Nabors Plans Two-For-One Stock Split

Nabors Industries Ltd. (NYSE: NBR), says that its Board of Directors has approved a two-for-one stock split on its common stock, to be effected in the form of a stock dividend, subject to shareholder approval of an amendment to the company's memorandum of association to increase the authorized share capital of the company by the creation of additional common shares. A special meeting of Nabors' shareholders is tentatively planned for the first quarter of 2006.

Gene Isenberg, Nabors' Chairman and Chief Executive Officer, commented on the stock split, "Our Board's decision to initiate a stock split is a direct indication of our confidence in both the near and longer-term outlook for our business. We also believe that this action will serve to provide added liquidity and affordability to Nabors' stock."

The Nabors companies own and operate almost 600 land drilling and approximately 875 land workover and well-servicing rigs worldwide. Offshore, Nabors operates 43 platform rigs, 19 jack-up units and three barge rigs in the United States and multiple international markets. Nabors markets 28 marine transportation and supply vessels, primarily in the U.S. Gulf of Mexico. In addition, Nabors manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services. Nabors participates in most of the significant oil, gas and geothermal markets in the world.