Exhibit 99.1

Nabors Announces Fourth Quarter 2020 Results

HAMILTON, Bermuda, February 23, 2021 /PRNewswire/ -- Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported fourth quarter 2020 operating revenues of $443 million, compared to operating revenues of $438 million in the third quarter of 2020. The net loss from continuing operations attributable to Nabors common shareholders for the quarter was $112 million, or $16.46 per share. The fourth quarter included $162 million of pretax gains from debt exchanges and repurchases, partially offset by charges of $71 million mainly from asset impairments, for a net after-tax gain of $52 million. This compares to a loss of $161 million, or $23.42 per share in the prior quarter. The third quarter included net after tax gains of $6 million related to gains from debt repurchases, asset impairments and severance costs.

For the fourth quarter, adjusted EBITDA was $108 million, compared to $114 million in the prior quarter. Although adjusted EBITDA for most of our segments improved sequentially, declines in International and Rig Technologies more than offset those increases. Reductions in our International rig count were almost fully compensated by increases in the North American market.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, “Our fourth quarter results were stronger than we expected. Once again, we executed well across our portfolio of businesses. We benefitted from activity increases in our North American markets. Margins were better than we projected in our Lower 48 and International rig markets, as well as in Drilling Solutions.

“We successfully completed exchanges of our outstanding notes during the fourth quarter. These transactions materially improved the Company’s leverage and its debt maturity profile. Together with free cash flow generation during the quarter, we realized a significant reduction in net debt to just under $2.5 billion.

“Global oil demand increased during the fourth quarter, reducing the inventory overhang. Commodity prices recovered as well. These factors have driven activity higher across markets. In the fourth quarter, the Lower 48 market grew by 23% on average. More recently, drilling activity has begun to strengthen in various international markets, particularly in Latin America and Saudi Arabia. As demand for oil continues to recover post-pandemic, we would expect drilling activity to increase steadily in the U.S. and international markets. With utilization continuing to improve, we also expect to see higher pricing throughout most markets during 2021.

“We are especially pleased to see the significant progress in our Drilling Solutions segment. Adjusted EBITDA increased by 44% versus the prior quarter. We saw continued growth in our SmartSLIDE^TM and SmartNAV^TM apps. SmartSLIDE^TM is our directional steering control system which automates slide drilling. SmartNAV^TM is our automated directional guidance system. These offerings are not only bolstering the performance of our Drilling Solutions segment, but they are also driving the performance of our global drilling rig business, allowing us to secure premium pricing and the highest Lower 48 daily margins among our peers.

“To summarize, the market is driving higher oil prices and higher drilling activity. As a result, all of our segments are moving in the right direction.”

Consolidated and Segment Results

The U.S. Drilling segment reported $62.2 million in adjusted EBITDA for the fourth quarter of 2020, a $1.6 million, or 3%, increase from the prior quarter. During the quarter, Nabors’ average Lower 48 rig count, at 54, increased by 5 rigs, or 11%. Average daily margins in the Lower 48 widened slightly, to $9,541, driven by a reduction in expenses of approximately $800, mainly from lower property tax expenses. The reduction in daily operating costs offset a decline in daily revenue. The U.S. segment’s rig count currently stands at 61, with 57 rigs on rate in the Lower 48. Based on the Company’s current outlook, the first quarter average Lower 48 rig count is expected to increase by approximately two to three rigs over the fourth quarter average. First quarter drilling margins are expected to approach $8,500, reflecting the continued migration of the fleet’s pricing to current market rates. In the first quarter, for the U.S. Offshore and Alaska operations, the Company expects adjusted EBITDA approximately in line with the fourth quarter.

International Drilling adjusted EBITDA declined sequentially from the prior quarter by $7.4 million, to $64.5 million. The International rig count averaged 63 rigs, a 12% decline from the prior quarter. This decrease was driven primarily by temporary rig suspensions in Saudi Arabia, and by other activity reductions in the Eastern Hemisphere. Average margin per day was $13,486, an improvement of $808 or 6%, driven by early termination revenue and the impact of rigs returning to operating dayrates in Latin America, after a lengthy period on negotiated COVID rates.

The first quarter outlook for the International segment includes an increase of two to three rigs, reflecting progressive restarts in Saudi Arabia during the quarter. We expect a further reduction in average rig count for the Eastern Hemisphere following the contract terminations we experienced in the fourth quarter. Sequentially, Nabors expects daily margins in the first quarter to decline by $500 to $1,000, due primarily to the absence of early termination revenue in the fourth quarter.

