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UPDATE 1-Nabors sees $240 mln in Q2 charges

Mon Jul 13, 2009 6:38am EDT

Stocks

   

* To record charges worth $240 mln in Q2

* Sees 2009 operating cash flow of about $1.3 bln

* Says has modified '09 view for nearly all operations

July 13 (Reuters) - Contract oil and gas driller Nabors Industries Ltd (NBR.N) said its second-quarter results will include about $240 million in charges, adding that it had modified its 2009 outlook for nearly all its operations. The company now expects 2009 operating cash flows to exceed $1.3 billion.

The charges in the second quarter include $178 million in impairments and reserves recorded for assets across multiple businesses and $62 million related to acceleration of the expensing of a certain stock option expense, the Bermuda-based company said.

"The reductions in pre-tax income will generate a net tax benefit in our US tax position, significantly offsetting the impact to free cash flow from the moderated operating outlook," Nabors said in a statement. Shares of the company closed at $14.79 Friday on the New York Stock Exchange.

For the alerts, double-click [ID:nWNAB6398] (Reporting by Shradhha Sharma in Bangalore; Editing by Anil D'Silva)



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