Nabors Completes Placement of $575 Million of Senior Unsecured Notes

    HAMILTON, Bermuda, Feb. 20 /CNW/ -- Nabors Industries Ltd. (NYSE:   NBR)
today announced that its wholly owned subsidiary Nabors Industries, Inc.,
completed the placement of $575 million in Senior Unsecured Notes with
registration rights in a private placement.  The notes bear interest at a rate
of 6.15 percent and will mature on February 15, 2018. The notes are fully and
unconditionally guaranteed by Nabors Industries Ltd.
    The notes have not been registered under the Securities Act of 1933 and
may not be offered or sold in the US or Canada absent registration or an
applicable exemption from registration requirements.
    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 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 41
platform rigs, 14 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.
    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 of Nabors Corporate Services, Inc., +1-281-775-8038, or Investor 
Materials, +1-441-292-1510,, both of Nabors 
Industries Ltd.

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Nabors Industries Ltd.

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