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TheStreet Open House

Nabors Completes The Sale Of A Small Portion Of Its E&P Portfolio

Stock quotes in this article: NBR

HAMILTON, Bermuda, Dec. 14, 2011 /PRNewswire/ --  Nabors Industries Ltd. (NYSE:NBR) today announced that its wholly owned subsidiary, Ramshorn Investments, Inc. ("Ramshorn"), has closed a sale of all of its interest in certain oil and gas properties located in California.  The sale price for the properties was approximately $72 million in cash, and the terms of the sale include a commitment for the purchaser to continue utilization of Nabors' rigs. 

Tony Petrello, Nabors' President and Chief Executive Officer, commented, "Although small, the completion of this sale affirms our commitment to monetize our E&P portfolio in an expeditious and prudent manner.  We continue to pursue sales of other holdings and expect to report further progress throughout 2012."  

The Nabors companies own and operate approximately 491 land drilling rigs and approximately 749 land workover and well-servicing rigs in North America.  Nabors' actively marketed offshore fleet consists of 39 platform rigs, 12 jackup units and 4 barge rigs in the United States and multiple international markets. In addition, Nabors is one of the largest providers of hydraulic fracturing, cementing, nitrogen and acid pressure pumping services with over 780,000 hydraulic horsepower currently in service.  Nabors also manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics, and facilities maintenance and project management services. Nabors participates in most of the significant oil and gas markets in the world.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements.  The projections contained in this release reflect management's estimates as of the date of the release.  Nabors does not undertake to update these forward-looking statements.

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