Nabors 1Q 2011 EPS Equals $0.29 after $0.06 of Weather and Period Cost

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HAMILTON, Bermuda, April 26, 2011 /CNW/ -- Nabors Industries Ltd. (NYSE: NBR) today reported its financial results for the first quarter of 2011. Adjusted income derived from operating activities was $191 million, compared to $142 million in the first quarter of 2010 and $222 million in the quarter ended December 31, 2010. Net income from continuing operations was $84.3 million, or $0.29 per diluted share, compared to $43.5 million or $0.16 per diluted share in the first quarter of last year and $50.2 million or $0.17 per diluted share in the fourth quarter of 2010. Operating Revenues and Earnings from unconsolidated affiliates for this quarter totaled $1.4 billion compared to $899.0 million in the comparable quarter of the prior year and $1.3 billion in the fourth quarter of 2010. Income from continuing operations reflects an effective tax rate of 31%, significantly higher than the 24% rate in the Company's combined continuing and discontinued operations.

Gene Isenberg, Nabors' Chairman and CEO, commented, "Our first quarter operating results obscure the fact that virtually all of our businesses are experiencing significantly improving outlooks that will be more fully reflected in our results during the second half of the year. The first half will be negatively affected by the previously disclosed $90 million decrease in International income from the repricing of three jackups and scheduled downtime for multiple rigs. First quarter results reflect a portion of that element, along with another $24 million ($0.06 per share) in unusual costs and lost income, comprised of cost increases and weather-related delays in our Pressure Pumping and US Well-servicing businesses, top drive delivery deferrals due to supply chain interruptions in Canrig, and some interruptions in three international venues. We expect those costs to be confined to the first quarter and to recover approximately one-third of this amount over the balance of the year. Our second quarter will again reflect the aforementioned International items and will also be subject to the customary seasonal loss in Canada. Nonetheless, all indications point to a second half characterized by significantly improving results across all of our units other than US Offshore and Alaska, and improving visibility indicates a resumption of growth in these two units longer-term.

"An early indicator of this uptrend is the strong first quarter performance posted by our Canadian operation whose $39 million in operating income more than doubled the $16.6 million it posted in the fourth quarter. Activity was seasonally strong, with an average of 50 rigs operating for the quarter, and margins approximated the all-time high for this unit at $12,000 per rig day. As is the case in the US Lower 48, results have benefitted from a continuing shift from dry gas to oil and liquids-rich wells. This unit is completing two new well service rigs for use in the tar sands and has two more rigs in production. While we will likely see a seasonal loss in the second quarter, the balance of the year appears to be quite strong with 45 rigs already committed to work following the spring thaw.

"Results in our US Lower 48 land drilling operations were down slightly at $80 million as a $500 per day increase in average daily rig margins was more than offset by the absence of the favorable adjustment to worker's compensation accruals that once again benefited the fourth quarter, coupled with early year payroll taxes, and higher SG&A expenses, all of which are unique to the first quarter. Rig activity for the quarter averaged 187.9 rigs operating with average margins of $9,394 per rig day. We expect both our rig count and average margins to increase meaningfully throughout the balance of the year, evidenced by today's rig count of 196. During the quarter this unit was awarded four additional term contracts for new rigs, two for the Bakken and two to be deployed into the Rocky Mountain region. This gives this unit a total of 132 new build rig contracts with 33 of these secured in the last four quarters, including three economically equivalent SCR upgrades.

