NBR · CIK 1163739
What Nabors Industries Ltd. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for NBR. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- Saudi Aramco = ~30% of revenuehigh
Saudi Aramco is Nabors's single largest customer, accounting for ~30% of consolidated operating revenue in 2025 (31% and 26% in 2024/2023), so loss or reduction of this relationship would materially cut revenue.
“One customer, Saudi Aramco, accounted for approximately 30%, 31% and 26% of our consolidated operating revenues during the years ended December 31, 2025, 2024 and 2023, respectively”
SEC filing →As of 2026
Geographic concentration
- Saudi Arabia operations concentrationhigh
Nabors is heavily concentrated in Saudi Arabia ($927.7M of operating revenue and 29% of net accounts receivable at year-end 2025), exposing it to Saudi political, economic and counterparty conditions (with Mexico the next-largest at 15% of receivables).
“As of December 31, 2025, approximately 29 %, 15 % and 13 % of our net accounts receivable balance was related to our operations in Saudi Arabia, Mexico and U.S., respectively.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Saudi Aramco
“One customer, Saudi Aramco, accounted for approximately 30%, 31% and 26% of our consolidated operating revenues during the years ended December 31, 2025, 2024 and 2023, respectively”
Cited →
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