Nabors Industries, the Bermudian-based energy technology company, has reported net income attributable to Nabors shareholders for the second quarter of $5 million.

That compares with net income of $49 million in the first quarter of the year.

Nabors reported operating revenues of $767 million, compared with operating revenues of $779 million in the first quarter.

The second-quarter results included a gain, related to mark-to-market treatment of Nabors warrants, of $18 million, or $1.95 per diluted share, compared with a gain of $34 million, or $3.48 per diluted share, in the first quarter.

The first quarter also included a $25 million, or $2.06 per diluted share, gain on the redemption of debt.

Anthony G. Petrello, Nabors chairman, chief executive and president, said: "Our global market activity was essentially in line with our expectations, with the exception of the Lower 48, where oil-related drilling fell somewhat in addition to the already anticipated reduction in gas basins.

"In our international segment, results benefited from strong performance in the Middle East, including the start of the third new-build rig in Saudi Arabia. The remaining two rigs, of the initial five awards, are anticipated to commence operations over the balance of 2023.”

He added: “On a global basis, third-party revenue increased 18 per cent sequentially, accelerating over the growth rate in the first quarter and validating our focus on this strategy. International revenue also increased as we expanded our footprint in Latin America and the Middle East.”

The company said adjusted free cashflow totalled $27 million in the second quarter.

At the end of the quarter, net debt was $2.074 billion.

Mr Petrello said: "Our second-quarter results demonstrate the strength of our broad portfolio. With the current US market trends, our international segment and technology businesses are even more impactful as we work to attain our free cashflow and leverage goals.

“As we look to the future, we believe that the worst should be behind us in the Lower 48, and we expect some recovery in the fourth quarter.

“Further, we anticipate international activity in all our segments to continue improving during the second half of this year. And we are pleased with the progress made in our energy-transition businesses.

“We are excited about what's to come for Nabors in the second half and during 2024."