Nabors Expands Board, Appoints Comfort as Director

Nabors Industries Ltd. reported that its Board of Directors voted to expand the board to eight members from the current seven, and subsequently appointed Mr. William T. Comfort to fill the newly created vacancy. Mr. Comfort will join the board as a Class III director which has a term through the Company's 2009 annual meeting.

Mr. Comfort is currently the Chairman of Citigroup Venture Capital, a position he has held since 1979. Mr. Comfort joined Citicorp in 1973 and has been Executive Director of Citicorp International Bank, Ltd. in London and Head of Corporate Finance. He received his B.A. and L.L.B. at the University of Oklahoma and his L.L.M. at New York University. Mr. Comfort is also a Managing Partner & Chairman of the Investment Committee of Court Square Capital, director of I-Flex Solutions and Deutsche Annington (DAIG). He is a member of the Investment Committee for Citigroup Venture Capital International, Citigroup Property Investors Europe & Sterling Square Europe. He also serves on the boards of The John A. Hartford Foundation, NYU Law School Foundation and The Trump Palace.