Nabors Industries Company News

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Nabors Cuts 2020 Capex and Salaries
Thursday, March 26, 2020 The company is also reviewing its organizational structure and taking steps to streamline operations.

Contract Driller Nabors Expects Current-Quarter Results To Fall
Tuesday, August 04, 2015 Nabors forecast a decrease in third-quarter results, saying it expected current depressed market conditions to prevail for an extended period.

Nabors Profit Takes Hit on Tough N. American Market
Tuesday, July 23, 2013 Nabors reports a lower-than-expected profit as it operated in an oversupplied market for hydraulic fracturing services.

Cultural, Strategic Changes Brighten Outlook for Nabors
Thursday, May 24, 2012 A brighter future lies ahead for Nabors Industries thanks to the cultural and strategic transformation occurring under its new CEO Tony Petrello, according to a recent EnergyPoint Research report.

Nabors Former CEO Ends Employment Pact
Monday, February 06, 2012 Nabors said former Chief Executive Eugene Isenberg agreed to terminate his employment pact and will waive his claim to a $100M payment.

Nabors' Chairman Jet Use Gets SEC Attention
Friday, November 11, 2011 The SEC investigates perks received by Nabors Industries' company officers and directors, including their use of non-commercial aircraft.

Nabors $100M CEO Payout Irks Some, Change Is Cheered
Monday, October 31, 2011 Nabors Industries' $100 million payout to its departing chief executive could be a hard pill for some investors to swallow, but Wall Street seems hopeful about the transition.

Nabors' Subsidiaries Enter Agreement with MPO
Monday, September 19, 2011 Nabors announced its wholly owned subsidiaries Canrig Drilling Technology International and Canrig Drilling Technology have entered into long-term agreements with MPO.

Nabors Notes $700MM in Senior Unsecured Notes
Wednesday, August 17, 2011 Nabors Industries announced that its wholly owned subsidiary Nabors Industries has priced $700 million in Senior Unsecured Notes due 2021.

Nabors Expands Board to 8 Members
Friday, October 29, 2010 Nabors voted to expand the board to eight members from the current seven and subsequently appointed John Yearwood to fill the newly created vacancy

Nabors Completes Tender Offer for Superior Well Services
Thursday, September 09, 2010 Nabors announced that stockholders of Superior Well Services have tendered 28,457,901 shares of common stock, representing approximately 92.4% of Superior Well Services' outstanding common stock, in Nabors' tender offer for all such shares.

Nabors Prices $700MM in Senior Unsecured Notes
Thursday, September 09, 2010 Nabors has priced $700 million in Senior Unsecured Notes due 2020.

Nabors Receives Commitments for $700MM Unsecured Revolving Credit Facility
Thursday, September 02, 2010 Nabors announced the receipt of commitment letters with respect to an unsecured revolving credit facility with an aggregate principal amount of up to $700 million.

Nabors, Superior Well Report Expiration of HSR Waiting Period
Wednesday, September 01, 2010 Nabors and Superior Well Services announced that the waiting period relating to Nabors' proposed acquisition of Superior Well Services has expired without a request for additional information from the Department of Justice or the FTC.

Nabors to Acquire Superior Well in $900MM Deal
Monday, August 09, 2010 Nabors and Superior Well Services have entered into a definitive merger agreement whereby Nabors will acquire Superior Well Services.

Nabors Beats Estimates; Operating Income at $138.5MM
Wednesday, April 21, 2010 Nabors' adjusted income derived from operating activities was $138.5 million compared to $274.1 million in the first quarter of last year and $133.0 million in the sequential quarter ended December 31, 2009.

Nabors Acquires Seahawk's Mexico Cementing Division
Thursday, April 08, 2010 Nabors announced it has acquired Seahawk Drilling's Mexico Cementing Division.

