Nabors Announces Final Court Approval of Derivative Settlement

Nabors Industries Ltd. announced that the United States District Court for the Southern District of Texas has granted final approval of the previously disclosed and preliminarily approved settlement of Karstedt v. Isenberg, et al., Civil Action No. 4:07-cv-00509 (S.D. Tex.), a consolidated shareholder derivative action that alleged various claims for relief in connection with the Company’s granting of certain historical stock options. As previously disclosed, the Court granted preliminary approval of the settlement on March 13, 2008. Following shareholder notification of the proposed settlement on March 19, 2008 and a final approval hearing on May 14, 2008, the Court entered a final judgment and order that approved the settlement and dismissed the case.

The Nabors companies own and actively market a fleet of approximately 537 land drilling and approximately 734 land workover and well-servicing rigs in North America. Nabors’ actively marketed offshore fleet consists of 35 platform rigs, 12 jack-up units and 4 barge rigs in the United States and multiple international markets. 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 also holds interest in various oil and gas properties, both in North America and internationally. Nabors participates in most of the significant oil, gas and geothermal markets in the world.