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2017-05-02 16:00:00

NABORS NET LOSS $149 MLN

NABORS NET LOSS $149 MLN

NABORS  - Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR)  reported first quarter 2017 operating revenue of $563 million, compared to operating revenue of $539 million in the prior quarter.  Net income from continuing operations attributable to Nabors for the quarter was a loss of $149 million, or $0.52 per share, compared to a loss of $331 million, or $1.17 per share, in the fourth quarter of 2016.  The first quarter results include $7.8 million in net after-tax charges, or $0.03 per share, representing premiums incurred in open market purchases of near-term debt. Anthony Petrello, Nabors Chairman and CEO, commented, "I am disappointed that our first quarter results were well short of our expectations as downtime and extraordinary costs more than offset the positive impact of a second consecutive quarter of increased revenue.  This shortfall consisted primarily of lost revenues and higher costs related to the accelerated inspection and recertification of key structural components on a majority of the rigs in our largest international market and, to a lesser extent, higher than expected rig reactivation and relocation costs due to the rapid increase in demand for our U.S. lower 48 rigs.  

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

   

Three Months Ended

   

March 31,

 

December 31,

(In $ thousands, except per share amounts)

 

2017

 

2016

 

2016

             

Revenues and other income:

           

Operating revenues 

 

$  562,550

 

$  597,571

 

$       538,948

Earnings (losses) from unconsolidated affiliates

 

2

 

(167,151)

 

4

Investment income (loss)

 

721

 

343

 

260

    Total revenues and other income

 

563,273

 

430,763

 

539,212

             

Costs and other deductions:

           

Direct costs

 

387,644

 

365,023

 

331,560

General and administrative expenses

 

63,409

 

62,334

 

52,603

Research and engineering

 

11,757

 

8,162

 

8,764

Depreciation and amortization

 

203,672

 

215,818

 

216,187

Interest expense

 

56,518

 

45,730

 

47,557

Other, net

 

13,510

 

182,404

 

275,270

      Total costs and other deductions

 

736,510

 

879,471

 

931,941

             

Income (loss) from continuing operations before income taxes

 

(173,237)

 

(448,708)

 

(392,729)

             

Income tax expense (benefit)

 

(25,609)

 

(52,064)

 

(62,533)

             

Income (loss) from continuing operations, net of tax

 

(147,628)

 

(396,644)

 

(330,196)

Income (loss) from discontinued operations, net of tax

 

(439)

 

(926)

 

(4,266)

             

Net income (loss)

 

(148,067)

 

(397,570)

 

(334,462)

     Less: Net (income) loss attributable to noncontrolling interest

 

(917)

 

(724)

 

(1,125)

Net income (loss) attributable to Nabors

 

$(148,984)

 

$(398,294)

 

$      (335,587)

             

Amounts attributable to Nabors:

           

Net income (loss) from continuing operations

 

$(148,545)

 

$(397,368)

 

$      (331,321)

Net income (loss) from discontinued operations

 

(439)

 

(926)

 

(4,266)

Net income (loss) attributable to Nabors

 

$(148,984)

 

$(398,294)

 

$      (335,587)

             

Earnings (losses) per share:

           

   Basic from continuing operations

 

$         (.52)

 

$       (1.41)

 

$             (1.17)

   Basic from discontinued operations

 

-

 

-

 

(.01)

    Basic

 

$         (.52)

 

$       (1.41)

 

$             (1.18)

             

   Diluted from continuing operations

 

$         (.52)

 

$       (1.41)

 

$             (1.17)

   Diluted from discontinued operations

 

-

 

-

 

(.01)

    Diluted

 

$         (.52)

 

$       (1.41)

 

$             (1.18)

"On the positive side, we saw our U.S. lower 48 working rig count increase by 29% for the second quarter in a row. The 93 rigs working today represent a 166% increase since the low point last May.  This outsized increase in utilization, combined with our improved market share, illustrates the superior performance of our best-in-class rigs and technology.  International fundamentals continue to improve and our base business is solid as evidenced by the 4% increase in revenue we would have realized, absent the recertification downtime and the demobilization revenue in the fourth quarter."  

Consolidated and Segment Results

Adjusted operating income for the Company was a loss of $104 million during the quarter, as compared to a loss of $70.2 million in the prior quarter.  Quarterly adjusted EBITDA for the Company represented a sequential decrease to $100 million, compared to $146 million in the fourth quarter.  For the first quarter, the Company averaged 201 rigs operating at an average gross margin of $9,333 per rig day, compared to 177 rigs at $12,482 per rig day in the fourth quarter.

