U.S. Drilling Pricing Improvement Drives Stronger 3Q for Nabors
Land driller Nabors posted a solid third quarter, with a 3% sequential increase in revenue and adjusted operating margins improving to negative 1% from negative 4% previously. The top-line improvement was driven by pricing increases in the U.S. drilling segment as well as the typical seasonal improvement in activity affecting the Canadian drilling segment. The bottom-line improvement was driven chiefly by U.S. drilling, despite being offset by decreased international segment profitability stemmi...Nabors Industries, through its subsidiaries, owns and operates land-based drilling rig fleet and is a provider of offshore platform drilling rigs in the U.S. and several international markets. The company also provides directional drilling services, tubular services, performance tools, and technologies for its own rig fleet and those of third parties. The company's business is comprised of its land-based and offshore drilling rig operations and other rig related services and technologies, consisting of equipment manufacturing, rig instrumentation and optimization software. The company has five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies.
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