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Nabors Significantly Scales Back New US Rig Builds
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Nabors Industries Ltd. has reported fourth quarter revenues and earnings from unconsolidated affiliates of $1.78 billion, compared to $1.81 billion in the third quarter of 2014 and $1.61 billion in the same quarter of the prior year.
Outlook and SummaryThe Company expects further improvement in International and Alaska drilling operations, more than offset by sharp decreases in the U.S. Lower 48 operations and smaller, but significant, decreases in the U.S. Offshore, Canada and Rig Services operations. Similarly, the Company foresees smaller but still meaningful decreases in its Completion & Production Services businesses. While the International unit is still expected to progressively improve this year, the improvement will be less significant than previously anticipated and the…
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