Tony Petrello is the CEO and also the chairperson in charge of the Nabors Industries Company. The Nabors Industries is an international company that deals with operations concerning drilling of lands in the United States using rig technologies. Tony Petrello recently reported on the earnings of the company during the first quarter of the financial year 2018. The results showed a significant increase in the working revenues realized from the previous yields in the last quarter with a margin of $ 26 million. However, the net revenues amounted to a total loss of $ 144 million which portrayed a definite improvement from the previous incomes in the last quarter which amounted to $ 166 million in 2017.
Anthony Petrello claimed that the positive progress in the incomes resulted from their excellent performances in the United States Drilling section. This US segment attributed a likely increase of 36% which amounts to $ 73.1 million for the period computations involving only six operational rigs. Another country that gave out positive responses in the drilling processes is Canada. The operations in the country contributed vast amounts of returns amounting to $ 9.3 million during the period. Consequently, the Canadian revenues were also very significant in the overall improved performance of the Nabors Industries Ltd. CEO Tony Petrello argues that similar activities are expected in the next periods for more enhanced performances.
Conversely, the returns across international boundaries deteriorated considerably with low turnouts due to the Rig technologies used during the period for the company. The total returns of the drilling decrease to $ 124 million as compared to $ 4.9 million from the prior quarter. The technology came about unexpectedly, and the increased rig expenses could not be avoided. The company, therefore, looks forward to ensuring improved results in all the drilling segments including the non-periodic ones in the next quarter this year.
The debts of the company are also confirmed to increase during this first quarter by a margin of $ 200 million amounts which were not targeted by the company. The financial specialist affirms that more efforts will be put forward to rectify the scenario in the coming periods.
Tony Petrello also gave appreciations for the new segment operations in Saudi Arabia since they reported positive revenues for their first time in the drilling exercise. He said that the company was proud of the active corporation with their business partner the Saudi Aramco.