Nabors and Martinez were transferred to California Corrections Institution in Tehachapi.
which should benefit Nabors and other land-based drillers, particularly those drilling contractors with exposure to the rigs capable of exploiting shale based reserves.
As a result, Fitch now expects Nabors to realize weaker EBITDA and cash flows in 2009 than Fitch did when the company's Rating Outlook was revised to Negative in July 2008.
More specifically, Fitch will be monitoring Nabors for increased leverage as measured by debt-to-EBITDA and net debt-to-EBITDA and weaker cash flows than anticipated which could trigger the ratings downgrade.
Fitch currently considers Nabors to be at the weak end of the current rating category and as a result will monitor the company's performance during 2008.
In addition, Nabors has a history of maintaining a robust credit profile throughout industry cycles and has capitalized on strong market conditions to lock in firm contracts to support the company's newbuild program.
About Nabors Industries Nabors owns and operates the world's largest land-based drilling rig fleet and has one of the largest completion services and workover and well servicing rig fleets in North America.
The Nabors companies own and operate approximately 600 land drilling and approximately 800 land workover and well-servicing rigs in North America.
The Nabors companies own and operate approximately 496 land drilling rigs throughout the world and approximately 544 land workover and well servicing rigs in North America.
HAMILTON, Bermuda -- Following disclosures concerning stock option granting practices at other companies, Nabors Industries Ltd.
HAMILTON, Bermuda, July 24, 2014 /PRNewswire/ -- Nabors Industries Ltd.
NEW YORK -- Fitch Ratings has initiated coverage of Nabors Industries, Inc.