Nabors Announces Preliminary Court Approval of Derivative Settlement; Detailed Notice to Shareholders Filed on Form 8-K

    HAMILTON, Bermuda, March 19 /CNW/ -- Nabors Industries Ltd. (NYSE:   NBR)
announced today that the United States District Court for the Southern
District of Texas has granted preliminary approval of the previously disclosed
settlement of Karstedt v. Isenberg, et al., Civil Action No. 4:07-cv-00509
(S.D. Tex.), a consolidated shareholder derivative action that alleges various
claims for relief in connection with the Company's granting of certain
historical stock options.  The proposed settlement is subject to final Court
approval.  The Court has set a final approval hearing for May 14, 2008 at
10:00 a.m. in the courtroom of the Hon. David Hittner, United States District
    As required by the Court's Preliminary Approval Order, Nabors is filing
today with the Securities and Exchange Commission a Current Report on Form 8-K
that provides shareholders with detailed notice of the terms of the proposed
settlement.  The notice also contains important information regarding the
rights of shareholders with respect to this proposed settlement.  We encourage
shareholders to read the notice in its entirety.  This notice can be found at and is linked to the Company's investor relations web page
    The Nabors companies own and actively market a fleet of approximately 535
land drilling and approximately 737 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 participates in most of
the significant oil, gas and geothermal markets in the world.
    For further information, please contact Dennis A. Smith, Director of
Corporate Development of Nabors Corporate Services, Inc. at 281-775-8038. To
request Investor Materials, call our corporate headquarters in Hamilton,
Bermuda at 441-292-1510 or via email at

For further information:

For further information: Dennis A. Smith, Director of Corporate 
Development, +1-281-775-8038, or investor materials, +1-441-292-1510,, both of Nabors Web Site:

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