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.


(Reporting by Manish Parashar in Bengaluru; Editing by Sriraj Kalluvila)