International adjusted EBITDA decreased sequentially by $19.6 million to $109 million with an average of 90 rigs working during the quarter.  The decrease was primarily attributable to the aforementioned downtime and associated expenses, which compressed total international margins by approximately $17 million.  In addition, the fourth quarter included a benefit of approximately $7 million in demobilization revenue in Russia.  The inspection and recertification process is substantially completed, and any further downtime and costs are anticipated to be minimal. 

The Company expects the next and subsequent quarters to show marked improvement as a result of the completion of the recertification work, prospective customer plans for increased activity in multiple venues, and a full quarter's contribution from recent rig reactivations in Colombia, Mexico, Argentina, and Kuwait.  Canadian operations averaged 22 rigs working during the seasonally high first quarter with average margins increasing sequentially by $633 per rig day. This higher activity represented a 60% year-over-year increase in revenue. Second quarter activity in Canada, historically the seasonal low point, is expected to be higher than in recent years. The Company expects a similar degree of improvement for the full year in this key operation.

The U.S. Drilling segment posted adjusted EBITDA of $26.6 million for the quarter with an average of 89 rigs working compared to 72 rigs in the fourth quarter.  The lower 48 operation alone increased by 18 rigs during the first quarter.  The Company currently has 93 rigs working in the lower 48 operation.  This rapid increase in rig reactivations resulted in significantly higher than expected costs during the quarter.  These costs, representing a sequential increment of approximately $6 million in the first quarter, should abate throughout the balance of the year.

Additionally, with 86% of the lower 48 working rigs set to expire and reprice at increasing spot market rates before year end, subsequent quarters are expected to show meaningful increases in daily margins.  Results should also benefit from the deployment before year end of seven new build SmartRig™ units contracted at leading edge dayrates.  Furthermore, there are still 27 rigs being converted to SmartRig™ units before year-end, all of which should command premium rates.    

Adjusted EBITDA for Rig Services, which consists of the Company's manufacturing, directional drilling, and other drilling services, decreased by $3.0 million from the fourth quarter.  The decline primarily stemmed from Canrig, Nabors' rig equipment manufacturing subsidiary.  However, an increasing backlog indicates improving results for the rest of the year.  Nabors Drilling Solutions (NDS) revenue climbed by $9.8 million in the quarter to $27.4 million, and adjusted EBITDA improved to $2.9 million.  The increasing penetration of NDS products across the industry is expected to continue improving quarterly results.   

William Restrepo, Nabors Chief Financial Officer, stated, "Despite the positive momentum derived from the rapid activity growth in our North American land markets, the bottoming rig count in our international business and the encouraging performance of NDS, the quarter was undoubtedly disappointing to our team.  Our results were challenged by the higher costs incurred to reactivate rigs in advance of revenues.  These costs consist of restocking, recertifying, recruiting and making ready nearly 40 rigs during the past two quarters in the lower 48. We not only experienced increased costs in the United States, but also internationally where we incurred accelerated inspection and recertification work, almost all of which was compressed into the first quarter.  Nonetheless, we remain positive about our progress to date and confident about future improvement. The first quarter items are either behind us or should subside progressively during the remainder of the year."

Mr. Petrello concluded, "Notwithstanding the extraordinary cost issues we incurred this quarter, I am increasingly encouraged by the underlying positive trends in nearly all of our markets.  NDS continues on track to meet its growth targets with increasing penetration across all of its product offerings.  In our U.S. Drilling segment, we anticipate significant sequential increases going forward.  These emanate from our lower 48 operations as a result of diminishing costs, repricing of the preponderance of our fleet at rates meaningfully higher than our current average, and the deployment of the remaining new builds and SmartRig™ upgrades.  Internationally, we expect second quarter margins to return to the level we saw in the fourth quarter of 2016 as a result of reduced costs and the full contribution of recent rig startups.  However, while we still expect moderate sequential increases in our international rig count, our near-term outlook is more measured in light of project deferrals associated with the OPEC production cuts and the potential for these cuts to be extended.  Nonetheless, we continue to be encouraged by the high number of tenders in multiple markets substantiating our expectation for additional growth over the intermediate and longer-term."

-----

Earlier: 

NABORS NET LOSS $1 BLN 

WEATHERFORD & NABORS ALLIANCE 

SAUDI & NABORS AGREEMENT 

NABORS NET LOSS $694 MLN 

NABORS NET LOSS $583 MLN

 

 

Tags: NABORS, INDUSTRIES

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