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2017-10-25 10:53:00

NABORS NET LOSS $430 MLN

NABORS NET LOSS $430 MLN

NABORSNabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) reported third-quarter 2017 operating revenues of $662 million, compared to operating revenues of $631 million in the second quarter of 2017. The net loss from continuing operations, attributable to Nabors, for the current quarter was $121 million, or $0.42 per diluted share, compared to a loss of $117 million, or $0.41 per diluted share, last quarter.

 

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

                     
   

Three Months Ended

 

Nine Months Ended

   

September 30,

 

June 30,

 

September 30,

(In thousands, except per share amounts)

 

2017

 

2016

 

2017

 

2017

 

2016

                     

Revenues and other income:

                   

Operating revenues 

 

$  662,103

 

$  519,729

 

$  631,355

 

$ 1,856,008

 

$ 1,688,891

Earnings (losses) from unconsolidated affiliates

 

4

 

2

 

-

 

6

 

(221,918)

Investment income (loss)

 

373

 

310

 

(886)

 

208

 

923

Total revenues and other income

 

662,480

 

520,041

 

630,469

 

1,856,222

 

1,467,896

                     

Costs and other deductions:

                   

Direct costs

 

441,263

 

306,436

 

417,521

 

1,246,428

 

1,012,738

General and administrative expenses

 

65,010

 

56,078

 

63,695

 

192,114

 

175,036

Research and engineering

 

12,960

 

8,476

 

11,343

 

36,060

 

24,818

Depreciation and amortization

 

217,075

 

220,713

 

208,090

 

628,837

 

655,444

Interest expense

 

54,607

 

46,836

 

54,688

 

165,813

 

137,803

Other, net

 

5,559

 

10,392

 

10,104

 

29,173

 

267,403

Total costs and other deductions

 

796,474

 

648,931

 

765,441

 

2,298,425

 

2,273,242

                     

Income (loss) from continuing operations before income taxes

 

(133,994)

 

(128,890)

 

(134,972)

 

(442,203)

 

(805,346)

                     

Income tax expense (benefit)

 

(14,709)

 

(31,051)

 

(19,496)

 

(59,814)

 

(124,298)

                     

Income (loss) from continuing operations, net of tax

 

(119,285)

 

(97,839)

 

(115,476)

 

(382,389)

 

(681,048)

Income (loss) from discontinued operations, net of tax

 

(27,134)

 

(12,187)

 

(15,504)

 

(43,077)

 

(14,097)

                     

Net income (loss)

 

(146,419)

 

(110,026)

 

(130,980)

 

(425,466)

 

(695,145)

Less: Net (income) loss attributable to noncontrolling interest

 

(2,113)

 

(1,185)

 

(1,971)

 

(5,001)

 

990

Net income (loss) attributable to Nabors

 

$(148,532)

 

$(111,211)

 

$(132,951)

 

$  (430,467)

 

$  (694,155)

                     

Amounts attributable to Nabors:

                   

Net income (loss) from continuing operations

 

$(121,398)

 

$   (99,024)

 

$(117,447)

 

$  (387,390)

 

$  (680,058)

Net income (loss) from discontinued operations

 

(27,134)

 

(12,187)

 

(15,504)

 

(43,077)

 

(14,097)

Net income (loss) attributable to Nabors

 

$(148,532)

 

$(111,211)

 

$(132,951)

 

$  (430,467)

 

$  (694,155)

                     

Earnings (losses) per share:

                   

Basic from continuing operations

 

$      (0.42)

 

$      (0.35)

 

$      (0.41)

 

$        (1.35)

 

$        (2.41)

Basic from discontinued operations

 

(0.10)

 

(0.04)

 

(0.05)

 

(0.16)

 

(0.05)

Total Basic

 

$      (0.52)

 

$      (0.39)

 

$      (0.46)

 

$        (1.51)

 

$        (2.46)

                     

Diluted from continuing operations

 

$      (0.42)

 

$      (0.35)

 

$      (0.41)

 

$        (1.35)

 

$        (2.41)

Diluted from discontinued operations

 

(0.10)

 

(0.04)

 

(0.05)

 

(0.16)

 

(0.05)

Total Diluted

 

$      (0.52)

 

$      (0.39)

 

$      (0.46)

 

$        (1.51)

 

$        (2.46)

                     
                     

Weighted-average numberof common shares outstanding:

                   

   Basic 

 

279,313

 

276,707

 

278,916

 

278,670

 

276,369

   Diluted 

 

279,313

 

276,707

 

278,916

 

278,670

 

276,369

                     
                     

Adjusted EBITDA

 

