(Adds details, Q4 and 2008 outlook)
Oct 5 (Reuters) - Nabors Industries Ltd (NBR.N) said it expects third-quarter results to be lower than current analysts’ consensus estimates, mainly due to lower-than-expected rig activity across most of its North American rig operations.
The land-based, oil and gas driller expects earnings of 73 cents to 76 cents a share for the quarter, including a gain from the sale of certain oil and gas properties and its Sea Mar entity.
Analysts on average expect the Hamilton, Bermuda-based company to earn 81 cents a share, before items, according to Reuters Estimates.
The company also expects third-quarter to be hurt by several cash and non-cash items in its other income and investment income categories.
Nabors said its outlook for the near term was dampened by the increased potential for persistent weak market conditions throughout 2008 in its North American natural gas directed and U.S. land well servicing businesses.
Nabors, however, sees fourth-quarter results to be in line with consensus estimates. Analysts’ consensus earnings view is 88 cents a share, before items.
The company said it reduced its consolidated 2008 expectations to a level that will be essentially flat or slightly lower than 2007. (Reporting by Dilipp S. Nag in Bangalore)