Key Developments: Nabors Industries Ltd (NBR)
17.09USD
21 May 2013
$-0.13 (-0.75%)
$16.67
$17.23
$17.33
$16.83
3,236,346
4,914,740
$18.24
$12.40
Latest Key Developments (Source: Significant Developments)
Nabors Industries Ltd Initiates First Quarterly Cash Dividend
Nabors Industries Ltd announced that Board of Directors has approved the initiation of a quarterly cash dividend. A dividend of $0.04 per common share will be paid on March 28, 2013, to shareholders of record at the close of business on March 11, 2013. Full Article
Nabors Industries Ltd Secures $1.5 billion Five-Year Unsecured Revolving Credit Facility
Nabors Industries Ltd announced the closing of an unsecured revolving credit facility with an aggregate principal amount of $1.5 billion, comprised of a US dollar-denominated loan facility of up $1.45 billion and a Canadian dollar-denominated loan facility of up to $50 million. The duration of the facility is five years. The terms of the new facility are substantially the same as the $750 million credit facility established in September 2010 and the $700 million credit facility established in April 2011, both of which were terminated contemporaneously with the establishment of the new facility. A Canadian $50 million unsecured revolving loan facility was also terminated contemporaneously with the establishment of the new facility. The new facility includes an accordion feature that would allow the Company to add lenders and increase the aggregate principal amount up to $1.95 billion. Citigroup Global Markets Inc., Mizuho Corporate Bank Ltd. and HSBC Bank USA, N.A. acted as joint lead arrangers and bookrunners. The other lenders participating in the facility are HSBC Bank Canada, Morgan Stanley Bank, N.A., PNC Bank, National Association, Bank of America, N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., Wells Fargo Bank, N.A., Compass Bank, Sumitomo Mitsui Banking Corporation, Arab Banking Corporation, Grand Cayman Branch, and U.S. Bank National Association. Full Article
Nabors Industries Ltd Sees Q2 2012 Operating Results To Be Below Consensus Estimates
Nabors Industries Ltd announced that it expects second quarter 2012 operating results to be below consensus estimates. The shortfall is attributable to lower than expected results primarily from its Pressure Pumping and, to a lesser extent, its International operations, partially offset by better results in its other US land operations. The lower results are primarily attributable to higher costs. Full Article
TransForce Inc's I.E. Subsidiary Miller Services, Inc Acquires Certain Assets Of Peak USA Energy Services, Ltd, Subsidiary Of Nabors Industries Ltd
TransForce Inc announced that, through its subsidiary I.E. Miller Services, Inc, it has acquired certain assets of Peak USA Energy Services, Ltd. Peak USA, a subsidiary of Nabors Industries Ltd., is a diversified oilfield service company specializing in rig moving, custom heavy hauling, crane and rigging services, and oilfield transportation. The acquired business spans two operating districts located in Alice and Kilgore, Texas, providing work to a combined total of about 75 employees. The transaction is valued at more than $10 million. Full Article
Nabors Industries Ltd.'s Ramshorn Investments, Inc Completes Sale Of Small Portion Of E&P Portfolio
Nabors Industries, Inc. announced that its wholly owned subsidiary, Ramshorn Investments, Inc. (Ramshorn), has closed a sale of all of its interest in certain oil and gas properties located in California. The sale price for the properties was approximately $72 million in cash, and the terms of the sale include a commitment for the purchaser to continue utilization of Nabors' rigs. The Nabors companies own and operate approximately 491 land drilling rigs and approximately 749 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of 39 platform rigs, 12 jackup units and 4 barge rigs in the United States and multiple international markets. In addition, Nabors is one of the providers of hydraulic fracturing, cementing, nitrogen and acid pressure pumping services with over 780,000 hydraulic horsepower in service. Nabors also manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics, and facilities maintenance and project management services. Full Article
Law Offices of Howard G. Smith Announces Investigation Of Nabors Industries Ltd.
Law Offices of Howard G. Smith announced that it is investigating potential claims against Nabors Industries Ltd. and its Board of Directors related to the Company`s executive compensation practices for its CEO and other executives. The investigation concerns whether the Company or its fiduciaries breached their fiduciary duties by awarding excessive compensation and perquisites to Nabors` executive officers and directors. Specifically, the investigation is related to the Company`s announcement that on September 21, 2011 the Company received an informal inquiry from the Securities and Exchange Commission related to 'perquisites and personal benefits received by the officers and directors of Nabors, including their use of non-commercial aircraft'. Full Article
Nabors Industries Ltd.'s Subsidiary Prices $700 Million Senior Unsecured Debt Offering
Nabors Industries Ltd. announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $700 million in Senior Unsecured Notes due 2021, following the private placement offering it announced earlier. The notes will bear interest at a rate of 4.625 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.654% of the face value, bringing the yield to 4.668%. The proceeds are intended to be used for general corporate purposes, including repayment of debt. The transaction is expected to close on or about August 23, 2011. Full Article
Nabors Industries Ltd.'s Subsidiary To Commence Offering Of Senior Notes
Nabors Industries Ltd. announced that its wholly owned subsidiary, Nabors Industries, Inc., has commenced an offering of Senior Unsecured Notes. The Notes will be fully and unconditionally guaranteed by Nabors Industries Ltd. The proceeds are intended to be used for general corporate purposes, including repayment of debt. Full Article
Nabors Industries Ltd. Issues Q2, FY 2011 EBIT Guidance Below Analysts' Estimates
Nabors Industries Ltd. announced that for second quarter of 2011, it expects operating income to be in the range of $165-$170 million. For fiscal 2011, it expects operating income to approach $900 million. According to Reuters Estimates, analysts are expecting the Company to report EBIT of $185 million for second quarter of 2011 and EBIT of $913 million for fiscal 2011. Full Article
UPDATE 1-Nabors profit falls by a third due to drilling slump
April 23 - Drilling rig contractor Nabors Industries Ltd on Tuesday reported a 32 percent drop in profit owing to the worst slowdown in U.S. gas-directed drilling in nearly a decade and a half.
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