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Nabors Reaffirms Q3 Guidance; Repays 4.62% Senior Notes

Nabors Industries Ltd. (NBR), a provider of advanced technology for the energy industry, on Thursday said it is reaffirming the financial outlook for the third quarter. It has also repaid the outstanding portion of its 4.625 percent senior notes due in September.

Based on the Hamilton-based company's current estimates, the third quarter average Lower 48 rig count is expected to increase by four to six rigs over the second-quarter average. Nabors expects third-quarter Lower 48 drilling margins in line with the second-quarter level.

For the second quarter, Nabors' average Lower 48 rig count, at 64, increased by more than seven rigs, or 13 percent, on quarterly basis.

For the third quarter, for the U.S. Offshore and Alaska operations, Nabors expects adjusted EBITDA similar to the second quarter.

Second-quarter adjusted EBITDA of the firm was $117 million, compared to $108 million in the first quarter.

The third-quarter outlook for the International segment includes a slight decline in rig count and daily margins in line with the second quarter.

At maturity on September 15, Nabors repaid the outstanding portion of its 4.625 percent senior notes due in September 2021. As of June 30, the remaining amount totaled $82.4 million.

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