Canada Drilling reported adjusted EBITDA of $3.5 million, as rig activity increased by 31% from the third quarter. Average daily gross margin increased by approximately 10% as higher value rigs commenced working. The fourth quarter rig count totaled 9.7 rigs, up by 2.3 rigs from the prior quarter. For the first quarter, which is normally the Canadian market’s seasonal peak, the Company expects activity to increase by approximately 30% compared to the fourth quarter.

In Drilling Solutions, adjusted EBITDA of $10.3 million increased by $3.1 million compared to the third quarter, due to increased activity across service lines together with an improved mix. The main contributors to the improvement were the performance drilling offerings and casing running. The Company expects first quarter Drilling Solutions’ segment adjusted EBITDA will be in line with the fourth quarter.

In the Rig Technologies segment, fourth quarter adjusted EBITDA was $0.5 million, down from the prior quarter adjusted EBITDA of $1.3 million. The third quarter benefitted from strong parts sales to a customer in North Africa. The drop off in parts sales was not offset by the expected increase in yearend capital equipment sales. The Company expects first quarter adjusted EBITDA for Rig Technologies to remain roughly in line with the fourth quarter results.

Free Cash Flow and Capital Discipline

Capital expenditures were $41 million in the fourth quarter and totaled $190 million for the full year 2020. For 2021, the Company expects capital expenditures of approximately $200 million, excluding SANAD newbuild rigs. These rigs are expected to be funded directly by the joint venture.

Free cash flow, defined as net cash provided by operating activities less net cash used by investing activities, as presented in our cash flow statement, reached $66 million in the fourth quarter after funding capital expenditures of $41 million. These results reflect the absence of semiannual interest payments on the Company’s senior notes, which are paid in the first and third quarters. Total debt decreased by $322 million during the fourth quarter and net debt, defined as total debt less cash, cash equivalents and short-term investments, declined by $290 million. During the fourth quarter, Nabors completed exchange transactions for its senior notes resulting in a decrease in its reported net debt of $235 million.

Subsequent to year end, the Company further addressed its capital structure by completing additional debt exchanges and open market purchases of notes. These transactions reduced the Company’s debt obligations by an additional $22 million. In January, the SANAD joint venture paid nearly $50 million to each partner.

William Restrepo, Nabors CFO, stated, “The improvement in the environment in the fourth quarter was welcome after the challenging conditions earlier in the year. Our overall activity has held up about as we expected, and our margins have outperformed our expectations. We are particularly encouraged by the strength of our industry leading drilling margins and by the success of our technology offerings, both in growth and profitability. Our adjusted EBITDA remained above the $100 million mark and well above the performance of our competitors. We did benefit from $4 million in non-recurring revenue from early terminations, nonetheless the resiliency of our global results continues to support our free cash flow generation.

“Lower 48 industry activity has improved significantly, but spot market pricing has only increased modestly since its bottom. Pricing should react positively as the year progresses and we continue to increase utilization for high specification rigs. We have turned the corner on International activity and are starting to benefit from increased rig count in Saudi Arabia and from the removal of COVID dayrates. We expect consolidated adjusted EBITDA to decrease modestly in the first quarter, reflecting the absence of the fourth quarter’s early termination revenue.”

Mr. Petrello concluded, “I would again like to recognize the Company’s global staff. The Company’s success in 2020 stems directly from our employees, their hard work, and commitment. We were presented with a unique set of challenges in 2020. The entire Nabors team responded with resourcefulness and composure, and I am pleased with the Company’s achievements in this difficult environment.

“As we look to the future, the opportunities to deploy advanced technology are growing. Our well-established portfolio of advanced digital solutions has been battle-tested, and has proved to deliver the promised improvements in efficiency and performance. We plan to expand this portfolio, with a focus on analytics and further automation.

“The prominence of ESG, and the emergence of the energy transition, present an emerging opportunity set for innovators such as Nabors. We recently committed to develop science-based targets for our greenhouse gas emissions, aligned with the Science Based Targets initiative. To our knowledge, Nabors is the first land drilling contractor to do so.

“This commitment to reduce our own carbon footprint facilitates the pursuit of a spectrum of initiatives. We are currently evaluating technologies aimed at carbon capture and sequestration, power management, and emissions reduction. These solutions are readily integrated on our own fleet, and ultimately could reach into the global rig market.

“As we enter 2021, the improving fundamentals in our existing markets and our progress on innovative technology deployment are increasing our confidence in reaching our financial goals.”

About Nabors

Nabors (NYSE: NBR) owns and operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Leveraging advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform the industry.

Forward-looking Statements

The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements. 

Non-GAAP Disclaimer

This press release presents certain “non-GAAP” financial measures.  The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), (gain)/loss on debt buybacks and exchanges, impairments and other charges and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments. Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA, adjusted operating income (loss), net debt, and free cash flow, because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance.  Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently.  Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and free cash flow to cash flow provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. 