"As expected, our International income was down at $35.5 million as two high-margin jackups were demobilized to a Dubai shipyard in early February for regulatory inspections and upgrades pending contract renewals secured at the end of March. Two more jackups will also be idled for inspections, one of which will also be upgraded pending its expected contract renewal at the end of June. These inspections, the shutdown of six land rigs in preparation for long-term gas drilling contracts, and lower rates for the three renewing jackups are the primary components of the aforementioned $90 million in lost income. Additional negative impacts arose from three other rig shutdowns for long-term contract modifications and the interruption of rig operations due to civil unrest in Yemen and a labor strike in Oman. A customer-mandated special bonus payment to local workers in Saudi Arabia also impacted results, but should ultimately be recovered. We anticipate a healthy increase in second half income as these rigs return to work and another 17 incremental rigs commence operations. Among these are seven rigs that should commence operations in Iraq throughout the year, along with the late-year deployment of two additional platform rigs in India and two high-specification land rigs in Papua New Guinea. Five land rigs will also be reactivated in Saudi Arabia in the second half of the year. Various other projects are pending and we believe the fourth quarter could approximate the $72 million this unit achieved in the fourth quarter of 2010. This portends strong results in 2012 with a full year of contributions from these rig startups. By the end of 2011 it appears that land rig supply/demand in international markets may well be approaching balance.

"Our Pressure Pumping operations were down materially at $43.7 million reflecting the impact of weather delays and cost increases, primarily for materials, repair parts and fuel, during the first quarter. We are implementing price increases and surcharges that should cover most of these increases going forward. Labor and training costs were also higher than usual, primarily related to hiring and training incremental crews for new equipment. Deployment of these spreads is now delayed by as much as two months, but all are still expected to be in service by the end of this year. Despite these near-term issues rates continue to increase and we are having considerable success in securing term contracts for a good portion of our fleet. Our first incremental spread will soon commence operations and we expect to deploy the remaining equipment at the rate of one spread per month.

"Our US Well-servicing unit posted a respectable $11 million despite approximately $1.7 million in weather-related losses. Rig hours increased significantly and, when coupled with recent price increases, should lead to steady improvement throughout the balance of the year. Our optimism is further bolstered by increased activity in this unit's 24-hour rig operations and recent and prospective deliveries of 20 new 400 horsepower rigs in California. This unit will also take delivery of 150 new tanker trucks in the second half and has already received 400 of 1,000 additional frac tanks, all for use by its Fluids Management operations. We are also seeing market conditions that are more conducive to pricing improvement.

"Our US Offshore business posted a modest loss at $4 million compared to a more significant loss in the prior quarter. Two of our deepwater platform rigs have resumed operations and we remain cautiously optimistic regarding improving activity in the second half as additional customers have indicated that they expect to receive permits to resume operations in the not too distant future. In total we have had eight platform operations suspended for some time and a number of shallow-water projects postponed. Recently a few of our shallow-water rigs commenced operations, all on short-term commitments. We believe this situation will continue to improve slowly and by the end of this year we will have significantly improved visibility regarding the intermediate term outlook. Meanwhile we continue construction on two new 4,000 horsepower deepwater platform rigs. One of these will be sold to the customer and will be operated by Nabors under a long-term management contract. It will contribute slightly in 2011 and 2012, but the largest impact on our results will be in 2013 when both rigs should be operating for the full year.

"In Alaska we posted $11 million in operating income, somewhat lower than expected as a couple of key projects slipped into the second quarter. The outlook for this business remains challenging, but the prospects for a significantly improving market in 2012 and 2013 are becoming more tangible.

"Income in our Other Operating Segments was considerably lower than last quarter at $6.1 million despite seasonal highs in our Alaskan joint ventures. This was principally due to roughly $7 million in deferred income in Canrig due to delayed top drive shipments arising from a supply chain interruption. The issue has been resolved and we expect to complete the originally scheduled shipments in the next two quarters.

"In our Oil and Gas segment we have signed four separate agreements covering the sale of various portions of our Colombia holdings. All of these transactions either have closed or are expected to do so before the end of the second quarter. The combined proceeds to Nabors are expected to exceed $250 million. We still retain approximately 245,000 net acres in the Llanos Basin that will require further seismic activity and potentially some drilling to enhance its value.

"Our financial position remains strong and we have adequate resources to comfortably redeem the $1.4 billion in remaining convertible notes due on May 15, 2011 and still continue to take advantage of attractive investment opportunities. Last week we increased our revolving credit facilities to a total of $1.35 billion at very attractive rates giving us additional financial flexibility.

