HAMILTON, Bermuda, Oct. 24, 2017 /PRNewswire/ -- Nabors Industries
Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported
third-quarter 2017 operating revenues of $662 million, compared to operating revenues of
$631 million in the second quarter of
2017. The net loss from continuing operations, attributable
to Nabors, for the current quarter was $121
million, or $0.42 per diluted
share, compared to a loss of $117
million, or $0.41 per diluted
share, last quarter.
Third-quarter adjusted EBITDA improved by 3% sequentially to
$143 million. The increase was
largely attributable to a 7% increase in both rig activity and
margins in the Company's Lower 48 operations and higher margins
internationally. These increases were significantly offset by
lower results in the Rig Services segment. Although Nabors
Drilling Solutions (NDS) achieved a 28% increase in adjusted
EBITDA, it was more than offset by lower results in Canrig.
This resulted from an unexpected number of capital equipment
cancellations and a larger number of delivery deferrals.
Anthony G. Petrello, Nabors
Chairman, President and CEO, commented, "The sequential
improvements in our drilling operations and NDS are notable,
particularly in light of the weaker oil prices that characterized
the third quarter."
"The third quarter also marked the achievement of several
milestones in the implementation of our numerous strategic
initiatives. Our Rigtelligent™ operating system has now been
implemented on 95 of our rigs in the Lower 48 and is performing in
line with our expectations. The features of this software,
along with our extensive focus on key performance indicators, is
being increasingly recognized by our customers, as is the
outperformance of our PACE®-X800 and PACE®-M800 rigs. These
rigs continued to be fully utilized. We also deployed our
first Quad PACE®-X800 rig into the south Texas market."
"In our services portfolio, we conducted initial field testing
of our ROCKit® AutoPilot fully automatic directional drilling
system. In these tests, we successfully completed five
horizontal wells in a timeframe consistent with our best-in-class
directional drillers. One of these wells set a new record for
this operator in this particular field. Our iRacker™ and
robotic pipe handling systems are also close to commercial
deployment."
"Most significantly, we announced two strategic acquisitions
during the third quarter which will accelerate the implementation
of our automation and services integration strategy. In
mid-August, we announced the signing of an agreement to acquire
Tesco Corporation, a high-quality provider of tubular running
services and manufacturer of drilling equipment, which we
anticipate will close before year end. In early September, we
announced the acquisition of the Norwegian company, Robotic
Drilling Systems (RDS). RDS is a market leader in robotic
drill floor systems for both land and offshore rig
applications. The addition of both of these highly respected
companies significantly accelerates our programs to integrate
additional services into our rigs and implement surface and
downhole drilling automation."
Consolidated and Segment Results
Adjusted operating income for the Company was a loss of
$74 million for the quarter, as
compared to a loss of $69 million in
the prior quarter. During the third quarter, the Company averaged
212 rigs working at an average gross margin of $10,749 per rig day, compared to 206 average rigs
working at $10,809 per rig day during
the second quarter.
The U.S. Drilling segment posted a 14% increase in adjusted
EBITDA, at $43 million for the
quarter with an average of 107 rigs working, compared to 101 rigs
during the second quarter. The Lower 48 operation increased by
seven average rigs working during the third quarter, including the
deployment of its first of two Quad rigs in late July. This
upgrade capability is unique to the Company's PACE®-X800
rigs. The Quad configuration incorporates the ability to rack
and handle four joints of drill pipe in a single stand. This
yields higher racking capacity and speeds up the tripping of pipe
in and out of the well. It also allows casing to be racked
and run in double lengths which significantly reduces the time
required for installation of the casing into the well. The
second Quad rig configuration is expected to soon commence
operations in west Texas."
Further increases in margins are expected as costs normalize and
some expiring contracts renew to higher current spot rates.
Results should also benefit from the expected deployment, before
year end, of the first two of the Company's PACE®-M1000 new build
SmartRig™ units that are currently under construction. This
rig features pad capabilities equivalent to the PACE®-X800 rig, but
with one million pounds of hookload and higher racking
capacity.
International adjusted EBITDA for the quarter was $137 million, a slight increase compared to the
$135 million in the prior quarter.
The improvement was attributable to higher average daily rig
margins of $18,233 per rig day, with
a little over one fewer average rigs working. While the
margins were to some extent boosted by exceptional performance, the
Company expects the rig count to resume increasing in the fourth
quarter.
Canada results were lower
sequentially principally due to a less favorable rig mix and post
breakup startup cost. The average number of rigs working
during the third quarter was 14, with average daily rig margins of
$3,497. The Company continues
to expect sequential margin and activity improvement and meaningful
full-year improvement in activity relative to 2016.
