About Nabors Industries
Nabors Industries Limited, based in Houston, Texas, is an American global oil and gas drilling contractor that has operated since 1972. With a revenue of $3 billion, Nabors operates the world’s largest land drilling rig fleet, with around 500 rigs in over 25 countries, covering almost every significant O&G basin on the planet.
Situation
Nabors Industries, a global oil and gas drilling contractor established in 1972 and headquartered in Houston, Texas with annual revenues totaling $3 billion, needed support in modernizing its financial planning and consolidation processes. This included migrating from an on-premises Hyperion environment to Oracle Cloud EPM for enhanced scalability and performance and adapting a forecast model for custom capital expenditure processes. They also needed to migrate several critical applications to Oracle Cloud EPM and address data integration challenges from multiple ERP systems into Oracle EPBCS.
Action
To address these challenges, Nabors Industries partnered with Centroid, leveraging their expertise in Oracle Cloud solutions and financial consolidation. The project, spanning four months, included a comprehensive upgrade and migration plan. Key actions involved replacing IBM Cognos with Oracle EPM Free-Form Reporting to enhance flexibility and reporting capabilities. They also implemented Oracle Narrative Reporting for collaborative and self-service reporting, aiming to improve transparency and efficiency. Additionally, Nabors streamlined business unit forecasting processes to enable real-time variance analysis and introduced new key performance indicators (KPIs).
Impact
Through a strategic partnership with Centroid, Nabors Industries enhanced their financial planning and consolidation capabilities by migrating from on-premises Hyperion to Oracle Cloud EPM in just 12 weeks. This enabled robust global currency analysis, improved financial decision-making, and integrated ERP systems for comprehensive cost center analysis. Scalable enterprise data governance ensured data integrity and compliance, supporting detailed actuals analysis through Oracle E-Business Suite (EBS) drill-through capabilities. Seamless integration of historical data from 2015 onwards into Oracle Cloud EPM facilitated predictive planning and enhanced historical trend analysis, modernizing Nabors Industries’ financial systems and positioning them for future growth and innovation in the oil and gas industry.