Nabors Expects Lower 2Q 2013 Operating Income Relative to Mean Estimates

Nabors Expects Lower 2Q 2013 Operating Income Relative to Mean Estimates 
HAMILTON, Bermuda, July 9, 2013 /CNW/ - Nabors Industries Ltd. (NYSE:NBR) 
today announced that it expects second quarter operating results to fall below 
consensus estimates.  Operating Income is projected to be in the range of $88 
to $91 million.  The shortfall is most pronounced in two business lines: Rig 
Services and Completion and Production Services.  Within Rig Services, lower 
sales of capital equipment and reduced service and rental activity impacted 
financial performance.  Adverse weather and intense competition negatively 
affected results in Completion and Production Services, particularly for 
pressure pumping in the U.S. and Canada. 
Tony Petrello, Nabors' Chairman and CEO, commented, "For some time our outlook 
for the second quarter has been cautious, with results improving in subsequent 
quarters.  Unfortunately, the lingering winter weather and subsequent flooding 
in our northern markets, together with a slower recovery in Canrig, have 
resulted in a weaker than expected quarter.  Our other operations appear to be 
in-line to favorable compared to expectations.  Despite the shortfalls and no 
asset sales, we still realized a significant reduction in gross debt of nearly 
$300 million in the second quarter. 
"Efficiency gains appear to be consuming operator budgets more rapidly than 
anticipated and could result in year-end weakness absent favorable mid-year 
budget revisions.  We remain particularly cautious in our outlook for pressure 
pumping.  Although industry activity appears to be increasing slightly, the 
combination of improving pumping efficiency and increasing competitive 
intensity tempers our view.  Nonetheless, the improving near and longer term 
outlook for our other business lines remains intact." 
About Nabors 
The Nabors companies own and operate approximately 473 land drilling rigs 
throughout the world and approximately 546 land workover and well servicing 
rigs in North America.  Nabors' actively marketed offshore fleet consists of 
37 platform rigs, 7 jackup units and 4 barge rigs in the United States and 
multiple international markets. In addition, Nabors is one of the largest 
providers of hydraulic fracturing, cementing, nitrogen and acid pressure 
pumping services with approximately 805,000 hydraulic horsepower currently in 
service.  Nabors also manufactures top drives and drilling instrumentation 
systems and provides comprehensive oilfield hauling, engineering, civil 
construction, logistics, and facilities maintenance and project management 
services.  Nabors participates in most of the significant oil and gas markets 
in the world. 
For further information, please contact Dennis A. Smith, Director of Corporate 
Development & Investor Relations, at 281-775-8038.  To request investor 
materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at 
441-292-1510 or via email at 
SOURCE: Nabors Industries Ltd. 
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-0- Jul/09/2013 20:01 GMT
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