Nabors Subsidiary Launches New Note
Bermuda-based Nabors Industries Ltd. today [Apr. 10] announced that its wholly owned subsidiary, Nabors Industries, Inc. [NII] has established an unsecured commercial paper programme, on a private placement basis, under which NII may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.5 billion.
NII’s revolving credit facility is available to repay the notes if necessary. The notes are guaranteed by Nabors Industries Ltd. collectively with NII, and the proceeds of the notes will be used by the company for general corporate purposes.
The notes to be offered by NII under the commercial paper program will not be registered under the US Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Nabors Industries Ltd., founded in 1968 as Anglo Energy, Ltd., and currently based in Hamilton, Bermuda, is an S&P 500 oil, natural gas and geothermal drilling contractor operating on land throughout the Americas, the Middle East, the Far East, and Africa.
It also performs onshore well-servicing in North America, and provides rigs for offshore oil platform workover, and also for offshore drilling rig servicing.
The company provides many support services for both offshore and onshore oil drilling and for well-servicing operations. The company has a charter fleet of 29 marine vessels for offshore operations. It also makes top drilling drives, directional drilling systems, equipment for rig instrumentation and for data collection, equipment for drill pipe handling, and software for rig reporting. As of 2006, the company owned 610 land workover and well-servicing rigs in the United States, and 190 rigs in Canada, as well as 48 oil platform rigs, 19 jack up barge rigs, and five barge rigs.
