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Nabors Industries Ltd. (NBR) conducts oil, gas, and geothermal land drilling operations and is the largest land-drilling contractor in the world. It is also one of the largest land well servicing companies and workover contractors in the U.S.
Nabors' third-quarter 2008 results topped our estimates, reflecting strong gains on the back of improvement in every significant business line, except Canada. The company's Contract Drilling segment drove the year-over-year increase with sales of $1.31 billion, buoyed by strength in the international segment.
However, weakness in natural gas prices, a tentative outlook for the onshore drilling scene, and continued credit market turmoil remain major headwinds. Being the largest land driller, Nabors remains particularly exposed to this unfavorable environment.
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