Nabors Industries Ltd (NYSE:NBR) posted operating revenue of $2.6 billion in FY2017 versus operating revenue of $2.2 billion in the same period, a year earlier. Net income from continuing operations came at a loss of $1.75 per share versus $3.58 a share, in FY 2016.
Operating revenue for Q4 2017 came at $708 million, a jump of 7%, reflecting growth in all of Nabors’ segments. Net income from continuing operations was a loss of $0.40 a diluted share. The fourth quarter results were adversely impacted by $16.5 million in post-tax costs linked to the Tesco deal and the startup of the Saudi Aramco deal.
Anthony Petrello, the Chairman, CEO and President of Nabors, expressed that 2017 showcased sustained sequential improvement in fiscal year 2017 operating performance. More importantly, they recorded a number of achievements last year that strengthen their plans to record healthy returns on capital and lower leverage over the upcoming three years.
Among these exist the commencement of their SANAD JV with Saudi Aramco, the completion of the Tesco deal, substantial completion of their U.S. Lower 48 rig upgrade plan, the rollout of their new PACE® M-800 and M-1000 rigs and the attainment of their initial financial milestone for their Nabors Drilling Solutions operations, as per company’s 2020 vision.
Petrello reported that Tesco operations have been combined successfully with advancement on synergies proceeding as earlier communicated. The firm will post Tesco results within two of its divisions.
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The reporting of tubular services functions along with the linked accessory sales, and drilling performance software, will be included within Drilling Solutions. Moreover, the rig components operations together with other related offerings have been combined into Canrig and hence will be part of Rig Technologies’ report. William Restrepo, the Chief Financial Officer of Nabors, expressed that they are delighted with their fourth quarter performance and the progress made so far on their strategic initiatives.