Nabors Exchangeco (Canada) Inc. Announces Redemption of Exchangeable Shares and Exercise of Redemption Call Right by 3064297 Nova Scotia Company

    CALGARY, May 26 /CNW/ - Nabors Exchangeco (Canada) Inc. (the
"Corporation") today announced that its board of directors has established a
redemption date in respect of all of the outstanding exchangeable shares of
the Corporation at July 31, 2009.
    In connection with the establishment of the redemption date, 3064297 Nova
Scotia Company has given notice of its intention to exercise its redemption
call right and, in accordance with that right, to purchase all of the
outstanding exchangeable shares on the redemption date. In accordance with the
exchangeable share provisions of the Corporation and related instruments, the
redemption call purchase price will be satisfied by the delivery to holders of
exchangeable shares of one share of common stock of Nabors Industries Ltd. for
each exchangeable share held on the redemption date.
    A formal notice of redemption and letter of transmittal for the surrender
of certificates representing exchangeable shares will be sent to holders of
exchangeable shares.
    The exchangeable shares are listed on the Toronto Stock Exchange under
the symbol NBX.U. The Corporation intends to apply to the Toronto Stock
Exchange to voluntarily delist the exchangeable shares effective at the close
of trading on the redemption date and to seek to cease to be a reporting
issuer following the redemption date.

For further information:

For further information: please contact Dennis A. Smith, Director of
Corporate Development of Nabors Corporate Services, Inc. at (281) 775-8038

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