Nabors Industries Ltd. shareholders on April 20 voted in favor of a reverse stock split, a move expected to boost the oilfield service provider’s share price.

The Nabors board of directors approved the reverse stock split at a ratio of 1:50. After the reverse stock split becomes effective April 22, 16 million common shares of Nabors will trade on the New York Stock Exchange.

Despite executing debt refinancing transactions earlier this year, Nabors is also still facing a looming pile of debt maturities.

According to analysts from Tudor, Pickering, Holt & Co., Nabors, which owns and operates one of the world’s largest land-based drilling rig fleets, has about $536 million in 2020-21 maturities. The company also provides offshore platform rigs in the U.S. and numerous international markets.

In a March 20 report, the analysts wrote that the company could utilize capacity on its $1 billion revolver, however, noted a “margin for error notably thinned given the likely lack of meaningful positive [free cash flow] over the same timeframe.”