Media Contact:  William C. Conroy, Vice President of Corporate Development & Investor Relations, +1 281-775-2423, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954.   To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

SEGMENT REPORTING

(Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:

Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of the consolidated Company based on several criteria, including free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance.

Exhibit 99.2

1 2/24/2021 NABORS INDUSTRIES LTD. 4Q Earnings Presentation

2 Forward Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements . Such statements, including statements in this document that relate to matters that are not historical facts, are “forward - looking statements” within the meaning of the safe harbor provisions of Section 27 A of the U . S . Securities Act of 1933 and Section 21 E of the U . S . Securities Exchange Act of 1934 . These “forward - looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans . They are inherently uncertain, and investors should recognize that events and actual results could turn out to be significantly different from our expectations . Factors to consider when evaluating these forward - looking statements include, but are not limited to: • the Covid - 19 pandemic and its impact on oil and gas markets and prices; • 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 renew customer contracts in order to maintain competitiveness; • the existence of operating risks inherent in the oil and gas and oilfield services industries; • the possibility of the loss of one or a number of our large customers; • the impact of long - term indebtedness and other financial commitments on our financial and operating flexibility; • our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our unsecured revolving credit facility, and future issuances of debt or equity securities; • our dependence on our operating subsidiaries and investments to meet our financial obligations; our ability to retain skilled employees; • our ability to complete, and realize the expected benefits, of strategic transactions; • changes in tax laws and the possibility of changes in other laws and regulation; • the possibility of political or economic instability, civil disturbance, war or acts of terrorism in any of the countries in which we do business; • the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes or sanctions; and • general economic conditions, including the capital and credit markets. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities . Therefore, sustained lower oil or natural gas prices that have a material impact on exploration, development or production activities could also materially affect our financial position, results of operations and cash flows . The outbreak of the novel coronavirus (“COVID - 19 ”), together with actions by large oil and natural gas producing countries, has led to decreases in commodity prices, specifically oil and natural gas prices, resulting from oversupply and demand weakness . These price decreases caused significant disruptions and volatility in the global marketplace during 2020 . Lower prices and the resulting weakness in demand for our services, which have negatively affected our results of operations and cash flows, have persisted into the fourth quarter, and uncertainty remains regarding the length and impact of COVID - 19 on the energy industry and the outlook for our business . The above description of risks and uncertainties is by no means all - inclusive, but is designed to highlight what we believe are important factors to consider . For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our Annual Reports on Form 10 - K and Quarterly Reports on Form 10 - Q, which are available at the SEC's website at www . sec . gov .

Recent Company Highlights Cut debt obligations by $307M in 4Q20 & 1Q21 Executed debt exchanges and open market repurchases Delivered L48 gross margin per day of $9,541 Highest 4Q 2020 gross margin versus our peers Delivered EBITDA of $108M in 4Q 2020 Highest by a wide margin among land drillers Generated FCF of $66M in 4Q 2020 From cost reductions and capital discipline SmartDRILL TM approaching 30% penetration across Nabors’ Lower 48 rigs Steadily increasing since update in 2Q 2020 ESG score improvement in 4Q 2 points Environmental 1 point Social 3

4 4Q Rig Utilization and Availability RIG FLEET (1) 383 4Q20 AVERAGE RIGS ON REV 132 AVERAGE UTILIZATION 34% (1) As of December 31, 2020 Note: Subtotals may not foot due to rounding TOTAL U.S. OFFSHORE 12 2 17% CANADA 16 3 19% ALASKA 35 10 29% INTERNATIONAL 133 63 47% 187 54 29% U.S. LOWER 48 HIGH SPEC 110 HIGH SPEC 53 HIGH SPEC 48%

33% 40% 4% 8% 15% 4Q 2020 NBR HP PTEN ESI Other 22% 39% 22% 7% 9% 2014 5 Building L48 Market Share with the Supermajors A leader in the supermajors market segment, Nabors increased market share by 50%compared to the 2014 peak. “Nabors has invested heavily in their fleet and support services. They’ve also made tough decisions to ensure the right talent is in their front - line leadership positions.” “ Best in - basin rig performance. Attentive corporate and field personnel.” “New technology, consistently evolving. Quality performance and excellent service.” Major Independent Major Independent Supermajor “I gave Nabors a 9 for their quality, forward - thinking mentality, low NPT and performance - minded personnel.” Supermajor

6 Nabors’ Commitment to Environmental Stewardship 40 dual - fuel - capable rigs in Lower 48 Signed onto the Science Based Targets initiative, committed to setting science - based GHG emissions targets Image: Rig 27E in Deadhorse Alaska 3 High - Line rigs, 4 Bi - Fuel rigs, including 1 rig using our advanced energy management system in L48 Evaluating carbon capture, emissions minimization and power management technologies

