Bayard Stockholders Approve Merger.

HOUSTON--(BUSINESS WIRE)--March 17, 1999--Nabors Industries Inc. (AMEX:NBR) and Bayard Drilling Technologies (AMEX:BDI) announced today that Bayard's stockholders have approved the proposed merger with a special purpose subsidiary of Nabors. At a special meeting on March 16, 1999, the holders of a majority of the outstanding shares of Bayard common stock voted to adopt the merger agreement entered into between Bayard, Nabors and a Nabors' subsidiary. Under the merger agreement, the Bayard stockholders will receive 0.3375 shares of Nabors common stock and $0.30 cash for each share of Bayard common stock. The transaction includes roughly $120 million in debt, which will remain an obligation of Bayard's following the closing. Bayard and Nabors expect to consummate the merger on or about April 1, 1999.

The information above includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are also subject to certain risks and uncertainties, as disclosed by Nabors and Bayard from time to time in their respective filings with the Securities and Exchange Commission. As a result of these factors, Nabors' and Bayard's actual results may differ materially from those indicated in or implied by such forward-looking statements.

Both Bayard's (BDI) and Nabors' (NBR) stocks are listed on the American Stock Exchange (NBR). For further information, please contact Dennis A. Smith at Nabors at 281/874-0035 or David Grose at Bayard at 405/840-9550 ext. 204. To request Investor Materials contact the respective numbers above.