Value Investing Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: NikhilJog	11/6/2012 11:45:04 AM
	of 78903

Nabors Industries (NYSE:NBR), the Hamilton, Bermuda-based land drilling contractor, intends to sell nearly USD 1bn worth of assets in 2013, according to a newswire report. Chief Executive Officer Tony Petrello said that the company is aiming for just under USD 1bn worth of divestitures over the next year to achieve its debt reduction goals, Reuters reported on Wednesday afternoon. The article cited Petrello as saying during a conference call focusing on 3Q12 financial results that Nabors, due to its weaker earnings outlook, needs to sell USD 970m worth of assets to reach its debt reduction plans. According to the article, he added that the sales process has been proceeding at a slower rate than the company had previously expected. Aside from its Eagle Ford basin asset in Texas that will likely sold by the end of 2012, the company has struggled to divest its holdings. Petrello added in the article that not only has Nabors postponed plans to sell exploration and production holdings for the time being, but also opted not to auction off its well services division in Canada.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next