Adjusted EBITDA for Rig Services, which consists of the
Company's manufacturing, drilling technology, and other related
services, was substantially lower with the aforementioned drop in
Canrig shipments. For the quarter, Rig Services posted
$1.8 million compared with the
$5.5 million realized in the second
quarter of 2017. Most of the lower Canrig volume was
attributable to delivery deferrals, triggered by commodity
concerns, by several customers into subsequent quarters.
Additionally, there were a smaller number of outright cancellations
due to the loss of momentum in the U.S. Lower 48 rig count.
This offset a 28% sequential increase in NDS, which delivered
$9.8 million in adjusted EBITDA for
the quarter. The increasing penetration of NDS services at
higher margins is expected to continue improving quarterly results.
Canrig is anticipated to be adjusted EBITDA positive during the
fourth quarter of this year.
Petrello concluded, "I believe the steady progression in our
operational results, in light of this year's oil price-induced
weakness across all of our markets, illustrates the validity of our
strategy. Declining global oil and product inventories and better
than expected demand should move the oil market close to balance in
the near future. Over the next several quarters, we expect to
achieve commercialization of several automation and services
integration initiatives. As all of these components of our
strategy commence, the utilization and margins of our existing
fleet continue to improve, and NDS continues to grow, our results
should improve meaningfully. This puts us in a good position
to resume profitability, reduce debt and restore acceptable returns
on capital in the coming years."
"The two strategic acquisitions and numerous other recent and
near-term developments represent significant steps in the
attainment of these goals. Further supporting our forward
growth expectations is the imminent commencement of our
groundbreaking joint venture with Saudi Aramco. The JV has
been named Sanad (Saudi Aramco Nabors Drilling) and represents a
new paradigm in the operator-contractor relationship that will
provide significant long-term benefits to both parties."
About Nabors
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a leading provider of
offshore platform rigs in the United
States and numerous international markets. Nabors also
provides drilling equipment, directional drilling services,
performance software, and other value added technologies for its
own rig fleet and those of third parties. Leveraging our
advanced drilling automation capabilities, Nabors' highly skilled
workforce continues to set new standards for operational
excellence.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial
measures. The components of these non-GAAP measures are
computed by using amounts that are determined in accordance with
accounting principles generally accepted in the United States of America ("GAAP").
Adjusted EBITDA is computed by subtracting the sum of direct costs,
general and administrative expenses and research and engineering
expenses from operating revenues. Adjusted operating income
(loss) is computed similarly, but also subtracts depreciation and
amortization expenses from operating revenues. Net debt is computed
by subtracting the sum of cash and short-term investments from
total debt. Each of these non-GAAP measures has limitations
and therefore should not be used in isolation or as a substitute
for the amounts reported in accordance with GAAP. In addition,
adjusted EBITDA and adjusted operating income (loss) exclude
certain cash expenses that the Company is obligated to make.
However, management evaluates the performance of its operating
segments and the consolidated Company based on several criteria,
including adjusted EBITDA, adjusted operating income (loss), and
net debt, because it believes that these financial measures
accurately reflect the Company's ongoing profitability and
performance. In addition, securities analysts and investors use
these measures as some of the metrics on which they analyze the
Company's performance. Other companies in this industry may compute
these measures differently. A reconciliation of adjusted
EBITDA and adjusted operating income (loss) to income (loss) from
continuing operations before income taxes and net debt to total
debt, which are their nearest comparable GAAP financial measures,
are included in the tables at the end of this press
release.
Media Contact: Dennis A.
