Nabors Industries Ltd. (NYSE: NBR) said on Oct. 25 it was seeing significant utilization increases in the Lower 48 states of the U.S., but that spot market pricing remained competitive.
The contract oil and gas driller said its working rig count in the region had rebounded to an average of 50 in the third quarter, an increase of 13% from the second quarter.
"Increased demand is beginning to exert upward pressure on pricing for these top-end rigs, although in the near-term our fleet average margins will remain under pressure due to expiring long-term contracts," CEO Anthony Petrello said in a statement.
The company also said its international markets were showing signs of impending activity increases.
The net loss attributable to Nabors narrowed to $111.2 million, or 39 cents per share, in the quarter ended Sept. 30, from $295.8 million, or $1.02 per share, a year earlier.
However, the company's revenue fell 36% to $520 million.
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