Nabors Industries posts Q2 loss
Drilling firm takes hit from low oil prices and reduced drilling activity, particularly in the US
Oil and gas drilling firm Nabors Industries Ltd has posted a loss in its financial figures for Q2 of 2015. Profits fell compared with the same period in 2014, as a result of reduced drilling activity, fuelled by the collapse in oil prices.
Nabors’ net loss equated to $36.8mn compared with profits of over $64mn for the same period last year.
Total revenue and other income also fell 46.8% to $863.4 million.