Nabors Industries, a provider of oilfield services, will purchase Parker Wellbore
Nabors Industries agreed on Tuesday to purchase drilling services provider Parker Wellbore, as the oilfield service company seeks to expand its drilling business globally. The company would buy the privately-held Parker for 4.8 millions shares of Nabors common stock. This was subject to a price cap and assuming a net debt of approximately $100 million. Calculations show that Nabors shares were worth $372.1 Million as of the last close.
Naquin Join HENDERSON
Drilling rigs and equipment firm HENDERSON said it has named Chris Naquin as senior business development manager.His job responsibilities will include building and maintaining relationships with drilling contractors to service their fabrication, rig build and refurbishment needs.Naquin brings more than than 28 years of experience in fabrication and rig building to his new role.
US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing.
SEACOR Holdings Top Deck Expands
SEACOR Holdings announced that it has expanded its Board of Directors to six members and added Christopher P. Papouras to fill the newly created position. Papouras, 50, has been President of Nabors Drilling Solutions, a division of Nabors Industries Ltd. that provides oil and gas drilling services, since 2015 and served as President of Canrig Drilling Technology, Ltd. from 1998 to February 2016.
Facebook's Zuckerberg Drills Down into North Dakota's Oil Patch
Facebook Inc Chief Executive Mark Zuckerberg toured a North Dakota drilling rig on Tuesday and peppered industry workers in the No. 2 U.S. oil-producing state with questions about automation, safety and fracking. The visit to North Dakota, which pumps about 1.1 million barrels of oil per day - more than some OPEC members - is part of Zuckerberg's plan to tour all 50 states this year and learn about their local economies and communities.
Options Bulls Betting on U.S. Energy Rebound
Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P's tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year.
Saudi Aramco in Deals with Foreign Firms in Push for Local Content
State oil giant Saudi Aramco signed deals with several foreign companies as part of a drive to expand the kingdom's industrial base and manufacture a bigger share of products domestically. Deals include setting up joint ventures with U.S.-listed firms Rowan Companies and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia. Aramco also signed agreements…
Nabors Posts Bigger Loss on Impairment Charge
Contract driller Nabors Industries Ltd posted a bigger quarterly loss, largely due to an impairment to the carrying value of the company's investment in C&J Energy Services Ltd. The net loss attributable to Nabors widened to $184.7 million, or 65 cents per share, in the second quarter ended June 30, from $36.8 million, or 13 cents per share, a year earlier. Total revenue fell 40 percent to $517.1 million.
Nabors Posts Quarterly Loss as Oil Tumbles
Contract driller Nabors Industries Ltd posted a quarterly loss, compared with a year-earlier profit, as oil producers used fewer rigs amid persistently low crude oil prices. Net loss attributable to Nabors was $398.3 million, or $1.41 per share, in the first quarter ended March 31, compared with a profit of $123.6 million, or 42 cents per share, a year earlier. Total revenue fell nearly 70 percent to $430.8 million.
Nabors Industries Posts Q2 Loss
Contract oil and gas driller Nabors Industries Ltd posted a second-quarter loss compared with a profit a year earlier, hurt by depressed drilling activity in North America due to weak oil prices. Net loss attributable to Nabors was $36.8 million, or 13 cents per share, in the quarter ended June 30, compared with a profit of $64.4 million, or 21 cents per share, a year earlier. Total revenue and other income fell 46.8 pct to 863.4 million.
U.S. Fracker Dilemma: Crouch or Pounce?
U.S. shale oil producers, having weathered the worst price plunge in their industry's brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices. In a way, the conundrum is as old as the first oil well. If producers start pumping more crude, as some executives have said they might do if prices edge a bit higher…
Nabors Reports Q4 Loss as Drilling Slows
Onshore and offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. The company's shares fell 2.7 percent to $12.20 in after-hours trading on Monday. Adjusted income from Nabors' completion and production services business more than halved to $16.7 million in the fourth quarter compared with a year earlier.
Nabors Posts Quarterly Loss as Drilling Activity Slows
Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices. The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier. Revenue rose 11.1 percent to $1.79 billion. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Simon Jennings)
North Dakota County Impacted Oil Drop
Just over a decade ago, this sleepy farming community on the fringe of North Dakota's Bakken shale formation hosted the state's first horizontal oil well to be hydraulically fractured, or fracked, helping set in motion an economic revolution that shook the world. Today, Divide County may be another vanguard for the state, this time ominous, as the first to feel the full…
Few Big US Land Drillers Set to Ride Out Oil Downturn
Large U.S. onshore drilling firms that operate new, faster rigs are best placed to weather the looming downturn brought by slumping crude prices and could gain market share from smaller drillers with considerable debt and outdated equipment. Drillers are trimming rental rates for rigs and idling older machines as their clients, oil producers, slash 2015 spending. Analysts…
C&J Energy, Nabors Merger on Hold
A Delaware court has held up the merger of oilfield services provider Nabors Industries Ltd's unit with C&J Energy Services Inc, saying C&J's board did not adequately shop the company, the Wall Street Journal reported, citing people familiar with the decision. A judge, at a hearing Monday in the Delaware Court of Chancery, suspended the deal for 30 days, during which he ordered the C&J board to feel out other potential buyers, the Journal reported.
Hedge Funds' Big Bets on Energy Companies Pummeled
Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter…
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. The company also said on Thursday it contracted two new-build rigs to oil producer Hess Corp at a rate much lower than previous client Murphy Oil Corp would have paid if they continued the lease. "...
Flirting with Default, Argentina Enjoys Oil Drilling Boom
Holders of Argentina's defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S. courts, which has dominated the news about Argentina for months, the country is experiencing an oil drilling boom as international companies seek to cash on its huge shale resources.
Walking, 'talking' drilling rigs aim to modernize fracking
The backbreaking life of a roughneck, the iconic worker bees of oilfield drilling rigs, is getting a little easier. Schramm Inc, which built the drilling rig that four years ago helped rescue 33 trapped Chilean copper miners, has designed a 500,000-pound rig for the oil and natural gas industry that can walk, rotate 360 degrees, be operated with a remote control, and load pipe automatically.