$  142,870

 

$  148,739

 

$  138,796

 

$    381,406

 

$    476,299

                     

Adjusted operating income (loss)

 

$   (74,205)

 

$   (71,974)

 

$   (69,294)

 

$  (247,431)

 

$  (179,145)

 

Third-quarter adjusted EBITDA improved by 3% sequentially to $143 million. The increase was largely attributable to a 7% increase in both rig activity and margins in the Company's Lower 48 operations and higher margins internationally. These increases were significantly offset by lower results in the Rig Services segment. Although Nabors Drilling Solutions (NDS) achieved a 28% increase in adjusted EBITDA, it was more than offset by lower results in Canrig. This resulted from an unexpected number of capital equipment cancellations and a larger number of delivery deferrals.

Anthony G. Petrello, Nabors Chairman, President and CEO, commented, "The sequential improvements in our drilling operations and NDS are notable, particularly in light of the weaker oil prices that characterized the third quarter."

"The third quarter also marked the achievement of several milestones in the implementation of our numerous strategic initiatives. Our Rigtelligent™ operating system has now been implemented on 95 of our rigs in the Lower 48 and is performing in line with our expectations. The features of this software, along with our extensive focus on key performance indicators, is being increasingly recognized by our customers, as is the outperformance of our PACE®-X800 and PACE®-M800 rigs. These rigs continued to be fully utilized. We also deployed our first Quad PACE®-X800 rig into the south Texas market."

"In our services portfolio, we conducted initial field testing of our ROCKit® AutoPilot fully automatic directional drilling system. In these tests, we successfully completed five horizontal wells in a timeframe consistent with our best-in-class directional drillers. One of these wells set a new record for this operator in this particular field. Our iRacker™ and robotic pipe handling systems are also close to commercial deployment."

"Most significantly, we announced two strategic acquisitions during the third quarter which will accelerate the implementation of our automation and services integration strategy. In mid-August, we announced the signing of an agreement to acquire Tesco Corporation, a high-quality provider of tubular running services and manufacturer of drilling equipment, which we anticipate will close before year end. In early September, we announced the acquisition of the Norwegian company, Robotic Drilling Systems (RDS). RDS is a market leader in robotic drill floor systems for both land and offshore rig applications. The addition of both of these highly respected companies significantly accelerates our programs to integrate additional services into our rigs and implement surface and downhole drilling automation."

Consolidated and Segment Results

Adjusted operating income for the Company was a loss of $74 million for the quarter, as compared to a loss of $69 million in the prior quarter. During the third quarter, the Company averaged 212 rigs working at an average gross margin of $10,749 per rig day, compared to 206 average rigs working at $10,809 per rig day during the second quarter.

The U.S. Drilling segment posted a 14% increase in adjusted EBITDA, at $43 million for the quarter with an average of 107 rigs working, compared to 101 rigs during the second quarter. The Lower 48 operation increased by seven average rigs working during the third quarter, including the deployment of its first of two Quad rigs in late July. This upgrade capability is unique to the Company's PACE®-X800 rigs. The Quad configuration incorporates the ability to rack and handle four joints of drill pipe in a single stand. This yields higher racking capacity and speeds up the tripping of pipe in and out of the well. It also allows casing to be racked and run in double lengths which significantly reduces the time required for installation of the casing into the well. The second Quad rig configuration is expected to soon commence operations in west Texas."

Further increases in margins are expected as costs normalize and some expiring contracts renew to higher current spot rates. Results should also benefit from the expected deployment, before year end, of the first two of the Company's PACE®-M1000 new build SmartRig™ units that are currently under construction. This rig features pad capabilities equivalent to the PACE®-X800 rig, but with one million pounds of hookload and higher racking capacity.

International adjusted EBITDA for the quarter was $137 million, a slight increase compared to the $135 million in the prior quarter. The improvement was attributable to higher average daily rig margins of $18,233 per rig day, with a little over one fewer average rigs working. While the margins were to some extent boosted by exceptional performance, the Company expects the rig count to resume increasing in the fourth quarter.

Canada results were lower sequentially principally due to a less favorable rig mix and post breakup startup cost. The average number of rigs working during the third quarter was 14, with average daily rig margins of $3,497. The Company continues to expect sequential margin and activity improvement and meaningful full-year improvement in activity relative to 2016.

