Air lubrication regimes were studied using simultaneous drag force measurements and multi-plane imaging to characterise the regimes and identify the governing mechanisms of drag reduction. Bubbly, transitional and air layer regimes are identified over a large range of free-stream velocities (
$U_{\infty }$), air flow rates (
$Q_{\textit{air}}$) and Froude-depth numbers (
$\textit{Fr}_d$). For the lowest
$U_{\infty }$, drag reduction lags significantly behind the non-wetted area coverage in all cases and no simple correlation exists. Within the bubbly regime, a drag increase is found for low
$U_{\infty }$ with large, slow-moving bubbles forming a single layer over the plate height. For higher velocities, bubbles become smaller and disperse vertically, while the drag starts decreasing. For higher
$Q_{\textit{air}}$, irrespective of
$U_{\infty }$, air patches start to form (transitional regime) and drag monotonically decreases, with the onset of the air layer regime at 60 % drag reduction. A new scaling of the associated critical
$Q_{\textit{air}}$ is proposed, combining the air exit velocity, the liquid velocity close to the air layer and
$\textit{Fr}_d$. For a further increase of
$Q_{\textit{air}}$ and a low
$U_{\infty }$, a thicker and smoother air layer is formed with even lower drag; for higher
$U_{\infty }$, marginal differences are observed. The air layer morphology is significantly altered, however, depending on
$\textit{Fr}_d$: for
$\textit{Fr}_d\gt 0.7$, it is unbounded, extending beyond the current test section length, and for subcritical conditions (deep water regime,
$\textit{Fr}_d\lt 0.61$) a closure is formed and the air layer transitions to a cavity of a specific length.