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After Q2 loss, Nabors optimistic for global growth

Bermudian-registered Nabors Industries Ltd has recorded a net loss from continuing operations attributable to Nabors shareholders for the second quarter of $83 million.

This compares to a loss of $184 million in the first quarter for the energy driller.

The second-quarter results included a non-cash charge of $22 million related to mark-to-market treatment of Nabors' warrants, while the first quarter included a non-cash charge for the warrants of $72 million.

Second-quarter adjusted ebitda was $158 million, a 21 per cent increase, compared to $131 million in the previous quarter.

The company reported second-quarter operating revenues of $631 million, an increase of approximately 11 per cent, compared to operating revenues of $569 million in the first quarter of the year.

Anthony G. Petrello, Nabors’ chairman, CEO and president, said: "Nabors' second-quarter financial results, and our future outlook, demonstrate the value of the strategies we've implemented over the past several years.

“In particular, our development and successful deployment of a robust, industry-leading portfolio of advanced process automation, robotisation, and digitalisation solutions have driven demand across the Nabors spectrum, including rigs, apps, services and equipment. Our clients increasingly realise value from this expanding suite by driving their productivity higher.

"Looking ahead, with a constructive commodity price environment, we see significant potential for our portfolio across global markets. Our focus includes the third-party drilling rig market, which is fertile for the adoption of many of our technologies, and international expansion.

“In short, our prospects today are more favourable than they have been in many years. We are well positioned today to capitalise on this environment. We look forward to reporting our progress."

Anthony G. Petrello, chairman, president and chief executive officer of Nabors Industries Ltd (Photograph supplied)

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Published August 05, 2022 at 7:50 am (Updated August 05, 2022 at 7:50 am)

After Q2 loss, Nabors optimistic for global growth

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