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Analysts say companies with considerable debt such as Nabors Industries Ltd and small private firms with less efficient rigs will scramble to keep them in operation. Rig rates of $25,000- $30,000 per day in the quarter ended Sept. 30, are expected to fall 20-25 percent or more next year and talks over lower rates are already underway, analysts said.
Oct 30- National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, said orders at a unit that make rigs and drilling components fell 60 percent, overshadowing a better-than-expected quarterly profit. Orders in National Oilwell's rig systems segment, which accounts for nearly half its total revenue, fell to $1.34 billion in the third quarter from...
Oct 30- National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a 10 percent rise in quarterly profit as its rig systems business readied more oil and gas wells for production. Land drillers Nabor Industries Ltd and Patterson-UTI Energy Inc reported a jump in revenue last week, helped by increased drilling activity.
Oct 23- Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. Diamond Offshore said Petrobras has extended contracts on three ultra-deepwater rigs, which are expected to generate revenue of up to $1.4...
Oct 23- Rig contractors Diamond Offshore Drilling Inc and Patterson-UTI Energy Inc reported big drops in quarterly profits, hurt by one-time charges to retire some old rigs. Offshore driller Diamond Offshore recorded a non-cash impairment charge of $109 million, pushing its third-quarter net income down 44 percent. Diamond Offshore said on Thursday it had...
Oct 23- Patterson-UTI Energy Inc, one of the largest U.S. onshore rig contractors, reported a 78.5 percent fall in quarterly profit as its costs surged. Net income fell to $16 million, or 11 cents per share, in the quarter from $74.4 million, or 51 cents per share, a year earlier. The Snyder, Texas- based company's revenue rose 15.7 percent to $845.6 million.
But offshore drillers such as Transocean Ltd are expected to post lackluster quarterly sales as new rigs ordered in boomtime hit the seas, creating overcapacity in an already crowded market. Revenue at Transocean, the second-biggest global offshore driller by market value, is expected to fall 15 percent- its steepest in three years- according to Thomson...
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HOUSTON-- Oil and natural gas driller Patterson-UTI Energy Inc. said Thursday that its third-quarter net income fell almost 38 percent as demand fell for drilling rigs in the U.S. The company earned $50.8 million, or 33 cents per share, for the quarter that ended Sept. 30.
*Jefferies raises Atwood Oceanics Inc price target to $58 from $56;. *Jefferies cuts Basic Energy Services Inc price target to $10 from. *Jefferies cuts Precision Drilling Corp price target to $10 from $11;.
Oct 2- Patterson-UTI Energy Inc:. *Reports drilling activity for September 2012. *Says for the month of September 2012, the company had an average of 210.
*Barclays cuts Nabors Industries price target to $16 from $17; rating. *Barclays cuts Patterson UTI Energy Inc price target to $22 from $24;. *Barclays cuts Superior Energy Services Inc price target to $32 from.
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