Nabors announces second quarter results

Petroleum News

Nabors Industries Ltd. recently reported second quarter 2018 operating revenue of $762 million, compared to operating revenue of $734 million in the first quarter, a 4 percent increase. Net income from continuing operations attributable to Nabors common shareholders for the quarter was a loss of $202 million, or 61 cents per share, compared to a loss of $144 million, or 46 cents per share, in the prior quarter. Results for the second quarter included a loss on the sale of Middle East offshore rigs of $63.7 million and transaction charges of $5.9 million.

Anthony Petrello, Nabors chairman and CEO, commented, “The second quarter either largely matched or exceeded our expectations. We continued to make significant progress in all of our segments, with especially strong results in U.S. Drilling. The main highlights of the quarter were numerous rate increases in the Lower 48, as contracts rolled over, with a corresponding increase in daily margins to $7,400; the startup of our MODSTM 400 platform rig in the Gulf of Mexico; and a sharp rebound in Rig Technologies.”