Smith, Vice President of Corporate Development &
Investor Relations, +1 281-775-8038 or Nick
Swyka, Director of Corporate Development & Investor
Relations, +1 281-775-2407. To request investor
materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail at mark.andrews@nabors.com
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
662,103
|
|
$
519,729
|
|
$
631,355
|
|
$
1,856,008
|
|
$
1,688,891
|
Earnings (losses)
from unconsolidated affiliates
|
|
4
|
|
2
|
|
-
|
|
6
|
|
(221,918)
|
Investment income
(loss)
|
|
373
|
|
310
|
|
(886)
|
|
208
|
|
923
|
Total revenues and
other income
|
|
662,480
|
|
520,041
|
|
630,469
|
|
1,856,222
|
|
1,467,896
|
|
|
|
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
441,263
|
|
306,436
|
|
417,521
|
|
1,246,428
|
|
1,012,738
|
General and
administrative expenses
|
|
65,010
|
|
56,078
|
|
63,695
|
|
192,114
|
|
175,036
|
Research and
engineering
|
|
12,960
|
|
8,476
|
|
11,343
|
|
36,060
|
|
24,818
|
Depreciation and
amortization
|
|
217,075
|
|
220,713
|
|
208,090
|
|
628,837
|
|
655,444
|
Interest
expense
|
|
54,607
|
|
46,836
|
|
54,688
|
|
165,813
|
|
137,803
|
Other, net
|
|
5,559
|
|
10,392
|
|
10,104
|
|
29,173
|
|
267,403
|
Total costs and other
deductions
|
|
796,474
|
|
648,931
|
|
765,441
|
|
2,298,425
|
|
2,273,242
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
(133,994)
|
|
(128,890)
|
|
(134,972)
|
|
(442,203)
|
|
(805,346)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
(14,709)
|
|
(31,051)
|
|
(19,496)
|
|
(59,814)
|
|
(124,298)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
(119,285)
|
|
(97,839)
|
|
(115,476)
|
|
(382,389)
|
|
(681,048)
|
Income (loss) from
discontinued operations, net of tax
|
|
(27,134)
|
|
(12,187)
|
|
(15,504)
|
|
(43,077)
|
|
(14,097)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(146,419)
|
|
(110,026)
|
|
(130,980)
|
|
(425,466)
|
|
(695,145)
|
Less: Net (income) loss
attributable to noncontrolling interest
|
|
(2,113)
|
|
(1,185)
|
|
(1,971)
|
|
(5,001)
|
|
990
|
Net income (loss)
attributable to Nabors
|
|
$(148,532)
|
|
$(111,211)
|
|
$(132,951)
|
|
$
(430,467)
|
|
$
(694,155)
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable
to Nabors:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$(121,398)
|
|
$
(99,024)
|
|
$(117,447)
|
|
$
(387,390)
|
|
$
(680,058)
|
Net income (loss)
from discontinued operations
|
|
(27,134)
|
|
(12,187)
|
|
(15,504)
|
|
(43,077)
|
|
(14,097)
|
Net income (loss)
attributable to Nabors
|
|
$(148,532)
|
|
$(111,211)
|
|
$(132,951)
|
|
$
(430,467)
|
|
$
(694,155)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic from continuing
operations
|
|
$
(0.42)
|
|
$
(0.35)
|
|
$
(0.41)
|
|
$
(1.35)
|
|
$
(2.41)
|
Basic from discontinued
operations
|
|
(0.10)
|
|
(0.04)
|
|
(0.05)
|
|
(0.16)
|
|
(0.05)
|
Total Basic
|
|
$
(0.52)
|
|
$
(0.39)
|
|
$
(0.46)
|
|
$
(1.51)
|
|
$
(2.46)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted from continuing
operations
|
|
$
(0.42)
|
|
$
(0.35)
|
|
$
(0.41)
|
|
$
(1.35)
|
|
$
(2.41)
|
Diluted from
discontinued operations
|
|
(0.10)
|
|
(0.04)
|
|
(0.05)
|
|
(0.16)
|
|
(0.05)
|
Total
Diluted
|
|
$
(0.52)
|
|
$
(0.39)
|
|
$
(0.46)
|
|
$
(1.51)
|
|
$
(2.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
279,313
|
|
276,707
|
|
278,916
|
|
278,670
|
|
276,369
|
Diluted
|
|
279,313
|
|
276,707
|
|
278,916
|
|
278,670
|
|
276,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
142,870
|
|
$
148,739
|
|
$
138,796
|
|
$
381,406
|
|
$
476,299
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
(74,205)
|
|
$
(71,974)
|
|
$
(69,294)
|
|
$
(247,431)
|
|
$
(179,145)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
(In
thousands)
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and short-term
investments
|
|
$
220,326
|
|
$
232,043
|
|
$
295,202
|
Accounts receivable,
net
|
|
621,640
|
|
582,787
|
|
508,355
|
Assets held for
sale
|
|
37,275
|
|
78,407
|
|
76,668
