Nabors Industries posts Q2 loss

Drilling firm takes hit from low oil prices and reduced drilling activity, particularly in the US

Total revenue fell by 46.8% for the US firm.
Total revenue fell by 46.8% for the US firm.

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.

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