Bermuda-based oil drilling rig operators Nabors yesterday posted a loss of $250.9 million for the third quarter of the year.

The firm said the net income figure included the impairment of Nabors’ holdings in C&J Energy Services, which totalled $180.6 million.

Third quarter operating revenues were $848 million, compared to $1.81 billion in the same quarter of 2014.

Anthony Petrello, Nabors’ chairman and CEO, said: “Our third quarter results were essentially in line as increased revenue and cash flow internationally were offset by lower results in North America due to lower activity and increased exposure to spot marketing pricing.

“We expect more moderate sequential decreases throughout the seasonally weak second quarter of next year with gradual declines in rig activity and more rigs converting to spot pricing both in North America and internationally.”

He added: “Our view of the timing and shape of the recovery remains unchanged, with an expectation of a protracted trough followed by a more gradual recovery than recent cycles.

“Accordingly, we continue to exercise stringent control over our operating, support and capital spending in order to meet our minimum goal of break-even free cash flow.

“Our solid financial position and sizeable liquidity allow us to remain opportunistic should attractive long term strategic opportunities arise.”