By OGJ editors
HOUSTON, Sept. 22 -- Nabors Industries Ltd., Hamilton, Bermuda, is expanding into worldwide oil and gas development.
The drilling contractor and manufacturer of rig equipment has agreed with First Reserve Corp. to form a joint venture that will seek, according to a press statement, "development and exploitation projects" through operated and nonoperated working interests, joint ventures, farmouts, and acquisitions.
The new venture, NFR Energy LLC, begins with equity of $1 billion. Nabors and First Reserve, of Greenwich, Conn., hold equal interests.
William E. Macaulay, First Reserve chairman and chief executive officer, indicated that NFR Energy's focus would be onshore.
Nabors companies own about 500 land drilling 800 land workover and well-servicing rigs in North America and more than 100 rigs elsewhere. The Nabors offshore fleet includes 43 platform rigs, 21 jack ups, and 3 barge rigs.
Nabors manufacturing units produce top drives and drilling instrumentation systems. Other units provide oil field services.
First Reserve is a private equity firm specializing in energy.
