Nabors Q2 net loss; adjusted profit rises

July 24 Tue Jul 24, 2012 4:25pm EDT

July 24 (Reuters) - Nabors Industries Ltd, owner of the world's largest land-drilling rig fleet, reported on Tuesday a second-quarter net loss but a rise in its adjusted profit that was weighed down by the volatile North American drilling market.

The company warned last week that it would take a $150 million "ceiling test" charge for the drop in the value of its interest in natural gas fields. It reported a net loss of $72.8 million, or 25 cents per share, for the second quarter.

Profit excluding items rose to $109.7 million, or 38 cents per share, from $70.9 million, or 24 cents per share a year ago. Total revenue rose 19 percent to $1.61 billion.

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