"It is becoming increasingly probable that the current uptick in nearly all of our businesses is sustainable. We believe that as the year progresses we will begin to demonstrate the powerful leverage that exists across all of our entities and that we will be in a position where each of our segments is improving simultaneously."

The Nabors companies own and operate approximately 551 land drilling and approximately 750 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of 38 platform rigs, 13 jackup units and 3 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 participates in most of the significant oil and gas markets in the world.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements.

The Company will host a conference call Wednesday, April 27, 2011 at 10:00 a.m. Central Time to discuss the results and its outlook in more detail. You may access a webcast of the call through Nabors' website at www.nabors.com > Investor Relations > Events Calendar or via www.streetevents.com. The Company will also post a set of slides on its website in advance of the call in order to provide additional detail on its operations. For further information, please contact Dennis A. Smith, Director of Corporate Development for Nabors Corporate Services, Inc., at 281-775-8038. To request investor materials, contact our corporate headquarters in Hamilton, Bermuda at 441-292-1510 or via email at mark.andrews@nabors.com.

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                                NABORS INDUSTRIES LTD. AND SUBSIDIARIES
                                CONSOLIDATED STATEMENTS OF INCOME (LOSS)
                                              (Unaudited)
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                                       Three Months Ended
                                       ------------------
                                                               December
                                         March 31,                      31,
                                         ---------             ---------
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    (In thousands, except
     per share amounts)               2011             2010        2010
                                      ----             ----        ----
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    Revenues and other
     income:
       Operating revenues       $1,381,279         $891,346  $1,317,999
       Earnings (losses) from
        unconsolidated
        affiliates                  16,274            7,642       4,928
       Investment income
        (loss)                      12,287           (2,557)      8,624
          Total revenues and
           other income          1,409,840          896,431   1,331,551
                                 ---------          -------   ---------
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    Costs and other
     deductions:
       Direct costs                858,371          505,197     775,313
       General and
        administrative
        expenses                   118,458           75,426     103,704
       Depreciation and
        amortization               226,102          171,536     219,169
       Depletion                     3,573            5,027       2,297
       Interest expense             73,924           66,769      74,009
       Losses (gains) on
        sales and retirements
        of
         long-lived assets and
          other expense
          (income), net              6,029           20,367       6,262
       Impairments and other
        charges (1)                      -                -     137,832
          Total costs and other
           deductions            1,286,457          844,322   1,318,586
                                 ---------          -------   ---------
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    Income (loss) from
     continuing operations
     before income taxes           123,383           52,109      12,965
                                   -------           ------      ------
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    Income tax expense
     (benefit):
       Current                      16,653           12,645     (42,837)
       Deferred                     21,654           (4,055)      4,869
    Income tax expense
     (benefit)                      38,307            8,590     (37,968)
                                    ------            -----     -------
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    Subsidiary preferred
     stock dividend                    750                -         750
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    Income (loss) from
     continuing
     operations, net of
     tax                            84,326           43,519      50,183
    Income (loss) from
     discontinued
     operations, net of
     tax                            (2,170)          (4,421)      1,591
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    Net income (loss)               82,156           39,098      51,774
         Less: Net (income)
          loss attributable to
          noncontrolling
          interest                     669            1,102      (1,293)
    Net income (loss)
     attributable to
     Nabors                        $82,825          $40,200     $50,481
                                   -------          -------     -------
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    Earnings (losses) per
     share: (2)
       Basic from continuing
        operations                    $.30             $.16        $.18
       Basic from
        discontinued
        operations                   $(.01)           $(.02)         $-
                                     -----            -----         ---
      Basic                           $.29             $.14        $.18
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       Diluted from
        continuing operations         $.29             $.16        $.17
       Diluted from
        discontinued
        operations                   $(.01)           $(.02)         $-
                                     -----            -----         ---
      Diluted                         $.28             $.14        $.17
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    Weighted-average
     number
       of common shares
        outstanding: (2)
       Basic                       286,114          284,672     285,443
                                   -------          -------     -------
       Diluted                     292,689          290,736     290,442
                                   -------          -------     -------
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    Adjusted income (loss)
     derived from
     operating activities
     (3)                          $191,049         $141,802    $222,444
                                  ========         ========    ========