Nabors Expects 4Q Results to Modestly Exceed Estimates
Tuesday, February 09, 2010 Nabors Industries expects its fourth quarter results to modestly exceed mean estimates of $0.16 per diluted share, excluding estimated non-cash, pre-tax charges of approximately $274 million, or $0.65 per diluted share.

Nabors Industries Reports on Third Quarter Results
Tuesday, October 20, 2009 Nabors Industries has announced its results for the third quarter and nine months ended September 30, 2009. Adjusted income derived from operating activities was $112.8 million.

Pemex Plans 200 Oil Wells in Southern District
Wednesday, August 19, 2009 Pemex is seeking contractors to drill 200 oil wells in the southern district as the state oil company struggles to stabilize plummeting oil production.

Nabors Industries Reports on 2Q, 1H 2009 Financial Results
Tuesday, July 21, 2009 Nabors Industries has announced its financial results for the second quarter and first six months of 2009.

Nabors Expects 2Q Results to Include $240MM in Non-Cash Charges
Monday, July 13, 2009 Nabors Industries announced that its second quarter results will include non-cash pre-tax charges of approximately $240 million.

Nabors Realigns Nabors Well Services Ltd. Management
Friday, June 12, 2009 Nabors Industries announced that effective June 15, 2009, Mr. Larry P. Heidt will assume the role of Chairman and CEO of Nabors Well Services Ltd.

Traders Focus on Energy Cos As Oil Climbs
Monday, June 01, 2009 The options market played host to robust trading in energy companies Monday as the price of crude oil shot above $68 a barrel.

Nabors Industries Expands Board, Appoints Director
Monday, April 27, 2009 Nabors Industries announced that its Board of Directors voted to expand the board to eight members from the current seven and subsequently appointed John V. Lombardi to fill the newly created vacancy.

Nabors Posts Financial Results for First Quarter 2009
Tuesday, April 21, 2009 Nabors reported its financial results for the first quarter of 2009. Operating Revenues and Earnings from unconsolidated affiliates for this quarter totaled $1.13 billion.

Carlos Slim Unit Competes for Mexico Oil Drilling Contract
Wednesday, April 01, 2009 Mexican tycoon Carlos Slim has set his sights on Chicontepec, an oil project that state monopoly Pemex is plowing money into despite the price crash.

Musings: Changing Landscape of Global E&P Industry
Tuesday, March 31, 2009 G. Allen Brooks examine the shifting landscape for the E&P industry in light of recent merger and acquisition news and discounts the probability of a wave of takeovers.

Pemex to Spend $250MM on 3 Gulf Drilling Rig Contracts
Thursday, February 26, 2009 Pemex intends to spend $250 million on three offshore drilling rig contracts in an effort to start up operations in the Gulf of Mexico that will help boost declining production.

Mexico's Pemex to Fine Weatherford for Oil Drilling Delays
Friday, January 16, 2009 Pemex is preparing to fine Weatherford for missing deadlines for two massive Mexican oil drilling contracts.

Nabors Commences Benchmark Offering of Senior Notes
Wednesday, January 07, 2009 Nabors has commenced an offering of Senior Unsecured Notes due 2019.

US Drilling Activity Off Sharply
Monday, December 15, 2008 As oil and gas prices fall, drilling activity in the U.S. is slowing more than expected.

Nabors Reports Second Quarter Figures
Wednesday, July 23, 2008 Nabors Industries has released its second quarter earning reports, posting figures that represent a slight slump in profits compared both to the first quarter's fiscal figures, as well as the corresponding figures from last year's second quarter.

Nabors' Subsidiary Offers Additional $750MM of Senior Notes
Thursday, July 17, 2008 Nabors announced that its wholly owned subsidiary, Nabors Industries Inc., has commenced an offering of an additional $750 million of its 6.15% Senior Notes due 2018 with registration rights.

