Nabors Industries Ltd. owns and operates land-based drilling rig fleet; and provides offshore platform workover and drilling rigs in the United States and various international markets. As of December 31, 2015, as a global provider of services for land-based and offshore oil and natural gas wells, the company’s fleet of rigs and drilling-related equipment included 430 actively marketed rigs for land-based drilling operations in the United States, Canada and approximately 20 other countries throughout the world; and 42 actively marketed rigs for offshore drilling operations in the United States and multiple international markets. The company also provides drilling technology and equipment and well-site services, including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services in many of the primary oil and gas markets worldwide. In addition, the company manufactures and leases or sells top drives and other rig equipment. Drilling & Rig Services The company’s Drilling & Rig Services business includes the company’s global land-based and offshore drilling rig operations and other rig services, consisting of equipment manufacturing, rig instrumentation, optimization software and directional drilling services. The company’s Drilling & Rig Services business consists of four segments: U.S., Canada, International and Rig Services. The company, through its investment in C&J Energy Services Ltd., engages in the completion and production services business. C&J Energy Services Ltd. provides well construction, well completions, well support and other complementary oilfield services to oil and gas exploration and production companies primarily in North America. The U.S. Drilling This segment operates a major land-based drilling rig fleet in the United States, consisted of 177 AC rigs and 57 SCR rigs as of December 31, 2015. The company’s PACE-X rig is the latest generation AC rig designed primarily for multi-well drilling on a single pad. As of December 31, 2015, the company had placed 40 PACE-X rigs into service, inclusive of 8 during 2015. The company also operates 17 platform rigs in the U.S. Gulf of Mexico. The company commenced utilization of a new 4600 horsepower deepwater platform rig on a limited basis during 2015, pending full start-up of the project. Canada Drilling This segment operates 58 land-based drilling rigs in Canada. International Drilling This segment operated 137 land-based drilling rigs in approximately 20 countries as of December 31, 2015. The company also operates 19 platforms and 6 jackup rigs in the international offshore drilling markets. Many of the company’s rigs in its international drilling markets are designed to address the challenges inherent in specific drilling applications, such as those required in the desert, remote/environmentally sensitive locations and various shale plays. The company continues to upgrade and deploy high-specification desert rigs primarily for gas drilling in the Middle East. During 2015, the company deployed three high-specification rigs in the Middle East and six PACE-X rigs in Latin America. Rig Services This segment, through various subsidiaries, manufactures and sells top drives, catwalks, wrenches, drawworks and other drilling related equipment, which are installed on both onshore and offshore drilling rigs. The company offers specialized drilling technologies, such as patented steering systems and rig instrumentation software systems, including ROCKIT directional drilling system, which is used to provide data collection services to oil and gas exploration and service companies; and RIGWATCH software, which is computerized software and equipment that monitors a rig’s real-time performance and daily reporting for drilling operations, making this data available through the Internet. Drilling Contracts The company’s drilling contracts are typically daywork contracts. Its contracts for land-based and offshore drilling have durations that are single-well, multi-well or term. Customers The company’s customers include major, national and independent oil and gas companies. One customer, Saudi Arabian Oil Company, accounted for approximately 12% of the company’s consolidated operating revenues during the year ended December 31, 2015. Business Strategy The company’s business strategy is to build shareholder value and improve its competitive position by leveraging its existing global infrastructure and operating reputation to capitalize on growth opportunities; achieving superior operational and health, safety and environmental performance; continuing to develop its existing portfolio of value-added services to its customers; and improving its technology position and advancing drilling technology both on the rig and downhole. Seasonality The company’s operations are subject to seasonal factors. Primarily, the company’s drilling and workover operations in Canada and Alaska generally experience reduced levels of activity and financial results during the second quarter of each year (year ended December 2015), due to the annual spring thaw. Research and Engineering During 2015, the company spent approximately $41.3 million on research and engineering activities. Competition The company competes with Helmerich & Payne, Inc.; Patterson-UTI Energy, Inc.; Saipem S.p.A; KCA Deutag; Weatherford International Ltd.; Precision Drilling; Ensign Energy Services; and others. History Nabors Industries Ltd. was founded in 1968.
nabors industries ltd
(NBR:New York Consolidated)
4 Par-la-Ville Road
Hamilton, HM 08
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