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                Represents impairments of oil and gas assets recorded for
    (1)         the three months ended December 31, 2010.
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                See "Computation of Earnings (Losses) Per Share" included
    (2)         herein as a separate schedule.
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                Adjusted income (loss) derived from operating activities
                is computed by: subtracting direct costs, general and
                administrative expenses, depreciation and amortization,
                and depletion expense from Operating revenues and then
                adding Earnings (losses) from unconsolidated affiliates.
                 These amounts should not be used as a substitute to
                 those amounts reported under accounting principles
                generally accepted in the United States of America
                ("GAAP").  However, management evaluates the performance
                of our business units and the consolidated company based
                on several criteria, including adjusted income (loss)
                derived from operating activities, because it believes
                that these financial measures are an accurate reflection
                of our ongoing profitability.  A reconciliation of this
                non-GAAP measure to income (loss) from continuing
                operations before income taxes, which is a GAAP measure,
                is provided within the table set forth immediately
    (3)         following the heading "Segment Reporting".



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                         NABORS INDUSTRIES LTD. AND SUBSIDIARIES
                          CONDENSED CONSOLIDATED BALANCE SHEETS
                                       (Unaudited)
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                                                                    December
                                                  March 31,            31,
    (In thousands, except ratios)                       2011             2010
                                                        ----             ----
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    ASSETS
    Current assets:
    Cash and short-term investments                 $730,307         $801,190
    Accounts receivable, net                       1,242,954        1,116,510
    Assets held for sale                             357,516          352,048
    Other current assets                             380,353          343,182
                                                     -------          -------
         Total current assets                      2,711,130        2,612,930
    Long-term investments and other
     receivables                                      43,744           40,300
    Property, plant and equipment, net             7,975,957        7,815,419
    Goodwill                                         494,005          494,372
    Investment in unconsolidated
     affiliates                                      300,425          267,723
    Other long-term assets                           365,147          415,825
         Total assets                            $11,890,408      $11,646,569
                                                 ===========      ===========
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    LIABILITIES AND EQUITY
    Current liabilities:
    Current portion of long-term debt             $1,391,224       $1,379,018
    Other current liabilities                        839,368          775,362
                                                     -------          -------
         Total current liabilities                 2,230,592        2,154,380
    Long-term debt                                 3,064,035        3,064,126
    Other long-term liabilities                    1,052,299        1,016,012
                                                   ---------        ---------
         Total liabilities                         6,346,926        6,234,518
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Subsidiary preferred stock (1) 69,188 69,188

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    Equity:
    Shareholders' equity                           5,459,905        5,328,162
    Noncontrolling interest                           14,389           14,701
                                                      ------           ------
         Total equity                              5,474,294        5,342,863
         Total liabilities and equity            $11,890,408      $11,646,569
                                                 ===========      ===========
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    Cash, short-term and long-term
     investments (2)                                $774,051         $841,490
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    Funded debt to capital ratio: (3)
        - Gross                                     0.42 : 1         0.42 : 1
        - Net of cash and investments               0.37 : 1         0.37 : 1
    Interest coverage ratio: (4)                     7.4 : 1          7.0 : 1


