Nabors Industries, the Bermudian-domiciled energy technology company, has reported a net loss attributable to shareholders of $11.8 million in the 2023 fiscal year.

That compares with a loss of $350.3 million in 2022.

Adjusted operating income improved to $269.9 million from $44.3 million.

Adjusted earnings before interest, tax, depreciation and amortisation for 2023 were $915 million, compared with $709 million in the prior year, or 29 per cent year-on-year growth.

Operating revenues were $3 billion, compared to $2.7 billion in the prior year.

The company said the 13 per cent overall increase was driven by growth in all company segments.

Nabors Drilling Solutions and Rig Technologies both expanded by 24 per cent, US Drilling revenue increased by 10 per cent, while International Drilling was 12 per cent higher than in 2022.

Fourth-quarter operating revenues were $726 million, compared with operating revenues of $734 million in the third quarter.

The net loss attributable to shareholders for the quarter was $17 million, compared with a net loss of $49 million in the third quarter.

The fourth-quarter results included a gain, related to mark-to-market treatment of Nabors warrants, of $10 million, or $1.14 per diluted share, compared with a charge of $8 million, or $0.86 per diluted share, in the third quarter.

Fourth quarter adjusted EBITDA was $230 million, compared with $210 million in the previous quarter.

Anthony G Petrello, chairman, chief executive and president of Nabors, said: "Our fourth-quarter operating results exceeded our expectations across all of our segments. In the US, daily rig margins in the Lower 48 increased sequentially, as daily revenue expanded and daily expenses were lower. Similarly, daily margins in our International business widened.

"Pricing in the Lower 48 market held firm, as utilisation of the highest specification rigs remained high. Average rig count was slightly below our estimates, as several rigs started later in the quarter than anticipated.

“In our International segment, rig count increased as deployments in Saudi Arabia and Colombia contributed. The International daily margin expanded, driven by better overall operating performance and specifically by the new-build deployments in Saudi Arabia.

“The improvement in our Drilling Solutions segment largely reflected growth from the third party and international markets. Rig Technologies benefited from higher volumes in both capital equipment and the after market."