HAMILTON, Bermuda, July 31, 2018 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today
reported second quarter 2018 operating revenue of $762 million, compared to operating revenue of
$734 million in the first quarter, a
4% increase. Net income from continuing operations
attributable to Nabors common shareholders for the quarter was a
loss of $202 million, or $0.61 per share, compared to a loss of
$144 million, or $0.46 per share, in the prior quarter.
Results for the second quarter included a loss on the sale of
Middle East offshore rigs of
$63.7 million (or $0.20 per share, after tax) and transaction
charges of $5.9 million ($0.02 per share, after tax).
Anthony Petrello, Nabors Chairman
and CEO, commented, "The second quarter either largely matched or
exceeded our expectations. We continued to make significant
progress in all of our segments, with especially strong results in
U.S. Drilling. The main highlights of the quarter were
numerous rate increases in the Lower 48, as contracts rolled over,
with a corresponding increase in daily margins to $7,400; the startup of our MODSTM 400
platform rig in the Gulf of
Mexico; and a sharp rebound in Rig Technologies.
"We completed an equity issuance which reduced our leverage.
We also sold three of our Saudi
Arabia jackups. For these two transactions, the
combined proceeds and corresponding net debt reduction was
approximately $660 million. As
we had forecasted, we generated positive cash flow before these two
transactions, demonstrating our commitment to capital discipline,
cash generation and reducing our leverage.
"During the second quarter, we secured awards for 13 incremental
rigs globally. We signed three-year contracts for six
upgraded rigs with one operator to be deployed progressively
through January 2019, and received
awards for three more, all for operations in the Permian. We
are in discussions for additional upgraded rigs with operators in
multiple basins in the Lower 48. In the international
markets, we were awarded four incremental rigs and are negotiating
with customers for additional rigs. Across our global
markets, demand for high-specification rigs is increasing.
With our inventory of readily available rigs internationally
and upgradable rigs in the Lower 48, this should translate into a
high success rate."
Consolidated and Segment Results
Adjusted operating income for the Company was a loss of
$31 million during the quarter,
compared to a loss of $45 million in
the first quarter. Quarterly consolidated adjusted EBITDA
increased to $188 million compared to
$168 million in the previous quarter,
an 11% increase. During the second quarter, the Company
averaged 215 rigs operating at an average gross margin of
$12,262 per rig day. This
compares to 228 rigs at $11,470 per
rig day in the first quarter. The reduction in rig count
primarily reflects reduced seasonal activity in Canada.
The U.S. Drilling segment reported a 19% sequential increase in
adjusted EBITDA, to $87
million. Much of the increase is attributable to the
April 1 commencement of full
operating rate on the MODSTM 400 deepwater platform rig
in the Gulf of Mexico. In
the Lower 48, average daily gross margin increased by more than
$450 to $7,400, while rig count was stable. Higher
daily operating rates and improved rig-move efficiency accounted
for the margin increase.
International Drilling adjusted EBITDA decreased sequentially by
$1.4 million, to $123 million. Quarterly rig count declined
by 1.5 to 93. The sale of the jackups in early June accounted
for just under a one rig reduction. The expiration of the
contract for a rig in India was
partially offset by the start of four rigs in Colombia, very late in the quarter.
Margin per day decreased from $16,600 to $16,350
on the partial absence of the Saudi jackup activity, including one
jackup which was off rate in the shipyard. During the third
quarter, Nabors will experience the full quarter impact of the
Saudi jackup sale.
Canada Drilling operations posted a seasonal decline in adjusted
EBITDA to $5.0 million from
$9.3 million in the first
quarter. Daily gross margin increased 14% to $6,600, due primarily to the shift toward
higher-spec rigs during the spring breakup period.
In Drilling Solutions, adjusted EBITDA of $14.8 million was essentially in line with the
prior quarter, despite a $2.8 million
reduction in revenue. The seasonal decline in Canada rig count had a negative impact on
performance software revenue. During the quarter the Company
made significant advances on its plans to rationalize its presence
in various low-margin geographies and product lines added with the
Tesco acquisition. Next quarter, the Company expects to
increase adjusted EBITDA on its way to achieving its fourth quarter
target.
In the Rig Technologies segment, second quarter adjusted EBITDA
improved to $0.4 million compared to
a loss of $8.7 million in the first
quarter. Several shipments of capital equipment – six top
drives – were delayed during the first quarter and shipped during
the second quarter. Aftermarket sales also increased during the
second quarter.
