Nabors Inds Highly Exposed

Nabors Industries Ltd. (NBR - Analyst Report) 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.

Read the full analyst report on NBR

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