Nabors Reports Second Quarter Figures

Nabors Industries Ltd. announced its results for the second quarter and six months of 2008. Adjusted income derived from operating activities was $265.9 million for the current quarter compared to $280.5 million in the second quarter of last year and $287.2 million in the first quarter of this year. Net Income was $194.4 million ($0.67 per diluted share) for the current quarter compared to $228.3 million ($0.79 per diluted share) in the second quarter of last year and $230.5 million ($0.81 per diluted share) in the first quarter of this year. Operating revenues and Earnings from unconsolidated affiliates was $1.28 billion in the current quarter compared to $1.14 billion in the second quarter of last year and $1.30 billion in the first quarter of this year. For the six months ended June 30, 2008, adjusted income derived from operating activities was $553.1 million compared to $620.6 million in the first six months of 2007. Net income for the first six months of 2008 was $424.9 million ($1.48 per diluted share) compared to $490.5 million ($1.71 per diluted share) in the first six months of 2007. Operating revenues and Earnings from unconsolidated affiliates for the first six months of 2008 rose to $2.57 billion, up from $2.39 billion for the first six months of 2007.


"Our second quarter saw a dramatic and rapid turnaround in activity and in the outlook for our North American businesses, although non-operational items obscured bottom line results," said Gene Isenberg, Nabors Chairman and CEO. "It is now clear that our operating income bottomed out in the second quarter and the outlook for the second half and beyond is improving more rapidly than we had anticipated.


"The quarter's net income and per share results were reduced by approximately six cents per diluted share as a result of an adjustment to our full year estimated taxes ($0.03), an accounting rules dictated increase in diluted shares ($0.01), and the non-cash mark-to-market loss on certain forward hedges in our First Reserve E&P joint venture entities ($0.02)."
 

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