Nabors Buys Pool

Nabors Industries and Pool Energy Services Inc. announced that the board of directors of both companies have unanimously approved a definitive merger agreement for a tax-free stock for stock transaction. Under the agreement Pool shareholders will receive 1.025 shares of Nabors common stock for each share of Pool they currently own. This transaction implies a value of $16.46 per Pool share based on Nabors' closing stock price of $16.06 on January 8 1999 and a total value of approximately $518 million including $144 million in assumed debt.