Nabors Industries Ltd, the Bermudian-domiciled energy technology company, has reported a first quarter net loss attributable to shareholders of $34 million.

That compares with a net loss of $17 million in the fourth quarter of 2023.

First-quarter operating revenues were $734 million, which compares with operating revenues of $726 million in the prior quarter.

Anthony G, Petrello, chairman, CEO and president of Nabors, said: "Our first-quarter operating results were stronger than we expected, driven by resilient pricing and lower costs in our Lower 48 drilling operations, as well as higher than forecast OEM [original equipment manufacturer] repair revenue and energy transition revenue in our Rig Technologies segment.

"Rig count increased in our International segment, driven by rig start-ups in Saudi Arabia and Algeria, as part of our commitment to deploy seven rigs in these two countries during 2024.

“We have also received recent awards in Argentina for three more rigs. I believe we are in the midst of the largest opportunity that we've seen in the last decade to strengthen our international business.”

He added: "Pricing in the Lower 48 market remained firm, as utilisation of our highest-specification rigs stayed strong across several important markets.

“Average rig count increased compared to the prior quarter, but was slightly below our estimates, mainly reflecting activity reductions in natural gas basins.

“Results in our Drilling Solutions segment reflected reduced activity in the Lower 48, partially offset by better growth from international markets."