Service & Supply | Oilfield Services
Nabors Drilling Contractor Predicts Dismal Q4 2015 Ahead
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Nabors CEO had this to say about the north america drilling market during it's 3Q 2015 investor call.
"I will now make a few comments regarding the outlook for our larger businesses. In the Lower 48, our rig count today stands at 82 rigs, including six rigs on rate. We exited the third quarter at 86 rigs total, including six rigs stacked on rate. Of the 86 rigs, 60 rigs were working on term contracts. For the fourth quarter, our rig count could average in the mid-70s and exit the quarter somewhat below that range. We also expect the fourth quarter average daily margin to decline by approximately $1,000 as the fleet increasingly reprices to current market.
For our international segment, rig years totaled 121 in the third quarter. Given current trends in our outlook, we could drop by as…
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