Nabors Industries Releases Third Quarter Results
Bermuda-based Nabors Industries Ltd.,the world’s largest land-rig contractor, announced its results for the third quarter and nine months ended September 30, 2010. Adjusted income derived from operating activities was $164.4 million for the third quarter, compared to $117.2 million in the third quarter of 2009 and $126.8 million in the second quarter of this year.
Excluding certain non-cash asset impairments and expenses related to the acquisition of Superior Well Services Inc., net income from continuing operations was $84.7 million ($0.29 per diluted share) for the third quarter, compared to $66.7 million ($0.23 per diluted share) in the third quarter of 2009 and $44.0 million ($0.15 per diluted share) in the second quarter of this year.
Gene Isenberg, Nabors’ Chairman and CEO, commented, “The quarter represented solid operational performance by most of our North American businesses. This is particularly notable considering the flat results in our International operations, a slight loss in our US Offshore unit and only 20 days of contribution from our recently acquired pressure pumping operations. GAAP net income reflected pre-tax charges of $7 million in acquisition transaction expenses and $127 million in non-cash asset impairment charges
