Service & Supply | Top Story | Oilfield Services
Pressure Pumper Struggling Amid Over-Supplied Market
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Nabors Industries Ltd. expects second quarter operating results to fall below consensus estimates. Operating Income is projected to be in the range of $88 to $91 million.
The shortfall is most pronounced in two business lines: Rig Services and Completion and Production Services. Within Rig Services, lower sales of capital equipment and reduced service and rental activity impacted financial performance. Adverse weather and intense competition negatively affected results in Completion and Production Services, particularly for pressure pumping in the U.S. and Canada.
Tony Petrello, Nabors' Chairman and CEO, commented, "For some time our outlook for the second quarter has been cautious, with results improving in subsequent quarters. Unfortunately, the lingering winter weather and…
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