William Restrepo, Nabors Chief
Financial Officer, stated, "Net debt decreased by $681 million in the second quarter to just under
$3.2 billion, primarily due to the
proceeds from the issuance of equity which amounted to $581 million. We ended the quarter with the
revolving credit facility undrawn. The sale of offshore rigs
in the Middle East netted proceeds
of approximately $82 million,
including approximately $62 million
in cash. Excluding the impact of these transactions, Nabors
generated cash flow of $18 million
during the second quarter. In early July, we redeemed the
remaining $303 million of our 9.25%
senior notes outstanding. Our next debt maturities are not
until the second half of 2020. For the balance of 2018, we
expect our operating results and other favorable developments will
lead to positive cash flow for the full year 2018."
Mr. Petrello concluded, "Our results should continue to improve.
We are optimistic that demand in our global markets will
continue to strengthen. In the near term, Lower-48 pricing
continues to increase. We expect to add rigs to our global
fleet by year end, in addition to the seasonal recovery in
Canada. Our integration and
automation initiatives should continue to drive growth in our
Nabors Drilling Solutions and Rig Technologies Segments."
About Nabors
Nabors Industries (NYSE: NBR) owns and operates one of the
world's largest land-based drilling rig fleets and is a provider of
offshore platform rigs in the United
States and numerous international markets. Nabors also
provides directional drilling services, performance tools, and
innovative 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 and transform our industry.
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. Securities analysts and investors also 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 William Conroy, Senior Director of Corporate
Development & Investor Relations, +1 281-775-2423. 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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
761,920
|
|
$
631,355
|
|
$
734,194
|
|
$
1,496,114
|
|
$
1,193,905
|
Earnings (losses)
from unconsolidated affiliates
|
|
(1)
|
|
-
|
|
2
|
|
1
|
|
2
|
Investment income
(loss)
|
|
(3,164)
|
|
(886)
|
|
465
|
|
(2,699)
|
|
(165)
|
Total revenues and
other income
|
|
758,755
|
|
630,469
|
|
734,661
|
|
1,493,416
|
|
1,193,742
|
|
|
|
|
|
|
|
|
|
|
|
Costs and other
deductions:
|
|
|
|
|
|
|
|
|
|
|
Direct
costs
|
|
493,975
|
|
417,521
|
|
475,403
|
|
969,378
|
|
805,165
|
General and
administrative expenses
|
|
67,823
|
|
63,695
|
|
74,571
|
|
142,394
|
|
127,104
|
Research and
engineering
|
|
12,439
|
|
11,343
|
|
15,806
|
|
28,245
|
|
23,100
|
Depreciation and
amortization
|
|
218,262
|
|
208,090
|
|
213,448
|
|
431,710
|
|
411,762
|
Interest
expense
|
|
60,592
|
|
54,688
|
|
61,386
|
|
121,978
|
|
111,206
|
Other, net
|
|
77,601
|
|
10,104
|
|
14,089
|
|
91,690
|
|
23,614
|
Total costs and other
deductions
|
|
930,692
|
|
765,441
|
|
854,703
|
|
1,785,395
|
|
1,501,951
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
(171,937)
|
|
(134,972)
|
|
(120,042)
|
|
(291,979)
|
|
(308,209)
|
Income tax expense
(benefit)
|
|
23,278
|
|
(19,496)
|
|
23,545
|
|
46,823
|
|
(45,105)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
(195,215)
|
|
(115,476)
|
|
(143,587)
|
|
(338,802)
|
|
(263,104)
|
Income (loss) from
discontinued operations, net of tax
|
|
(584)
|
|
(15,504)
|
|
(75)
|
|
(659)
|
|
(15,943)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(195,799)
|
|
(130,980)
|
|
(143,662)
|
|
(339,461)
|
|
(279,047)
|
Less: Net (income) loss
attributable to noncontrolling interest
|
|
(2,953)
|
|
(1,971)
|
|
(539)
|
|
(3,492)
|
|
(2,888)
|
Net income (loss)
attributable to Nabors
|
|
$
(198,752)
|
|
$
(132,951)
|
|
$
(144,201)
|
|
$
(342,953)
|
|
$
(281,935)
|
Less: Preferred stock
dividend
|
|
$
(3,680)
|
|
$
-
|
|
$
-
|
|
$
(3,680)
|
|
$
-
|
Net income (loss)
