Nabors Announces Third-Quarter Results

Rig Services, which consists of the Company's manufacturing, directional drilling, and complementary services, reported a loss in adjusted EBITDA of $4.3 million, representing a $6.1 million improvement over the second quarter.  This increase is primarily attributable to reduced costs and higher revenues from service and repair operations.  The Company expects this trend to continue.

William Restrepo, Nabors' Chief Financial Officer, stated, "Third-quarter performance by our company has confirmed the trends we had foreseen after the second quarter. First, our International business has remained healthy and continues to provide strong cash generation. Second, our rig count in the Lower 48 market has rebounded. Our working rigs have increased by 66% since our trough in early April, and we have gained market share, mainly on strong demand for our PACE^®-X rigs. Third, as anticipated, the daily margins for our Lower 48 rigs eroded some more, some term contracts expired, and we added more rigs at the currently lower spot rates. We expect this deterioration to continue near-term. Finally, our focus on costs at all levels of the organization has paid off, as we have mitigated the impact of average dayrate declines in the U.S., contained our SG&A expense in the face of an uptick in rig count and controlled our capital expenditures."

Mr. Petrello concluded, "Recent increases in Lower 48 activity and stabilizing oil prices are encouraging.   We are experiencing utilization increases across many of our AC rig classes, particularly our pad-optimal PACE^®-X and M800 rigs, which are rapidly approaching full utilization.  All of our new-build rigs are deployed with our new Rigtelligent™ modular-code operating system and we have commenced retrofitting most of our AC fleet.  This operating system effectively automates routine tasks and integrates downhole processes with the rig.  The incorporation of this operating system together with on-ging enhancements to our other AC rig classes, will give us 100 pad-optimal, high-specification, automated rigs by mid-2017.  We believe these actions position us well to address the changing market dynamic both in the United States and internationally."

About Nabors

Nabors Industries (NYSE: NBR) owns and operates the world's largest land-based drilling rig fleet and is a leading provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies throughout many of the most significant oil and gas markets. Leveraging our advanced drilling automation capabilities, Nabors' highly skilled workforce continues to set new standards for operational excellence and transform our industry.

Forward-looking Statements

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements.  The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release.  Nabors does not undertake to update these forward-looking statements.  

Non-GAAP Disclaimer

This press release presents certain "non-GAAP" financial measures.  The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Adjusted EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from operating revenues.  Adjusted operating income (loss) is computed similarly, but also subtracts depreciation and amortization expenses from operating revenues. Net debt is computed by subtracting the sum of cash and short-term investments from total debt.  Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA and adjusted operating income exclude certain cash expenses that we are obligated to make.  However, management evaluates the performance of our operating segments and the consolidated Company based on several criteria, including adjusted EBITDA, adjusted operating income (loss), and net debt, because it believes that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use these measures as some of the metrics on which they analyze the company's performance. Other companies in our industry may compute these measures differently.  A reconciliation of adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes and net debt to total debt, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. 

Media Contact:  Dennis A. Smith, Vice President of Corporate Development & Investor Relations, +1 281-775-8038.  To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at mark.andrews@nabors.com

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
		Three Months Ended						Nine Months Ended
		September 30,				June 30,		September 30,
(In thousands, except per share amounts)		2016		2015		2016		2016		2015
Revenues and other income:
Operating revenues		$  519,729		$  847,553		$  571,591		$ 1,688,891		$ 3,125,565
Earnings (losses) from unconsolidated affiliates		2		(35,100)		(54,769)		(221,918)		(29,714)
Investment income (loss)		310		(22)		270		923		2,128
Total revenues and other income		520,041		812,431		517,092		1,467,896		3,097,979
Costs and other deductions:
Direct costs		306,436		518,174		341,279		1,012,738		1,926,306
General and administrative expenses		56,078		72,032		56,624		175,036		263,272
Research and engineering		8,476		9,716		8,180		24,818		31,899
Depreciation and amortization		220,713		240,107		218,913		655,444		739,322
Interest expense		46,836		44,448		45,237		137,803		135,518
Other, net		10,392		259,731		74,607		267,403		205,227
Total costs and other deductions		648,931		1,144,208		744,840 Werbung Mehr Nachrichten zur Nabors Industries Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Carnival PLC - Carnival Announces Closing of €500 Million 5.75% Senior Unsecured Notes Offering; Repricing of Senior Secured First Lien Term Loan B Facilities as Part of Ongoing Debt and Interest Expense Reduction 25.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 25.04.24 - PR Newswire Finsbury Growth & Income Trust Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59