Nabors Industries Posts Q1 Loss

(RTTNews) - Nabors Industries Ltd. (NBR) on Tuesday reported a first-quarter net loss of $15.17 million or $1.54 per share, compared to net income of $32.99 million or $2.18 per share last year.

Total revenues were $786.43 million, compared to $742.78 million last year.

Anthony G. Petrello, Nabors Chairman, CEO, and President, commented, "Looking ahead to the remainder of the year, we see continued growth opportunities across both our U.S. and International Drilling businesses. This outlook is supported by contracted rig additions in each segment, which provide increased visibility into activity levels. Our disciplined approach to improving free cash flow is reflected in our first-quarter results, and we are positioned to deliver further improvements as we execute throughout the year."