|
Other current
assets
|
|
295,680
|
|
280,931
|
|
275,614
|
Total current
assets
|
|
1,174,921
|
|
1,174,168
|
|
1,155,839
|
Property, plant and
equipment, net
|
|
6,051,606
|
|
6,142,216
|
|
6,267,583
|
Goodwill
|
|
173,321
|
|
167,246
|
|
166,917
|
Other long-term
assets
|
|
688,737
|
|
608,828
|
|
596,676
|
Total assets
|
|
$
8,088,585
|
|
$
8,092,458
|
|
$
8,187,015
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
196
|
|
$
124
|
|
$
297
|
Other current
liabilities
|
|
830,478
|
|
876,443
|
|
821,637
|
Total current
liabilities
|
|
830,674
|
|
876,567
|
|
821,934
|
Long-term
debt
|
|
3,958,615
|
|
3,740,248
|
|
3,578,335
|
Other long-term
liabilities
|
|
372,075
|
|
402,865
|
|
531,951
|
Total liabilities
|
|
5,161,364
|
|
5,019,680
|
|
4,932,220
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Shareholders'
equity
|
|
2,901,405
|
|
3,049,235
|
|
3,247,025
|
Noncontrolling
interest
|
|
25,816
|
|
23,543
|
|
7,770
|
Total equity
|
|
2,927,221
|
|
3,072,778
|
|
3,254,795
|
Total liabilities and
equity
|
|
$
8,088,585
|
|
$
8,092,458
|
|
$
8,187,015
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
SEGMENT
REPORTING
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
set forth certain information with respect to our reportable
segments and rig activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except rig activity)
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ 222,747
|
|
$ 116,095
|
|
$ 187,344
|
|
$
572,025
|
|
$
405,113
|
Canada
|
|
18,073
|
|
10,444
|
|
17,121
|
|
63,002
|
|
34,555
|
International
|
|
374,106
|
|
363,552
|
|
380,338
|
|
1,092,667
|
|
1,165,631
|
Rig Services
(1)
|
|
87,538
|
|
58,950
|
|
93,014
|
|
251,993
|
|
152,051
|
Subtotal
Drilling & Rig Services
|
|
702,464
|
|
549,041
|
|
677,817
|
|
1,979,687
|
|
1,757,350
|
|
|
|
|
|
|
|
|
|
|
|
Other reconciling items (2)
|
|
(40,361)
|
|
(29,312)
|
|
(46,462)
|
|
(123,679)
|
|
(68,459)
|
Total operating
revenues
|
|
$ 662,103
|
|
$ 519,729
|
|
$ 631,355
|
|
$
1,856,008
|
|
$
1,688,891
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
43,256
|
|
$
37,299
|
|
$
37,791
|
|
$
107,676
|
|
$
141,412
|
Canada
|
|
2,570
|
|
196
|
|
4,177
|
|
13,082
|
|
2,678
|
International
|
|
136,839
|
|
148,833
|
|
134,784
|
|
380,279
|
|
447,760
|
Rig Services
(1)
|
|
1,823
|
|
(4,334)
|
|
5,472
|
|
5,188
|
|
(16,248)
|
Subtotal
Drilling & Rig Services
|
|
184,488
|
|
181,994
|
|
182,224
|
|
506,225
|
|
575,602
|
|
|
|
|
|
|
|
|
|
|
|
Other reconciling items (4)
|
|
(41,618)
|
|
(33,255)
|
|
(43,428)
|
|
(124,819)
|
|
(99,303)
|
Total adjusted
EBITDA
|
|
$ 142,870
|
|
$ 148,739
|
|
$ 138,796
|
|
$
381,406
|
|
$
476,299
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
Drilling & Rig Services:
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ (53,536)
|
|
$ (58,876)
|
|
$ (56,079)
|
|
$
(172,797)
|
|
$
(154,763)
|
Canada
|
|
(7,494)
|
|
(10,156)
|
|
(5,014)
|
|
(16,519)
|
|
(28,265)
|
International
|
|
32,316
|
|
43,595
|
|
36,174
|
|
80,464
|
|
144,326
|
Rig Services
(1)
|
|
(4,671)
|
|
(12,937)
|
|
(1,268)
|
|
(15,048)
|
|
(43,238)
|
Subtotal
Drilling & Rig Services
|
|
(33,385)
|
|
(38,374)
|
|
(26,187)
|
|
(123,900)
|
|
(81,940)
|
|
|
|
|
|
|
|
|
|
|
|
Other reconciling items (4)
|
|
(40,820)
|
|
(33,600)
|
|
(43,107)
|
|
(123,531)
|
|
(97,205)
|
Total
adjusted operating income (loss)
|
|
$ (74,205)
|
|
$ (71,974)
|
|
$ (69,294)
|
|
$
(247,431)
|
|
$
(179,145)
|
|
|
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
|
|
|
|
Average Rigs Working:
(6)
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
107.2
|
|
57.3
|
|
100.6
|
|
98.9
|
|
58.6
|
Canada
|
|
13.5
|
|
8.8
|
|
12.4
|
|
15.9
|
|
8.5
|
International
|
|
91.3
|
|
97.4
|
|
92.7
|
|
91.3
|
|
103.0
|
Total average rigs
working
|
|
212.0
|
|
163.5
|
|
205.7
|
|
206.1
|
|
170.1
|
|
|
(1)
|
Includes our other
services comprised of our manufacturing, directional drilling and
complementary services.
