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    Michael Smaller

    senior analyst at Susquehanna Financial Group, LLLP

    Michael Smaller is a senior analyst at Susquehanna Financial Group, LLLP, focusing on equity research and investment insights in the financial sector. He specializes in covering a select group of publicly traded companies, combining fundamental analysis with data-driven investment strategies that have contributed to successful portfolio performance over his career. With over a decade of industry experience, Michael joined Susquehanna after serving in analytical and research roles at other financial institutions, steadily building his reputation for thorough company coverage and actionable recommendations. He holds relevant securities licenses and professional credentials, demonstrating compliance with FINRA standards and proficiency in investment analysis.

    Michael Smaller's questions to NABORS INDUSTRIES (NBR) leadership

    Michael Smaller's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Michael Smaller of Susquehanna Financial Group asked for clarification on the SANAD newbuild capital expenditure schedule. He questioned whether the $60 million shift from 2025 to 2026 would cause a corresponding delay from 2026 into 2027, effectively pushing out the entire delivery timeline for the 20 awarded rigs.

    Answer

    CFO William Restrepo clarified that the change is a timing shift in milestone payments, not a reduction in the number of rigs. He confirmed it is likely that 2026 milestones will also shift slightly into 2027. He noted the impact on revenue is not dramatic, estimating a minor slippage of about $5 million in 2025 EBITDA due to small deployment delays.

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    Michael Smaller's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Michael Smaller of Susquehanna Financial Group, LLLP sought clarification on the SANAD newbuild capital expenditure, asking if the $60 million shift from 2025 to 2026 pushes the entire delivery schedule out or simply concentrates more spending in 2026. He was interested in the flexibility of the schedule for all 20 awarded rigs.

    Answer

    CFO William Restrepo clarified that the change is a timing shift of milestone payments rather than a fundamental change in the total spend or rig count. He explained that some 2025 milestones moved into 2026, and this will likely cause a corresponding shift of 2026 milestones into 2027. He noted the impact on revenue is not dramatic, as it's mostly related to uncompleted rigs and involves only minor deployment delays.

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    Michael Smaller's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Michael Smaller sought clarification on the SANAD newbuild CapEx, asking if the $60 million shift from 2025 to 2026 implies a broader delay in the entire 20-rig delivery schedule.

    Answer

    CFO William Restrepo clarified that the change is a timing shift in milestone payments rather than a fundamental delay of the program. He explained that while some 2026 milestones may now slip into 2027, the impact on revenue is not dramatic as it primarily affects uncompleted rigs, estimating only a minor $5 million EBITDA impact in 2025 from slight deployment slippage.

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