Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.

The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier.

Revenue rose 11.1 percent to $1.79 billion.