Nabors Completes Acquisition Ryan Energy
Nabors Industries Ltd. has completed the previously announced acquisition of Ryan Energy Technologies. Gene Isenberg, Chairman and Chief Executive Officer of Nabors commented, "I wish to welcome all of Ryan's employees, shareholders and customers to the Nabors group of companies. The addition of Ryan with its high quality people and reputation enhances our range of productivity and efficiency enhancing services we can offer our customers. The integration of their rig and directional drilling instrumentation and reporting modules into our EPOCH systems represents a meaningful enhancement of Nabors' well-site capabilities."
Under the terms of the acquisition, a Canadian subsidiary of Nabors acquired all of the outstanding common shares of Ryan pursuant to a plan of arrangement under the Business Corporations Act (Alberta) in exchange for approximately C$22.6 million in cash and 380,264 exchangeable shares of the Canadian subsidiary, of which 219,493 exchangeable shares were immediately exchanged for common shares of Nabors in accordance with the instructions of the holders of those shares. The exchangeable shares: (i) have the same voting rights, dividend entitlements and other attributes as common shares of Nabors, (ii) are exchangeable, at each shareholder's option, on a one-for-one basis, into common shares of Nabors, and (iii) are listed on the Toronto Stock Exchange under the symbol "NBX.U". Those shares will automatically be exchanged on April 26, 2007, and may be exchanged into Nabors common shares earlier in certain other events.