Nabors Adds Two Jackups To Its Fleet

Nabors Industries Inc. announced that it has purchased two jackups, which will be upgraded and deployed on long-term contracts with Saudi Aramco. The first unit, currently known as the Odin Star is located in the Persian Gulf and is an independent leg cantilevered rig with a water depth range of eight to 160 feet. The second unit, the Key Victoria, recently worked in Venezuela's Orinoco Delta and is now en route to the Middle East. It also is an independent leg rig with a water depth range of eight to 250 feet and will undergo extensive modifications including the installation of a cantilever.

Gene Isenberg, Chairman and Chief Executive Officer of Nabors commented, "These two rigs are strategic additions to our existing two shallow water jackups and other operations in the Middle East. The eight feet water depth capability is particularly attractive in meeting the needs of Saudi Aramco and other customers in the region. We intend to upgrade both rigs in a Middle East shipyard and be in operation during the fourth quarter of this year. The purchase of these rigs and the expenditures associated with the upgrades will generate attractive returns for Nabors while providing good value to our customer."

The Nabors companies actively market over 500 land drilling and 740 land workover and well-servicing rigs worldwide. Offshore, Nabors operates 43 platform, 15 jack-up, and three barge rigs in the Gulf of Mexico and international markets. These rigs provide drilling, workover and well-servicing services. Nabors also operates 30 active marine transportation and support vessels in the 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.