Nabors Industries Ltd (NBR) Q4 2019 Earnings Call Transcript

Nabors Industries Ltd (NBR) Q4 2019 Earnings Call Transcript

I would now like to turn the conference over to Denny Smith, Senior Vice President of Corporate Development.. Today, we will follow our customary format, with Tony Petrello, our Chairman, President and Chief Executive Officer; and William Restrepo, our Chief Financial Officer, providing their perspectives on the quarter's results along with insights into our markets and how we expect Nabors to perform in these markets.. During the fourth quarter, the average US Lower 48 land industry rig count declined by 97 rigs, and a 11% reduction from the third quarter average.. Our Lower 48 average rig count declined by ten rigs.. Daily gross margin was essentially flat as somewhat higher average revenue per day was offset by a similar increase in daily operational expenses.. In our International segment, adjusted EBITDA increased by about 1% despite a significant reduction in amortizing [Phonetic] revenue following recent contract renewal.. The improvement reflects better operating performance across several markets.. In other segment, Drilling Solutions improved sequentially even as market conditions deteriorated.. Canada results increased with the seasonal lift in drilling activity.. Rig Technologies declined as sales of capital equipment tailed off into the end of the year.. Last week, the rig count stood at