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Nabors Industries Ltd (NBR)

NBR on New York Consolidated

12.03USD
27 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Nabors Industries plan to recertify over 20 more rigs in Q1
Monday, 27 Mar 2017 07:29am EDT 

Nabors Industries Ltd : Nabors Industries Ltd- plan to recertify over 20 more rigs in Q1 than anticipated with an average of about 20 days in lost revenue per recertified rig .Nabors Industries Ltd - now expect to compress essentially all of remaining 30 recertifications into Q1, rather than throughout full year.  Full Article

Weatherford and Nabors form alliance for integrated drilling solutions
Wednesday, 1 Feb 2017 05:25pm EST 

Weatherford International PLC - : Weatherford and Nabors form alliance for integrated drilling solutions .Weatherford International - co, Nabors signed MOU to form alliance for delivering drilling solutions to oil and gas land market in lower 48 states of U.S..  Full Article

Nabors announces offering of exchangeable senior unsecured notes
Monday, 9 Jan 2017 04:31pm EST 

Nabors Industries Ltd : Nabors announces offering of exchangeable senior unsecured notes . Nabors Industries Ltd - unit commenced an offering of $500 million aggregate principal amount of exchangeable senior unsecured notes due 2024 . Nabors Industries -net proceeds will be used to prepay remaining balance of NII's unsecured term loan, among others . Nabors Industries - unit expects to grant initial purchasers of notes a 30-day option to purchase up to an additional $75 million principal amount of notes .Nabors Industries- Nabors, NII intend to enter privately negotiated capped call transactions with one or more of initial purchasers and/or affiliates.  Full Article

Nabors prices $600 mln in senior unsecured debt offering
Friday, 2 Dec 2016 05:02pm EST 

Nabors Industries Ltd : Nabors prices $600,000,000 in senior unsecured debt offering .Nabors Industries Ltd - Priced $600 million in aggregate principal amount of its 5.5% senior unsecured notes due 2023.  Full Article

Nabors announces offering of senior unsecured notes
Friday, 2 Dec 2016 09:10am EST 

Nabors Industries Ltd - : Nabors announces offering of senior unsecured notes . Wholly owned subsidiary, nabors industries, inc has commenced an offering of senior unsecured notes due 2023 .Proceeds intended to be used to prepay $162.5 million portion due in 2018 under NII's $325.0 million unsecured term loan.  Full Article

Nabors to buy additional 50 drilling units from Saudi Arabian Oil Company
Monday, 31 Oct 2016 05:40pm EDT 

Nabors Industries Ltd - : To enter agreements to buy additional 50 drilling units over 10-year period from Saudi Arabian Oil company onshore rig manufacturing JV . Saudi Aramco agreed to contribute different combinations of cash, drilling units, related assets to co . Will contribute $20 million for formation of co & upon start of commercial operations, 5 drilling units and related assets . Has also agreed to contribute an additional five drilling units and related assets to the company in January 2019 . Total initial value of investment through January 2019 of each party in joint venture is expected to approach US$500 million . Each of co, Saudi Aramco to hold a 50% ownership interest in company . New company will be headquartered in eastern province of kingdom of Saudi Arabia .Pursuant to shareholders' agreement, Nabors, Saudi Aramco and, once formed, new company will enter into certain ancillary agreements.  Full Article

Saudi Aramco, Nabors sign joint venture agreement
Monday, 31 Oct 2016 07:00am EDT 

Nabors Industries Ltd : Saudi Aramco and Nabors sign joint venture agreement . Nabors Industries - JV, which will be equally owned by Saudi Aramco and Nabors, is anticipated to be formed and commence operations in Q2 of 2017 . Nabors Industries - Saudi Aramco and Nabors will each contribute land rigs to joint venture in first years of operation along with capital commitments .Nabors Industries - signing an agreement to form a new joint venture in kingdom of Saudi Arabia to own, manage and operate onshore drilling rigs.  Full Article

Nabors Industries "outlook for U.S. market remains cautiously optimistic" - conf call
Wednesday, 26 Oct 2016 12:10pm EDT 

Nabors Industries Ltd: Says expects daily rig margin to decline in Q4 due to absence of both catch-up revenue in the insurance settlement . Says expects adjusted EBITDA to declined by 5-10% in the fourth quarter . Says for Q4 expects an increase in average rig count from the third-quarter . "In our international segment we expect rig count to fluctuate in the fourth quarter" . "At this point our outlook for the U.S. market remains cautiously optimistic" . Says for Canadian market, expects Q4 activity to increase seasonally from a low base number in Q3 . Says for international business, expects customers to reach their reduced targeted spending levels by year end . Expects international segment to reach $500 million in EBITDA both this year and next year . Says material day rate improvement in North America remains unlikely till end of 2016 and a substantial portion of 2017 . "We think that 2017 is set up as a transition year with more positive environment" . "We are thinking of keeping the capex around half billion mark for next year" Further company coverage: [NBR.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Nabors Industries Q2 loss per share $0.65
Tuesday, 2 Aug 2016 05:21pm EDT 

Nabors Industries Ltd : Q2 loss per share $0.65 . Q2 loss per share $0.26 excluding items . Q2 revenue $571.6 million . Says Q2 Drilling and Rig Services adjusted operating income was a loss of $25.0 million compared to a loss of $18.6 million in Q1 . U.S. Drilling segment posted an adjusted operating loss of $48.3 million for quarter . Qtrly U.S. Drilling and Rig Services operating revenue $140.3 million versus $321.2 million a year ago . Q2 loss per share $0.26 excluding items . Q2 2016 operating revenues of $571.6 million, compared to operating revenues of $597.6 million in Q1 . In U.S. Drilling segment, expects near-term rig count to increase gradually, albeit at lower average margins . Says "In addition to our current cash balances, our $2.25 billion revolver remains undrawn" . Net income from continuing operations for Q2 includes a loss of $0.39 per share . Loss of $0.39 per share due to impairments and losses related to disposed businesses and assets in quarter .Reduction in net debt of nearly $140 million year-to-date.  Full Article

More From Around the Web

BRIEF-Nabors Industries plan to recertify over 20 more rigs in Q1

* Nabors Industries Ltd- plan to recertify over 20 more rigs in Q1 than anticipated with an average of about 20 days in lost revenue per recertified rig