(Nabors, 26.Feb.2019) — Nabors Industries Ltd. reported fourth quarter 2018 operating revenues of $782 million, compared to operating revenues of $779 million in the third quarter.
Anthony G. Petrello, Nabors Chairman, CEO and President, commented:
“The U.S. Drilling segment was once again the highlight of the quarter, demonstrated by further improvement in the Lower 48 drilling operations. In addition to higher rig count, average daily rig margins in the Lower 48 exceeded $9,400 – a sequential increase of nearly $700 – due primarily to increased revenue per rig as day rates continued to increase during the quarter.
We also benefitted from higher offshore activity in the Gulf of Mexico, as well as a significant increase in our Drilling Solutions results. Our International results were somewhat lower than expected as uncertainty in Venezuela resulted in the temporary idling of our fleet there. Although our customers in Venezuela will experience disruptions in coming quarters, three of our five rigs are currently working. In addition, Rig Technologies’ activity was adversely impacted by customer concerns as a result of the volatility in oil prices.
Finally, during the quarter, we completed the acquisition of PetroMar, a company that designs and operates a suite of downhole tools targeting the reservoir evaluation market. These tools will complement our other downhole products.”
(With data compiled from Nabor’s reports by Energy Analytics Institute, Piero Stewart)
***