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               Represents preferred stock of Superior.  75,000
               shares of such stock are outstanding and pay
    (1)        quarterly dividends at an annual rate of 4%.
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               The March 31, 2011 and December 31, 2010 amounts
               include $36.4 million and $32.9 million,
               respectively, in oil and gas financing
               receivables that were included in long-term
    (2)        investments and other receivables.
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               The gross funded debt to capital ratio is
               calculated by dividing * funded debt by (y)
               funded debt plus deferred tax liabilities (net of
               deferred tax assets) plus capital. Funded debt is
               the sum of (1) short-term borrowings, (2) the
               current portion of long-term debt and (3) long-
               term debt.  Capital is shareholders' equity.  The
               net funded debt to capital ratio is calculated by
               dividing * net funded debt by (y) net funded
               debt plus deferred tax liabilities (net of
               deferred tax assets) plus capital.  Net funded
               debt is funded debt minus the sum of cash and
               cash equivalents and short-term and long-term
               investments and other receivables.  Both of these
               ratios are used to calculate a company's leverage
               in relation to its capital.  Neither ratio
               measures operating performance or liquidity as
               defined by GAAP and, therefore, may not be
               comparable to similarly titled measures presented
    (3)        by other companies.
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               The interest-coverage ratio is a trailing 12-
               month quotient of the sum of income (loss) from
               continuing operations, net of tax, net income
               (loss) attributable to noncontrolling interest,
               subsidiary preferred stock dividends, interest
               expense, depreciation and amortization, depletion
               expense, impairments and other charges, income
               tax expense (benefit) less investment income
               (loss) divided by cash interest expense plus
               subsidiary preferred stock dividends. This ratio
               is a method for calculating the amount of
               operating cash flows available to cover cash
               interest expense.  The interest coverage ratio is
               not a measure of operating performance or
               liquidity defined by GAAP and may not be
               comparable to similarly titled measures presented
    (4)        by other companies.



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                          NABORS INDUSTRIES LTD. AND SUBSIDIARIES
                                     SEGMENT REPORTING
                                        (Unaudited)
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    The following tables set forth certain information with respect to
    our reportable segments and rig activity:
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                                          Three Months Ended
                                          ------------------
                                                              December
                                          March 31,                      31,
                                          ---------           ---------
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    (In thousands, except
     rig activity)                     2011             2010        2010
                                       ----             ----        ----
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    Reportable segments:
    Operating revenues and
     Earnings (losses) from
      unconsolidated
       affiliates:
        Contract Drilling: (1)
          U.S. Lower 48 Land
           Drilling                $378,568         $271,497    $369,591
          U.S. Land Well-
           servicing                150,256           97,991     122,687
          Pressure Pumping (2)      257,859                -     259,684
          U.S. Offshore              30,454           38,198      20,081
          Alaska                     41,315           49,794      40,119
          Canada                    172,443          115,556     127,186
          International             262,477          245,344     292,722
           Subtotal Contract
            Drilling (3)          1,293,372          818,380   1,232,070
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        Oil and Gas (4)              20,128           10,602       8,929
        Other Operating Segments
         (5) (6)                    121,383           95,513     123,239
        Other reconciling items
         (7)                        (37,330)         (25,507)    (41,311)
          Total                  $1,397,553         $898,988  $1,322,927
                                 ==========         ========  ==========
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    Adjusted income (loss)
     derived from
      operating activities:
        Contract Drilling: (1)
          U.S. Lower 48 Land
           Drilling                 $80,095          $60,286     $85,308
          U.S. Land Well-
           servicing                 11,123            7,185      12,132
          Pressure Pumping (2)       43,715                -      54,664
          U.S. Offshore              (3,977)           7,373      (5,142)
          Alaska                     11,019           13,957      11,252
          Canada                     38,992           14,882      16,572
          International              35,497           53,579      71,814
                                     ------           ------      ------
           Subtotal Contract
            Drilling (3)            216,464          157,262     246,600
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        Oil and Gas (4)                (770)           2,619         675
        Other Operating Segments
         (5) (6)                      6,138            6,890      10,003
        Other reconciling items
         (8)                        (30,783)         (24,969)    (34,834)
                                    -------          -------     -------
          Total                     191,049          141,802     222,444
    Interest expense                (73,924)         (66,769)    (74,009)
    Investment income (loss)         12,287           (2,557)      8,624
    (Losses) gains on sales
     and retirements of
       long-lived assets and
        other (expense) income,
        net                          (6,029)         (20,367)     (6,262)
    Impairments and other
     charges (9)                          -                -    (137,832)
    Income (loss) before
     income taxes from
     continuing operations         $123,383          $52,109     $12,965
                                   ========          =======     =======
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    Rig activity:
    Rig years: (10)
       U.S. Lower 48 Land
        Drilling                      187.9            158.6       184.3
       U.S. Offshore                    8.0             12.0         6.5
       Alaska                           5.3              9.1         6.0
       Canada                          49.7             34.8        39.3
       International (11)              99.6             88.3       102.1
          Total rig years             350.5            302.8       338.2
                                      =====            =====       =====
    Rig hours: (12)
       U.S. Land Well-
        servicing                   187,581          148,347     169,318
       Canada Well-servicing         53,154           46,032      49,740
          Total rig hours           240,735          194,379     219,058
                                    =======          =======     =======


