Nabors Names New Director

Nabors Industries announced that James C. Flores is being appointed to its board of directors. Mr. Flores, who is 45 years old, is currently Chairman, President and Chief Executive Officer of Plains Exploration & Production, an independent oil and gas company with operations both onshore and offshore principally in Texas, Louisiana and California. Previously, Mr. Flores was Chairman of Plains Resources, Inc. and Co-founder and Chairman and CEO at various times of Ocean Energy, Inc.

Gene Isenberg, Nabors' Chairman and CEO, commented on Mr. Flores's appointment: "I am very pleased that Jim has agreed to join our Board of Directors. Jim is an outstanding industry leader and has a demonstrated track record of creating shareholder value. We expect him to bring valuable perspective to our Company's business strategies with his extensive experience in the core business of our customers and his experience as an entrepreneur and Chief Executive of a public company."