NABORS INDUSTRIES REPORTS FINANCIAL RESULTS
NABORS INDUSTRIES REPORTS FINANCIAL RESULTS HOUSTON, Feb. 13 /PRNewswire/ -- Nabors Industries, Inc.
(AMEX: NBR) today announced its operating results for the first quarter of fiscal 1992. Revenues were $68.4 million, compared to $57.4 million in the first quarter of fiscal 1991. Operating income was $8.5 million, compared to $5.8 million last year. Net income totaled $8.2 million, or $.13 per share, up from $5.3 million, or $.09 per share.
These strong results are largely due to the ongoing development of the company's international land drilling business and continuing strong operating results in Alaska. Nabors is now operating 20 land rigs in the Middle East - up from eight at the beginning of January last year - including a land rig working in Syria which was acquired with two other international rigs on Jan. 2, 1992. The second of the acquired rigs, now working in Malaysia, will be shipped to Yemen soon for work on a newly obtained contract. The third rig, in Thailand, recently finished a two year contract and is bid for some of the potential work in that and other international markets. While the company's current 63 land rigs in the "lower 48" and Canada remain modestly profitable despite the adverse market conditions, well over 90 percent of the company's operating and net profit derives from its international and Alaskan operations. The company has recently obtained a long-term geothermal contract for two land rigs in Costa Rica. These rigs will be redeployed from the United States, bringing to 16 the number of land rigs which will have been redeployed from North America to the Middle East, South and Central America, and the Far East. The company's newly formed international logistics entity, Crest Service Company, continues to be awarded new contracts. The company expects that Crest will begin to have a meaningful impact on the company's operating results toward the end of this fiscal year. Nabors Industries is one of the largest international land drilling contractors, operating 100 land and 16 offshore rigs. Nabors is a major participant in most of the significant oil, gas and geothermal drilling markets in the world, including Alaska, the Middle East, South America, the North Sea, the Far East, Canada, the U.S. "lower 48" and the Gulf of Mexico. In addition, Nabors provides oilfield transportation and other support services in Alaska and the Middle East. NABORS INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (In thousands, except per share amounts) Periods ended Three Months Dec. 31 1991 1990 Revenues $68,412 $57,395 Operating income 8,476 5,818 Net income (A) 8,222 5,250 Earnings per share $ .13 $ .09 Weighted average number of shares outstanding 63,739 59,654 (A) During the first quarter of fiscal 1992, the company received a $1.0 million dividend from a company in which it holds an investment. The dividend has been recorded as other non-operating income during the quarter. -0- 2/13/92 /CONTACT: Harris Kaplan of Nabors Industries, 713-874-0035/ (NBR) CO: Nabors Industries, Inc. ST: Texas IN: OIL SU: ERN AH -- NY096 -- 9989 02/13/92 17:27 EST
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|Date:||Feb 13, 1992|
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