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            These segments include our drilling, well-servicing,
            fluid logistics and workover operations, on land and
    (1)     offshore.
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            Includes operating results of the Superior acquisition for
            the three months ended March 31, 2011 and December 31,
    (2)     2010.
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            Includes earnings (losses), net from unconsolidated
            affiliates, accounted for using the equity method, of $.2
            million, $.1 million and $3.3 million for the three
            months ended March 31, 2011 and 2010 and December 31,
    (3)     2010, respectively.
    >>

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            Includes earnings (losses), net from unconsolidated
            affiliates, accounted for using the equity method, of
            $15.2 million, $4.5 million and $4.1 million for the
            three months ended March 31, 2011 and 2010 and December
    (4)     31, 2010, respectively.
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            Includes our drilling technology and top drive
            manufacturing, directional drilling, rig instrumentation
    (5)     and software, and construction and logistics operations.
    >>

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            Includes earnings (losses), net from unconsolidated
            affiliates, accounted for using the equity method, of $.9
            million, $3.0 million and $(2.5) million, for the three
            months ended March 31, 2011 and 2010 and December 31,
    (6)     2010, respectively.
    >>

(7) Represents the elimination of inter-segment transactions.

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            Represents the elimination of inter-segment transactions
    (8)     and unallocated corporate expenses.
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            Represents impairments and other charges recorded for the
    (9)     three months ended December 31, 2010.
    >>

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            Excludes well-servicing rigs, which are measured in rig
            hours.  Includes our equivalent percentage ownership of
            rigs owned by unconsolidated affiliates.  Rig years
            represent a measure of the number of equivalent rigs
            operating during a given period.  For example, one rig
            operating 182.5 days during a 365-day period represents
    (10)    0.5 rig years.
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            International rig years included our equivalent percentage
            ownership of rigs owned by unconsolidated affiliates
            which totaled 2.0 years, 2.5 years and 2.0 years during
            the three months ended March 31, 2011 and 2010 and
    (11)    December 31, 2010, respectively.
    >>

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            Rig hours represents the number of hours that our well-
    (12)    servicing rig fleet operated during the period.



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                               NABORS INDUSTRIES LTD. AND SUBSIDIARIES
                              COMPUTATION OF EARNINGS (LOSSES) PER SHARE
                                             (Unaudited)
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    A reconciliation of the numerators and denominators of the basic and
    diluted earnings (losses) per share computations is as follows:
    >>

