Bermuda-based services giant Nabors Industries, hit hard by a write-down of oil and gas properties as reflected in its fourth quarter 2009 results, said yesterday it may dispose of the assets as early as this year.

That is according to oil and gas publication Upstream, which said that Nabors boss Gene Isenberg believes the total assets could be worth around $2 billion, adding that he would only let them go if the price was right.

"Frankly, as long as we get an incremental return by waiting, you know, we will wait," Mr. Isenberg, who has run Nabors for more than two decades and has just turned 80, told analysts on a conference call to discuss fourth-quarter results.

Mr. Isenberg said the company's Colombia oil assets were likely to be sold first, while an initial public offering of its NFR Energy joint venture with energy-focused private equity firm First Reserve could come as early as this year.

The $1 billion joint venture has snapped up US acreage since its creation in 2006, but has written down the value of those assets to reflect the sharp drop in oil and gas prices, leading to big losses for Nabors, as in the latest quarter.