Nabors Industries Ltd, the Bermudian-domiciled energy technology company, suffered a $176 million loss for the year (2023: $12 million) after a fourth quarter net loss attributable to shareholders of $54 million (Q4 2023: $17 million).

The company highlighted fourth quarter operating revenues of $730 million, which compares with operating revenues of $732 million in the third quarter of 2024.

Adjusted earnings before interest, tax, depreciation and amortisation were $221 million, which compares with $222 million in the previous quarter.

During the quarter, Nabors’ shareholders approved the issuance of shares to Parker Wellbore stockholders in connection with the merger between Parker and Nabors.

Parker shareholders also approved of the merger.

Pending certain international regulatory approvals, the merger is expected to close during the first quarter of this year, the company said.

Anthony G Petrello, Nabors’ chairman, chief executive and president, said: “We are looking forward to adding Parker to the Nabors portfolio. Our integration planning reinforces the Parker attributes that we identified earlier. We are confident that this acquisition will advance our strategic objectives while creating value for our stakeholders.”

He added: “The market environment in the fourth quarter provided us with some challenges in the US as operators continued to modulate their activity levels in oil basins, mainly driven by recent mergers.

“Leading edge pricing in this market remained steady, supporting our daily margins at relatively high levels.

“For 2025, we are planning for stable market activity through the early part of the year. Given this activity level, we are responding with actions to improve efficiency and align our cost structure.

“Our international businesses continued to expand in multiple markets, including Saudi Arabia and Argentina. Although our international success places pressure on our capital expenditures, these are attractive growth opportunities for multiyear contracts with high returns.”