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                                               Three Months Ended
                                               ------------------
                                           March 31,              December 31,
                                           ---------              ------------
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    (In thousands, except
     per share amounts)               2011             2010             2010
                                      ----             ----             ----
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    Net income (loss)
     attributable to
     Nabors (numerator):
    Income (loss) from
     continuing
     operations, net of
     tax                           $84,326          $43,519          $50,183
       Less: net (income)
        loss attributable to
        noncontrolling
        interest                       669            1,102           (1,293)
                                       ---            -----           ------
    Adjusted income (loss)
     from continuing
     operations, net of
     tax -basic                    $84,995          $44,621          $48,890
       Add interest expense
        on assumed conversion
        of our 0.94% senior
            exchangeable notes due
             2011, net of tax (1)        -                -                -
                                       ---              ---              ---
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    Adjusted income (loss)
     from continuing
     operations, net of
     tax -diluted                  $84,995          $44,621          $48,890
    Income (loss) from
     discontinued
     operations, net of
     tax                            (2,170)          (4,421)           1,591
                                    ------           ------            -----
    Adjusted net income
     (loss) attributable
     to Nabors                     $82,825          $40,200          $50,481
                                   -------          -------          -------
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       Earnings (losses) per
        share:
         Basic from continuing
          operations                  $.30             $.16             $.18
         Basic from
          discontinued
          operations                  (.01)            (.02)               -
    Total Basic                       $.29             $.14             $.18
                                      ----             ----             ----
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         Diluted from
          continuing operations       $.29             $.16             $.17
         Diluted from
          discontinued
          operations                  (.01)            (.02)               -
    Total Diluted                     $.28             $.14             $.17
                                      ----             ----             ----
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    Shares (denominator):
       Weighted-average
        number of shares
        outstanding - basic        286,114          284,672          285,443
       Net effect of dilutive
        stock options,
        warrants and
        restricted
          stock awards based on
           the if-converted
           method                    6,575            6,064            4,999
       Assumed conversion of
        our 0.94% senior
        exchangeable notes
        due 2011 (1)                     -                -                -
                                       ---              ---              ---
       Weighted-average
        number of shares
        outstanding -
        diluted                    292,689          290,736          290,442
                                   -------          -------          -------


    >>

    <<
          Diluted earnings (losses) per share for the three months ended March
          31, 2011 and 2010 and December 31, 2010 excluded any incremental
          shares issuable upon exchange of the 0.94% senior exchangeable notes
          due 2011.  As of March 31, 2011, we have purchased approximately
          $1.3 billion par value of these notes in the open market, leaving
          approximately $1.4 billion par value outstanding.  The number of
          shares that we would be required to issue upon exchange consists of
          only the incremental shares that would be issued above the principal
          amount of the notes, as we are required to pay cash up to the
          principal amount of the notes exchanged. We would issue an
          incremental number of shares only upon exchange of these notes.
          These shares are included in the calculation of the weighted-
          average number of shares outstanding in our diluted earnings per
          share calculation only when our stock price exceeds $45.83 as of the
          last trading day of the quarter and the average price of our shares
          for the ten consecutive trading days beginning on the third business
          day after the last trading day of the quarter exceeds $45.83, which
          did not occur during the three months ended March 31, 2011 and 2010
    (1)   and December 31, 2010.
    >>

    <<
      For all periods presented, the computation of diluted earnings (losses)
       per share excluded outstanding stock options and warrants with exercise
       prices greater than the average market price of Nabors' common shares,
       because their inclusion would have been anti-dilutive and because they
       were not considered participating securities. The average number of
       options and warrants that were excluded from diluted earnings (losses)
       per share that would have potentially diluted earnings (losses) per
       share in the future were 7,269,039 and 10,055,869 shares during the
       three months ended March 31, 2011 and 2010, respectively; and
       13,693,063 shares during the three months ended December 31, 2010. In
       any period during which the average market price of Nabors' common
       shares exceeds the exercise prices of these stock options and warrants,
       such stock options and warrants are included in our diluted earnings
       (losses) per share computation using the if-converted method of
       accounting.  Restricted stock will be included in our basic and diluted
       earnings (losses) per share computation using the two-class method of
       accounting in all periods because such stock is considered
       participating securities.





    >>

SOURCE Nabors Industries

For further information: Web Site: http://www.nabors.com

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Nabors Industries

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