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2015-03-03 20:40:00

NABORS LOSS $891.1 MLN

NABORS LOSS $891.1 MLN

Onshore and offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices.

The company's shares fell 2.7 percent to $12.20 in after-hours trading on Monday.

Adjusted income from Nabors' completion and production services business more than halved to $16.7 million in the fourth quarter compared with a year earlier.

Global crude prices have nearly halved since June, forcing several oil and gas companies to idle rigs and lay off staff.

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