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    Michael Smaller • 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 Ltd (NBR) leadership

    Michael Smaller's questions to Nabors Industries Ltd (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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