Nabors Completes the Sale of a Small Portion of Its E&P Portfolio

abarrelfull wrote on 15 Dec 2011 07:01
Tags: deals nabors upstream usa

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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."

• Nabors Completes the Sale of a Small Portion of Its E&P Portfolio

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