Boston, MA 03/31/2014 (wallstreetpr) – The Oilfield services and drilling contracting company Nabors Industries Ltd. (NYSE:NBR) has tried to make a strong market-grip. However, the estimated result by the company speaks otherwise. The recent phases have seen efforts to balance the conflicting ends but bore no successful results.
Talks for Tie up with Gazprom Neft
The largest oil and gas onshore driller confirmed to be in negotiation and talks with Gazprom Neft to buy OAO Gazprom Neft’s assets. The company is looking to acquire the drilling assets of Gazprom.. Recently it was confirmed by a Moscow-based newspaper that Gazprom Neft has put forth a demand for more than $200 million for selling the drilling assets. However, the deal is not final yet. But it can surely be seen as an incentivizing deal for Nabors to make gains in the longer run.
Expected 1Q2014 operating results
Nabors Industries Ltd. (NYSE:NBR) is expecting lower earnings per share result in 1Q2014 as compared to the figures decided by consensus. The estimate is approximately about $0.007 per share. The cause behind the same is attributed to non-timely completion of assignments and shortfall to the persistent extraordinary weather. Approximately 60% of the company’s pressure pumping horsepower is operative in the northern region that was affected by severe winter weather. This continued to adversely affect the operation still early march. Other sectors were equally affected by the challenges resulting in the temporary downfall of the company.
However, the chairman and CEO of the company, Tony Parello only calls it a temporary phase with ample of opportunities, investments and projects in pipeline to improve the graph of the company along with its performance. He also ensured of a robust long-term outlook plan to smoothen up the tension about the performance of the company and prospects in the future.
Ina nutshell, Nabors Industries Ltd. (NYSE:NBR) is presently struggling to come back on track. The results are soon to be revealed. However it can’t be adjudged as conclusive result as the remainder of 2014 is expected to turn the results upside down.
