Nabors Industries (NYSE: NBR) reported Q4 EPS of ($0.77), $0.50 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $715.77 million versus the consensus estimate of $746.11 million.

"Our operating performance further confirms that we are pursuing the correct strategic initiatives. We remain dedicated to providing our customers with a market-leading value proposition, combining the highest quality global rig fleet, crews and drilling technologies.

"In the U.S. Lower 48, E&P operators continued to rationalize their activity levels through the fourth quarter. Although our rig count has fallen, our daily rig margins were essentially unchanged versus the third quarter. We remain disciplined in our pricing, and our excellent operating performance has reinforced our rate structure. The demand for high-specification rigs in the major oil basins in the Lower 48 remained resilient through the end of the year. For the full year, the Company's average Lower 48 rig count increased by 1%, in stark contrast to the industry's decline of 9%.

"Our Drilling Solutions segment continued its sequential growth trajectory in the fourth quarter. For the full year, a 1% increase in revenues yielded a 34% increase in adjusted EBITDA as a result of increasing adoption of our automation and integration technologies, which have allowed us to offset the softer market in the U.S., while increasing our margins. We have a broad portfolio of advanced products and services, which enhance drilling performance and ultimately generate value for our customers, as well as Nabors. Our newest NavigatorTM automated directional guidance platform has drilled more than 1000 wells, including 370 wells drilled with our ROCKit® Pilot steering control system. Today 80 percent of our directional jobs running these technologies are de-manned or manless at the rig. Our drilling automation offerings provide: consistency of drilling outcomes at the highest level; lower-cost remote operations; and fewer employees in harm's way. These solutions continue to gain traction with our customers."

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