Nabors Notifies Redemption of Notes
Wednesday, July 02, 2008 Nabors Industries, Inc. has either redeemed or exchanged the full $146,000 aggregate outstanding principal amount of its Zero Coupon Senior Exchangeable Notes due 2023 and the full $699,854,000 OAP amount also due 2023.

Nabors Industries to Redeem Aggregate Outstanding Principal on Notes
Wednesday, May 28, 2008 Nabors Industries intends to redeem the full $146,000 aggregate outstanding principal amount of its Zero Coupon Senior Exchangeable Notes due 2023 and the full $699,854,000 outstanding aggregate principal amount of its Series B Notes.

Nabors Announces Final Court Approval of Derivative Settlement
Thursday, May 15, 2008 Nabors Industries announced that the United States District Court for the Southern District of Texas has granted final approval of the previously disclosed and preliminarily approved settlement of Karstedt v. Isenberg, et al.

Nabors Expands Board, Appoints Comfort as Director
Monday, February 25, 2008 Nabors Industries Ltd. reported that its Board of Directors voted to expand the board to eight members from the current seven, and subsequently appointed Mr. William T. Comfort to fill the newly created vacancy.

Nabors Places $575 Million of Senior Unsecured Notes
Thursday, February 14, 2008 Nabors Industries Ltd. reported that that its wholly owned subsidiary Nabors Industries Inc., sold $575 million in Senior Unsecured Notes with registration rights in a private placement under rule 144A.

TNK-BP Awards $3 Billion in Contracts in Western Siberia
Wednesday, December 12, 2007 TNK-BP awards long-term contracts totaling more than $3 billion dollars for drilling and workovers.

Nabors Expects Lower 3Q07 EPS
Friday, October 05, 2007 Nabors predicts its third quarter earnings to be in the range of $0.73 to $0.76 per diluted share, even lower than experts have estimated.

Nabors' 2Q07 EPS $0.79 versus $0.77 on Improving International Results
Wednesday, July 25, 2007 Nabors Industries reports its results for the second quarter and six months ended June 30, 2007.

Nabors and Seacor Team Up in Offshore Support Vessel Market
Friday, June 29, 2007 SEACOR Holdings and Nabors Industries have entered into a letter of intent to form a new company to own and operate a fleet of twenty offshore support vessels currently owned by a Nabors affiliate.

Nabors Reports Q1 Earnings Growth
Friday, May 04, 2007 Nabors Industries Ltd. on Thursday reported its financial results for the first quarter of 2007.

Energy-Service Profits To Slow
Wednesday, April 18, 2007 U.S. energy-service companies are expected to report a slow increase in first-quarter profits, further evidence that the sector's four-year boom on the back of surging commodities prices has ended.

Nabors Lowers Q1 Earnings Projection
Thursday, March 29, 2007 Nabors Industries Ltd. on Thursday announced that it expects its results for the first quarter of 2007 to be lower than current analysts' consensus estimates as a result of both operational and administrative factors.

MMEER Acquires Support Vessels from Nabors
Wednesday, March 21, 2007 Mike Mullen Energy Equipment Resources, Inc. thru a subsidiary, MMEER Cayman Ltd., has entered into a contract to purchase from Nabors the Nabors 691, Nabors 692 and Nabors 693.

Coast Guard Monitoring Grounded Jackup
Wednesday, March 21, 2007 Coast Guard personnel continue to monitor the Dolphin III jackup that is aground approximately one mile offshore and six miles south of the Port Aransas, Texas jetties.

Facing Flood of New Rigs, Drillers Lose Grip on Pricing
Monday, February 12, 2007 Drillers have been able to play gas producers off one another the last few years, taking advantage of an historic shortage in manpower and equipment in North America. Now, producers are extracting a little payback.

TG World: Central North Slope Well Spuds
Friday, February 09, 2007 TG World Energy Corp. has issued an update on the Alaska Central North Slope winter 2006-07 exploration drilling program, which is being carried out by the project operator, Brooks Range Petroleum Corp.