Nabors announces salary reductions, cuts spending immediately:
A recommendation by management to the Board of Directors to suspend the dividend on Nabors' common shares
Salary reductions totaling 20 percent for each of the CEO and CFO, as well as a 20 percent reduction in the annual retainer paid to non-employee members of the Board of Directors
Salary reductions of 10% for U.S., corporate and expatriate employees with base salaries exceeding $100,000
The Company is also actively reviewing its organizational structure and taking additional steps to further streamline its operations, all with the view of improving liquidity while still retaining the ability to deliver safe and outstanding performance to our customers.
Given the uncertainty in the current market conditions, primarily in the Lower 48, Nabors has withdrawn any previously-issued guidance for its full-year 2020 results. The Company expects its first quarter 2020 results to fall somewhat below the guidance provided on its fourth quarter earnings conference call.