Nabors Sells Subsidiary’s Assets For $72M

December 16, 2011

Bermuda-headquartered Nabors Industries has finished selling assets from its subsidiary, Ramshorn Investments Inc., for about $72 million in cash.

Ramshorn Investments sold all of its interest in certain oil and gas properties in California. According to terms of the sale, the purchaser will continue to use Nabors’ rigs.

Tony Petrello, Nabors’ president and CEO, said in a statement on Wednesday [ Dec. 14] that the sale will allow the company, which is based in Bermuda and has operations offices in Houston, to monetise its exploration and production assets.

Nabors owns and operates oil and gas rigs throughout North America.

The firm is currently under fire from shareholders because of excessive executive compensation packages.

Nabors stirred an outcry this year with news that chairman Eugene Isenberg  would receive $100 million in cash under his contract for relinquishing his chief executive title, though he wasn’t leaving the company.

Nabors later disclosed the US Securities & Exchange Commission was looking into perks received by company executives, such as personal flights on company jets.

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