Nabors voted to expand the board to eight members from the current seven and subsequently appointed John Yearwood to fill the newly created vacancy. Mr. Yearwood will join the Board as a Class III Director, which has a term through the Company's 2012 annual general meeting of shareholders. He was also appointed to the Governance and Nominating, Technical and Safety, and Risk Oversight Committees of the Board, serving as Chairman of the latter.
Mr. Yearwood currently serves on the Board of Directors of NFR Energy LLC and Sheridan Production Partners. Until recently, he served as the Chief Executive Officer, President and Chief Operating Officer of Smith International, Inc. Mr. Yearwood was first elected to Smith's Board of Directors in 2006 and remained on the board until he successfully negotiated and completed the sale of Smith to Schlumberger Ltd. in August 2010. Before joining Smith, Mr. Yearwood spent 27 years with Schlumberger in numerous operations management and staff positions throughout Latin America, Europe, North Africa and North America, including as President and in financial director positions. Mr. Yearwood received a Bachelor of Science Honors Degree in Geology and the Environment from Oxford Brookes University in England.
Gene Isenberg, Nabors' Chairman and CEO, commented, "John Yearwood brings a wealth of knowledge and experience to our Board. He has served as the CEO and in other senior management capacities of two major oil service companies. That management perspective, combined with his expertise in the oil service industry in multiple international venues, complements and augments the already strong and diverse qualifications of our other Board members."
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