Adjusted EBITDA for Rig Services, which consists of the Company's manufacturing, drilling technology, and other related services, was substantially lower with the aforementioned drop in Canrig shipments. For the quarter, Rig Services posted $1.8 million compared with the $5.5 million realized in the second quarter of 2017. Most of the lower Canrig volume was attributable to delivery deferrals, triggered by commodity concerns, by several customers into subsequent quarters. Additionally, there were a smaller number of outright cancellations due to the loss of momentum in the U.S. Lower 48 rig count. This offset a 28% sequential increase in NDS, which delivered $9.8 million in adjusted EBITDA for the quarter. The increasing penetration of NDS services at higher margins is expected to continue improving quarterly results. Canrig is anticipated to be adjusted EBITDA positive during the fourth quarter of this year.

Petrello concluded, "I believe the steady progression in our operational results, in light of this year's oil price-induced weakness across all of our markets, illustrates the validity of our strategy. Declining global oil and product inventories and better than expected demand should move the oil market close to balance in the near future. Over the next several quarters, we expect to achieve commercialization of several automation and services integration initiatives. As all of these components of our strategy commence, the utilization and margins of our existing fleet continue to improve, and NDS continues to grow, our results should improve meaningfully. This puts us in a good position to resume profitability, reduce debt and restore acceptable returns on capital in the coming years."

"The two strategic acquisitions and numerous other recent and near-term developments represent significant steps in the attainment of these goals. Further supporting our forward growth expectations is the imminent commencement of our groundbreaking joint venture with Saudi Aramco. The JV has been named Sanad (Saudi Aramco Nabors Drilling) and represents a new paradigm in the operator-contractor relationship that will provide significant long-term benefits to both parties."

-----

Earlier:

NABORS - ROBOTIC ACQUISITION
2017, September, 6, 10:39:00

NABORS - ROBOTIC ACQUISITION

Nabors Industries Ltd. ("Nabors") (NYSE: NBR), announced that it has acquired Stavanger based Robotic Drilling Systems AS ("RDS"), a provider of automated tubular and tool handling equipment for the onshore and offshore drilling markets. This transaction integrates the highly capable RDS team and product offering with the technology portfolio of Canrig, Nabors rig equipment subsidiary, and strengthens the development of its drilling automation solutions.

 

NABORS - TESCO ACQUISITION
2017, August, 15, 10:30:00

NABORS - TESCO ACQUISITION

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) is pleased to announce that the company has signed an Arrangement Agreement ("Agreement") to acquire all of the issued and outstanding common shares of Tesco Corporation ("Tesco") (NASDAQ: TESO), with each outstanding share of common stock of Tesco being exchanged for 0.68 common shares of Nabors. This transaction will create a leading rig equipment and drilling automation provider by combining Canrig, Nabors rig equipment subsidiary, with Tesco's rig equipment manufacturing, rental and aftermarket service business. Additionally, Tesco operates a tubular services business in numerous key regions globally, which will immediately benefit Nabors Drilling Solutions' operation.

 

 NABORS NET LOSS $282 MLN
2017, August, 3, 09:21:00

NABORS NET LOSS $282 MLN

Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) reported second quarter 2017 operating revenues of $631 million, compared to operating revenues of $563 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $117 million, or $0.41 per diluted share, compared to a loss of $149 million, or $0.52 per diluted share, in the first quarter of 2017. 

 

 

 WEATHERFORD & NABORS ALLIANCE
2017, February, 3, 18:40:00

WEATHERFORD & NABORS ALLIANCE

Weatherford International plc (NYSE: WFT) and Nabors Industries Ltd. (NYSE: NBR) announced today they have signed a non-binding Memorandum of Understanding (MOU) to form an alliance focused on delivering enhanced drilling solutions to the oil and gas land market in the lower 48 states of the United States.

 

 SAUDI & NABORS AGREEMENT
2016, November, 1, 18:55:00

SAUDI & NABORS AGREEMENT

Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.

 

 NABORS CHANGES
2014, April, 17, 18:54:00

NABORS CHANGES

Nabors passes sweeping corporate governance changes, including proxy access

 

 NABORS INDUSTRIES: TOMORROW NEVER DIES
2014, April, 17, 18:51:00

NABORS INDUSTRIES: TOMORROW NEVER DIES

NABORS INDUSTRIES published 4th Quarter and Full Year 2013 results

 

 NABORS WILL BE LOWER
2014, March, 25, 07:00:00

NABORS WILL BE LOWER

Nabors Expects Lower 1Q 2014 Earnings per Share Relative to Mean Estimates

 

 

Tags: NABORS, INDUSTRIES,

Chronicle:

NABORS NET LOSS $430 MLN
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

NABORS NET LOSS $430 MLN
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

NABORS NET LOSS $430 MLN
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

NABORS NET LOSS $430 MLN
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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