|
|
|
(2)
|
Represents the
elimination of inter-segment transactions.
|
|
|
(3)
|
Adjusted EBITDA is
computed by subtracting the sum of direct costs, general and
administrative expenses and research and engineering expenses from
operating revenues. Adjusted EBITDA is a non-GAAP financial measure
and should not be used in isolation or as a substitute for the
amounts reported in accordance with GAAP. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. In addition,
securities analysts and investors use this measure as one of the
metrics on which they analyze the Company's performance.
Other companies in this industry may compute these measures
differently. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is the most closely comparable GAAP measure, is provided in the
table set forth immediately following the heading "Reconciliation
of Non-GAAP Financial Measures to Income (loss) from Continuing
Operations before Income Taxes".
|
|
|
(4)
|
Represents the
elimination of inter-segment transactions and unallocated corporate
expenses.
|
|
|
(5)
|
Adjusted operating
income (loss) is computed by subtracting the sum of direct costs,
general and administrative expenses, research and engineering
expenses and depreciation and amortization from operating revenues.
Adjusted operating income (loss) is a non-GAAP financial measure
and should not be used in isolation or as a substitute for the
amounts reported in accordance with GAAP. However, management
evaluates the performance of its operating segments and the
consolidated Company based on several criteria, including adjusted
EBITDA and adjusted operating income (loss), because it believes
that these financial measures accurately reflect the Company's
ongoing profitability and performance. In addition,
securities analysts and investors use this measure as one of the
metrics on which they analyze the Company's performance.
Other companies in this industry may compute these measures
differently. A reconciliation of this non-GAAP measure to
income (loss) from continuing operations before income taxes, which
is the most closely comparable GAAP measure, is provided in the
table set forth immediately following the heading "Reconciliation
of Non-GAAP Financial Measures to Income (loss) from Continuing
Operations before Income Taxes".
|
|
|
(6)
|
Represents a measure
of the average number of rigs operating during a given
period. For example, one rig operating 45 days during a
quarter represents approximately 0.5 average rigs working for the
quarter. On an annual period, one rig operating 182.5 days
represents approximately 0.5 average rigs working for the
year.
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
142,870
|
|
$
148,739
|
|
$
138,796
|
|
$
381,406
|
|
$
476,299
|
Depreciation and
amortization
|
|
(217,075)
|
|
(220,713)
|
|
(208,090)
|
|
(628,837)
|
|
(655,444)
|
Adjusted operating
income (loss)
|
|
(74,205)
|
|
(71,974)
|
|
(69,294)
|
|
(247,431)
|
|
(179,145)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses)
from unconsolidated affiliates
|
|
4
|
|
2
|
|
-
|
|
6
|
|
(221,918)
|
Investment income
(loss)
|
|
373
|
|
310
|
|
(886)
|
|
208
|
|
923
|
Interest
expense
|
|
(54,607)
|
|
(46,836)
|
|
(54,688)
|
|
(165,813)
|
|
(137,803)
|
Other, net
|
|
(5,559)
|
|
(10,392)
|
|
(10,104)
|
|
(29,173)
|
|
(267,403)
|
Income (loss) from
continuing operations before income taxes
|
|
$(133,994)
|
|
$(128,890)
|
|
$(134,972)
|
|
$(442,203)
|
|
$(805,346)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
NET DEBT TO TOTAL DEBT
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
(In
thousands)
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
196
|
|
$
124
|
|
$
297
|
Long-term
debt
|
|
3,958,615
|
|
3,740,248
|
|
3,578,335
|
Total Debt
|
|
3,958,811
|
|
3,740,372
|
|
3,578,632
|
Less: Cash and
short-term investments
|
|
220,326
|
|
232,043
|
|
295,202
|
Net Debt
|
|
$
3,738,485
|
|
$
3,508,329
|
|
$
3,283,430
|
View original
content:http://www.prnewswire.com/news-releases/nabors-announces-third-quarter-2017-earnings-results-300542523.html
SOURCE Nabors Industries Ltd.