attributable to Nabors common shareholders
|
|
$
(202,432)
|
|
$
(132,951)
|
|
$
(144,201)
|
|
$
(346,633)
|
|
$
(281,935)
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable
to Nabors common shareholders:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
(201,848)
|
|
$
(117,447)
|
|
$
(144,126)
|
|
$
(345,974)
|
|
$
(265,992)
|
Net income (loss)
from discontinued operations
|
|
(584)
|
|
(15,504)
|
|
(75)
|
|
(659)
|
|
(15,943)
|
Net income (loss)
attributable to Nabors common shareholders
|
|
$(
202,432)
|
|
$
(132,951)
|
|
$
(144,201)
|
|
$
(346,633)
|
|
$
(281,935)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
from continuing operations
|
|
$
(0.61)
|
|
$
(0.41)
|
|
$
(0.46)
|
|
$
(1.08)
|
|
$
(0.93)
|
Basic
from discontinued operations
|
|
-
|
|
(0.05)
|
|
-
|
|
-
|
|
(0.06)
|
Total
Basic
|
|
$
(0.61)
|
|
$
(0.46)
|
|
$
(0.46)
|
|
$
(1.08)
|
|
$
(0.99)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
from continuing operations
|
|
$
(0.61)
|
|
$
(0.41)
|
|
$
(0.46)
|
|
$
(1.08)
|
|
$
(0.93)
|
Diluted
from discontinued operations
|
|
-
|
|
(0.05)
|
|
-
|
|
-
|
|
(0.06)
|
Total
Diluted
|
|
$
(0.61)
|
|
$
(0.46)
|
|
$
(0.46)
|
|
$
(1.08)
|
|
$
(0.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number
|
|
|
|
|
|
|
|
|
|
|
of
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
328,372
|
|
278,916
|
|
308,788
|
|
318,580
|
|
278,348
|
Diluted
|
|
328,372
|
|
278,916
|
|
308,788
|
|
318,580
|
|
278,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
187,683
|
|
$
138,796
|
|
$
168,414
|
|
$
356,097
|
|
$
238,536
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss)
|
|
$
(30,579)
|
|
$
(69,294)
|
|
$
(45,034)
|
|
$
(75,613)
|
|
$
(173,226)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(In
thousands)
|
|
2018
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and short-term
investments
|
|
$
636,546
|
|
$
393,587
|
|
$
365,366
|
Accounts receivable,
net
|
|
780,247
|
|
733,541
|
|
698,477
|
Assets held for
sale
|
|
35,963
|
|
36,404
|
|
37,052
|
Other current
assets
|
|
329,715
|
|
330,841
|
|
346,441
|
Total current
assets
|
|
1,782,471
|
|
1,494,373
|
|
1,447,336
|
Property, plant and
equipment, net
|
|
5,709,895
|
|
5,969,063
|
|
6,109,565
|
Goodwill
|
|
172,817
|
|
172,982
|
|
173,226
|
Other long-term
assets
|
|
635,105
|
|
663,412
|
|
671,857
|
Total assets
|
|
$
8,300,288
|
|
$
8,299,830
|
|
$
8,401,984
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
243
|
|
$
375
|
|
$
181
|
Other current
liabilities
|
|
873,539
|
|
766,453
|
|
919,295
|
Total current
liabilities
|
|
873,782
|
|
766,828
|
|
919,476
|
Long-term
debt
|
|
3,818,613
|
|
4,256,160
|
|
4,027,766
|
Other long-term
liabilities
|
|
310,726
|
|
333,438
|
|
311,971
|
Total liabilities
|
|
5,003,121
|
|
5,356,426
|
|
5,259,213
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in subsidiary
|
|
208,519
|
|
206,396
|
|
203,998
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Shareholders'
equity
|
|
3,063,034
|
|
2,709,608
|
|
2,911,816
|
Noncontrolling
interest
|
|
25,614
|
|
27,400
|
|
26,957
|
Total equity
|
|
3,088,648
|
|
2,737,008
|
|
2,938,773
|
Total liabilities and
equity
|
|
$
8,300,288
|
|
$
8,299,830
|
|
$
8,401,984
|
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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except rig activity)
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$ 264,395
|
|
$ 187,344
|
|
$ 241,002
|
|
$
505,397
|
|
$
349,278
|
Canada
Drilling
|
|
17,442
|
|
17,121
|
|
31,887
|
|
49,329
|
|
44,929
|
International
Drilling
|
|
377,986
|
|
380,338
|
|
368,845
|
|
746,831
|
|
718,561
|
Drilling
Solutions
|
|
59,859
|
|
31,829
|
|
62,648
|
|
122,507
|
|
59,194
|
Rig Technologies
(1)
|
|
81,321
|
|
61,185
|
|
64,669
|
|
145,990
|
|
105,261
|
Other reconciling
items (2)
|
|
(39,083)
|
|
(46,462)
|
|
(34,857)
|
|
(73,940)
|
|
(83,318)
|
Total operating
revenues
|
|
$ 761,920
|
|
$ 631,355
|
|
$ 734,194
|
|
$
1,496,114
|
|
$
1,193,905
