Nabors Industries (NYSE:NBR) announced on Monday morning that they wanted to sell about $800 million of their energy properties. This includes their oil and gas properties in Texas, Alaska, Canada, and Columbia. The company also wants to sell offshore rigs at an undisclosed value and Peak Oilfield Services to businesses in Alaska and Canada(which service units and eighteen shallow-water rigs) for $300 to $400 million.
The company’s Chief Executive Anthony G. Petrello also planned on the further discussion of his plans today at the Howard Weil Energy Conference. The main reason his company wants to sell off their properties is to make up for lost finances. He further elaborated that Nabors Industries lost a lot of their money in potential opportunities that they missed and poor timing during stock trades. They are hoping to seal the deals by late of this year. The company also hopes to broaden their opportunities to ensure future successes.
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Former executive Petrello replaced former Eugene Isenberg as Chief Executive last fall, however Isenberg has remained his chairman position despite the fact he could have been terminated from the company. Petrello hopes that he can save the company and change their direction.
Nabors Industries is a company that specializes in on-shore and off-shore drilling. They are based on the island of Bermuda but also hold offices in Houston.
It’s good to know that the new Chief Executive is trying to find a way to keep the company in business, find new avenues to make profits, and pay off debts. It sounds like they are going in the right direction although as of yet, we don’t know a whole lot about Petrello’s new vision for the company. After today, we should find out a little more about where the company is going. It is completely understandable that Petrello wants to keep much of his plans under wrap until then.