U.S. markets closed
  • S&P 500

    +18.78 (+0.41%)
  • Dow 30

    +130.49 (+0.36%)
  • Nasdaq

    +63.98 (+0.45%)
  • Russell 2000

    +12.57 (+0.67%)
  • Crude Oil

    +1.92 (+2.77%)
  • Gold

    -25.60 (-1.25%)
  • Silver

    -0.77 (-3.20%)

    -0.0034 (-0.31%)
  • 10-Yr Bond

    +0.1160 (+2.81%)

    -0.0043 (-0.34%)

    +0.7020 (+0.49%)
  • Bitcoin USD

    -53.70 (-0.12%)
  • CMC Crypto 200

    +18.10 (+2.02%)
  • FTSE 100

    +40.75 (+0.54%)
  • Nikkei 225

    -550.45 (-1.68%)

Nabors (NBR) Drives Middle East's Automation & Decarbonization

Nabors Industries Ltd NBR, a North American land drilling contractor, is spearheading a technological revolution in the Middle East. It has introduced a suite of digital, automated and decarbonization solutions, initially proven successful in regions across the United States and Latin America, with a focus on enhancing safety, efficiency and sustainability.

Nabors' introduction of the SmartROS rig operating system is yielding remarkable results in Saudi Arabia. This capital-light platform, designed by drillers for drillers, integrates seamlessly across AC rig fleets, irrespective of the rig's manufacturer. The SmartDRILL process automation tool, a component of SmartROS, has already reduced the connection time by more than 20%, illustrating the tangible benefits of this innovative system.

The implementation of RigCLOUD technology has revolutionized workflow efficiency and digitalized operations at rig sites. Providing real-time drilling data and analytics, RigCLOUD empowers crews to make informed decisions, enhancing overall operational efficiency.

Canrig, a division of Nabors, has revolutionized the process of converting SCR to AC rigs, allowing for upgrades during rig moves. This innovation enables older rigs to seamlessly integrate with new technologies, by utilizing a method involving component swaps and cabin installations, thereby drastically reducing conversion timelines. Canrig's expanded facility in Saudi Arabia signifies a commitment to providing regional value and support. This 15,000 m2 (161,500 ft2) facility in Dammam is equipped to handle manufacturing builds, repairs, recertification, and rebuilding services for Canrig and customer drilling equipment.

The introduction of the ILLUMIC LED lighting system substantially improved worker visibility during nighttime operations, enhancing safety and productivity. This advancement also resulted in substantial energy savings and reduced fuel consumption, showcasing Nabors' commitment to sustainability.

Nabors is at the forefront of energy transition efforts in hydrocarbons and clean energy. With approximately 15% of global emissions originating from oil and gas operations, the company has developed a purpose-built product line for decarbonization. NBR’s vision of fully automating land drilling rigs, realized in the United States with the Red Zone Robotics (RZR) Rig Floor Automation Module, is now being implemented in the Middle East. RZR brings hands-free pipe handling, triple racking tubular handling and modular scalability to AC rigs, thereby enhancing safety and efficiency.

Zacks Rank & Key Picks

Nabors currently carries a Zack Rank #5 (Strong Sell).

Some better-ranked players in the energy sector are Matador Resources Company MTDR, currently sporting a Zacks Rank #1 (Strong Buy), and Range Resources Corporation RRC and Core Laboratories Inc CLB, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Matador Resourcesis among the leading oil and gas explorer in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.

Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.

Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Nabors Industries Ltd. (NBR) : Free Stock Analysis Report

Core Laboratories Inc. (CLB) : Free Stock Analysis Report

Range Resources Corporation (RRC) : Free Stock Analysis Report

Matador Resources Company (MTDR) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research