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(3)
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$
86,923
|
|
$
37,791
|
|
$
73,067
|
|
$
159,990
|
|
$
64,420
|
Canada
Drilling
|
|
4,963
|
|
4,177
|
|
9,299
|
|
14,262
|
|
10,512
|
International
Drilling
|
|
122,631
|
|
134,784
|
|
123,990
|
|
246,621
|
|
243,440
|
Drilling
Solutions
|
|
14,765
|
|
7,623
|
|
14,728
|
|
29,493
|
|
10,569
|
Rig Technologies
(1)
|
|
446
|
|
(2,151)
|
|
(8,684)
|
|
(8,238)
|
|
(7,204)
|
Other reconciling
items (4)
|
|
(42,045)
|
|
(43,428)
|
|
(43,986)
|
|
(86,031)
|
|
(83,201)
|
Total adjusted
EBITDA
|
|
$ 187,683
|
|
$ 138,796
|
|
$ 168,414
|
|
$
356,097
|
|
$
238,536
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
$ (13,107)
|
|
$ (56,079)
|
|
$ (19,746)
|
|
$
(32,853)
|
|
$
(119,261)
|
Canada
Drilling
|
|
(4,608)
|
|
(5,014)
|
|
(592)
|
|
(5,200)
|
|
(9,025)
|
International
Drilling
|
|
24,486
|
|
36,174
|
|
24,536
|
|
49,022
|
|
48,148
|
Drilling
Solutions
|
|
7,546
|
|
3,772
|
|
8,721
|
|
16,267
|
|
2,794
|
Rig Technologies
(1)
|
|
(3,433)
|
|
(5,040)
|
|
(12,976)
|
|
(16,409)
|
|
(13,171)
|
Other reconciling
items (4)
|
|
(41,463)
|
|
(43,107)
|
|
(44,977)
|
|
(86,440)
|
|
(82,711)
|
Total
adjusted operating income (loss)
|
|
$ (30,579)
|
|
$ (69,294)
|
|
$ (45,034)
|
|
$
(75,613)
|
|
$
(173,226)
|
|
|
|
|
|
|
|
|
|
|
|
Rig
activity:
|
|
|
|
|
|
|
|
|
|
|
Average Rigs Working:
(6)
|
|
|
|
|
|
|
|
|
|
|
U.S.
Drilling
|
|
112.1
|
|
100.6
|
|
111.8
|
|
112.0
|
|
94.7
|
Canada
Drilling
|
|
10.2
|
|
12.4
|
|
21.1
|
|
15.6
|
|
17.1
|
International
Drilling
|
|
93.1
|
|
92.7
|
|
94.6
|
|
93.8
|
|
91.3
|
Total average rigs
working
|
|
215.4
|
|
205.7
|
|
227.5
|
|
221.4
|
|
203.1
|
|
|
(1)
|
Includes our oilfield
equipment manufacturing, automated systems, and downhole
tools.
|
|
|
(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. In addition, adjusted
EBITDA excludes 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 and adjusted operating income
(loss), because it believes that these financial measures
accurately reflect the Company's ongoing profitability and
performance. 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. In addition, adjusted
operating income (loss) excludes 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 and adjusted
operating income (loss), because it believes that these financial
measures accurately reflect the Company's ongoing profitability and
performance. 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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
187,683
|
|
$
138,796
|
|
$
168,414
|
|
$
356,097
|
|
$
238,536
|
Depreciation and
amortization
|
|
(218,262)
|
|
(208,090)
|
|
(213,448)
|
|
(431,710)
|
|
(411,762)
|
Adjusted operating
income (loss)
|
|
(30,579)
|
|
(69,294)
|
|
(45,034)
|
|
(75,613)
|
|
(173,226)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses)
from unconsolidated affiliates
|
|
(1)
|
|
-
|
|
2
|
|
1
|
|
2
|
Investment income
(loss)
|
|
(3,164)
|
|
(886)
|
|
465
|
|
(2,699)
|
|
(165)
|
Interest
expense
|
|
(60,592)
|
|
(54,688)
|
|
(61,386)
|
|
(121,978)
|
|
(111,206)
|
Other, net
|
|
(77,601)
|
|
(10,104)
|
|
(14,089)
|
|
(91,690)
|
|
(23,614)
|
Income (loss) from
continuing operations before income taxes
|
|
$
(171,937)
|
|
$
(134,972)
|
|
$
(120,042)
|
|
$
(291,979)
|
|
$
(308,209)
|
NABORS INDUSTRIES
LTD. AND SUBSIDIARIES
|
RECONCILIATION OF
NET DEBT TO TOTAL DEBT
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(In
thousands)
|
|
2018
|
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
243
|
|
$
375
|
|
$
181
|
Long-term
debt
|
|
3,818,613
|
|
4,256,160
|
|
4,027,766
|
Total Debt
|
|
3,818,856
|
|
4,256,535
|
|
4,027,947
|
Less: Cash and
short-term investments
|
|
636,546
|
|
393,587
|
|
365,366
|
Net Debt
|
|
$
3,182,310
|
|
$
3,862,948
|
|
$
3,662,581
|
View original
content:http://www.prnewswire.com/news-releases/nabors-announces-second-quarter-results-300689706.html
SOURCE Nabors Industries Ltd.