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.
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