Nabors Industries (NYSE: NBR) reported Q3 EPS of $0.39, $0.03 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.72 billion.

Tony Petrello, Nabors' Chairman, President & CEO, commented, "The third quarter presented solid operating results across all of our businesses except Production Services, where weather and ongoing spending constraints of a key customer led to lower sequential results. Our International operation realized the largest sequential improvement in operating income, followed by Completion Services, Canrig and the seasonal recovery in Canada. U.S. Drilling benefited from the receipt of a previously announced $30 million contract termination payment. Excluding this payment, a meaningful improvement in the U.S. lower 48 operation was offset by seasonally lower activity in Alaska. The International improvement reflects the initial contribution from new rig deployments and rate increases on contract renewals, despite idle time on a few higher-contribution rigs. The increase in Completion Services resulted from a record quarterly stage count and improving pricing, although higher proppant and logistics costs inhibited margin improvement. Canrig benefited from a high volume of shipments, particularly for third parties.

"While we are acutely aware of the potential ramifications of further downside in commodity prices, our nine new contract awards are indicative of today's strategic planning by several of our key customers. Internationally, these rigs are destined for long-term projects, while the PACE®-X rigs facilitate improved returns associated with the migration toward higher density pad drilling. Interest in our PACE®-X rigs remains high as these rigs consistently outperform, and our ramped up production capability provides us a more competitive delivery timeframe."

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