Nabors Industries (NBR)

Barbados-based 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. The company offers a number of ancillary wellsite services, including oilfield management, engineering, transportation, construction, maintenance, well logging, and other support services in select domestic and international markets. The company owns about 548 actively marketed land drilling rigs. In addition, the company has approximately 749 land workover and well servicing rigs in North America. Nabors' offshore fleet includes 36 platform rigs, 13 jackups, and 4 barge rigs that are located in the U.S. and multiple international markets. Further, Nabors markets 20 marine transportation and supply vessels and certain related assets, primarily in the U.S. Gulf of Mexico. In addition to its activities in North America, Nabors has operations in almost every major energy-producing regions of the world. The company has a 51% ownership interest in a joint venture in Saudi Arabia, which actively markets 9 rigs.

Nabors divides its operations into three main segments: Contract Drilling (accounted for roughly 93% of the company's 2007 operating earnings), Oil and Gas (approximately 4%), and Others (approximately 3%). The Contract Drilling segment's operations are spread across 6 sub-segments: U.S. Lower 48 Land Drilling, U.S. Well Land Servicing, U.S. Offshore, Alaska, Canada and International. Approximately 74% of the company's total contract drilling earnings in 2007 came from North America. In addition to its contract drilling operations, Nabors also provides logistic services to onshore drilling and well-servicing operators in Canada using helicopters and fixed-wing aircraft purchased from Airborne Energy Solutions Ltd. in January 2006. The company's Oil and Gas segment includes oil and gas exploration, development, and production business. The Other segment houses a number of Nabors' businesses, including marine transportation and supply services, drilling technology and top drive manufacturing, and construction and logistics operations.

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