By Houston Business Journal

Nabors Industries Inc. said it plans to raise $2 billion from the sale of assets to fund new purchases and pay off debt.

The Houston-based drilling contractor wants to pay off about $1.4 billion in debt due in 2011, and another $265 million due in 2012, according to Reuters.

Nabors (NYSE: NBR) said it has plans to sell its British Columbia shale assets as well as to issue an initial public offering of its NFR Energy joint venture with private equity firm First Reserve Corp.

Shares of Nabors closed down 2 percent at $17.98 on Wednesday.

Copyright 2010 American City Business Journals
Copyright 2010