Nabors and Moncla Agree to End Acquisition Effort

Nabors Industries Ltd. said Thursday that it has mutually agreed with the Moncla Companies to discontinue efforts to complete the acquisition of Moncla by one of Nabors' principal subsidiaries. Nabors had previously announced on September 21, 2006 the signing of a letter of intent by the respective parties. While the current effort has been terminated, through the process the two companies have developed a mutual respect and healthy relationship that leaves open future possibilities.

The Nabors companies own and operate approximately 600 land drilling and approximately 800 land workover and well-servicing rigs in North America. Offshore, Nabors operates 46 platform rigs, 22 jack-up units and 5 barge rigs in the United States and multiple international markets. Nabors markets 29 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.