Command Drilling Defers Separation Time
As a result of Nabors Industries, Inc.'s recent announcement to make an offer for all of the common shares of Command Drilling Corporation and pursuant to the Shareholder Rights Plan adopted by Command on April 10, 2001, the Separation Time set forth in the Shareholder Rights Plan would otherwise occur on September 27, 2001, at the close of business. The Board of Directors has determined to defer the Separation Time of the rights arising under the Shareholder Rights Plan until October 29, 2001.
Command's board of directors has an Independent Strategic Committee, which is working with its financial advisors to evaluate the offer and all other means to maximize shareholder value.
Command Drilling Corporation is an oilfield services company providing contract drilling services to the oil and natural gas industry. Command currently owns 15 drilling rigs of various sizes and capabilities as well as related support equipment. A 16th rig is expected to be commissioned this fall.