Smart NAV ΠAutomated directional guidance system, improves wellbore placement accuracy and reduces slide hours 7 Savings of $141,399 per well Nabors Smart Suite integrated automation solution drives performance, reduces cost, and removes WBP personnel from well site for a major operator in U.S. Bakken. Pre - Smart Suite Smart Suite Avg. Feet per Day 1,515 1,935 Avg. Spud to TD (Days) 15 11 Avg. ROP Feet per Hour* 160 197 Avg. Slide Count per Well 30 25 Nabors Smart Suite Smart SLIDE ΠDirectional steering control system, automates slide drilling to reduce cycle time and optimize performance Smart DRILL ΠFull - stand automated drilling activity sequencer, executes driller best practices, improving BHA reliability and reducing variability INTEGRATED OFFERING *ROP РRate of Penetration

Increasing Automation Across NDS Services Increased Smart app penetration on Nabors rigs in 2020 despite difficult market conditions • Grew SmartDRILL Œ customer base to 5 operators in Lower 48 plus 1 international operator • 2021 SmartDRILL Œ initiatives to drive operator value: • Streamline deployment model targeted to operators with short - term drilling programs • Automate KPIs to easily provide value - add of the software SmartDRILL Œ Growth 29% Q1’20 Q2’20 Q3’20 Q4’20 6% 19% SmartDRILL TM Penetration (% of Nabors Rigs) Automated Well Stats Life to Date Q4 Wells – SmartSLIDE Œ / SmartNAV Œ 655 68 Wells – SmartDRILL Œ 152 64 Footage – SmartSLIDE Œ / SmartNAV Œ 12.20M ft 1.2M ft Footage – SmartDRILL Œ 3.05M ft 1.2M ft 51 88 152 3.5 3.0 0.0 0.5 1.0 2.0 1.5 2.5 0 50 100 150 200 24 Q1’20 Q2’20 Q3’20 Q4’20 0.52 1.08 1.83 3.05 Cumulative Wells Drilled Cumulative Footage Footage Drilled (Million Ft) Cumulative Wells Commercial Release Field Testing New Functionality 8

SmartDRILL TM : Industry leading value proposition Feature SmartDRILL Œ Benefit Automated Processes Slips to Weight Connections, BHA Reliability Rotary to Slide Slide to Rotary BHA Reliability Rotary Drilling Weight to Slip Connections, BHA Reliability Reaming BHA Reliability Granular Machine Control Top Drive Mud Pumps Configurable, Connections, BHA Reliability Drawworks Detailed Cloud - Based KPI’s Prove Value and Performance Fleet Wide Scalability Scalable Low Impact Rig Upgrade Cost - Efficient Improved BHA Reliability Minimize Max RPM and Severe Vibration 1.40 0.56 2.39 0.91 SmartDRILL Œ Wells Manual Wells 3.79 1.47 - 61% Slips to Weight (mins) Weight to Slips (mins) 61% Improvement in Connection Times Automation Aggregate (mins) 12 4 4 2 Manual Wells SmartDRILL Œ Wells Instances of Maximum RPMs >300RPM Instances of Severe Lateral Vibrations Customer Success 9

10 “The recent work with SmartDRILL Œ has been very encouraging …” The Nabors team’s work on this has been tireless…this is a long - term winner for our team and the results are improving.” — Major Global Operator “ SmartDRILL Œ is the gateway to future technology.” — Major U.S. Operator Smart Suite Resonating with Customers 10 “Thank you for all the updates that you are making to your automation software… the progress made can be seen every meeting. This is all thanks to a group who has been very responsive and is always a joy to work with….” — Major Global Operator

86 150 324 854 560 390 673 $0 $250 $500 $750 $1,000 $1,250 $1,500 2021 2022 2023 2024 2025 2026 2027 2028 Revolving Credit Facility Notes Outstanding (1) 11 (1) Annual figures shown in millions at maturity face value as of December 31, 2020 (2) Annual figures shown reflect carrying values as of December 31, 2020 During 2020, reduced or extended maturities on an aggregate $1.5 billion of notes with maturities through 2023 (1) Debt Maturity Profile as of December 31, 2020 Debt at 12/31/2020 Total Debt: $2.97Bn (2) Cash, Cash Equivalents & STI $0.48Bn Total Debt Less Cash, Cash Equiv. & STI $2.49Bn (2)

nabors.com Contact Us: William C. Conroy VP - Corporate Development and Investor Relations William.Conroy@nabors.com Kara K. Peak Director - Corporate Development and Investor Relations Kara.Peak@nabors.com NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 Houston, TX 77067 - 4525