energy project, Vast Solar 1 (VS1). This funding is crucial for the project, which aims to provide long-duration renewable energy storage and generation. The VS1 project is part of a larger Green Energy Hub initiative, which includes the potential to power a green methanol production facility in partnership with Mabanaft.
These recent developments highlight the ongoing efforts of both Nabors Industries and Vast Renewables Limited to navigate their respective industries’ challenges and opportunities.
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