Printer Friendly

NABORS INDUSTRIES, INC. COMPLETES ACQUISITION OF 167 LAND RIGS

 HOUSTON, June 10 /PRNewswire/ -- Nabors Industries, Inc. (AMEX: NBR), today announced that it had completed the previously announced acquisition of 167 land rigs and certain other assets of Grace Drilling Company. The Grace rigs will be merged with Nabors' existing 40-rig "lower 48" fleet, operated by its Nabors Loffland Drilling subsidiary. The company's expanded domestic drilling entity has been renamed Nabors Drilling USA, Inc. Nabors Drilling USA expects to actively market approximately 150 rigs of the combined domestic fleet.
 The purchase price for this acquisition was approximately $32 million. In addition, Grace received a three-year warrant to purchase 1.1 million common shares of Nabors common stock at an exercise price of $16.18 per share.
 Nabors Industries is one of the largest land drilling companies in the world. Following this acquisition, the company will operate worldwide more than 200 land rigs as well as ten platforms, one jackup and three barge rigs. The company is a major participant in most of the significant oil, gas and geothermal drilling markets in the world, including Alaska, the Middle East, South and Central America, the Far East, West and North Africa, Canada, the "lower 48" and the Gulf of Mexico. Complementing its drilling business, Nabors provides comprehensive oilfield management, logistics and engineering services.
 Nabors Stock (NBR) is listed on the American Stock Exchange.
 -0- 6/10/93
 /CONTACT: Harris Kaplan of Nabors, 713-874-0035/
 (NBR)


CO: Nabors Industries, Inc. ST: Texas IN: OIL SU: TNM

GK-MG -- NY071 -- 0778 06/10/93 16:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 10, 1993
Words:251
Previous Article:SPORTS MEDIA ANNOUNCES EFFECTIVE DATE OF WARRANT OFFER
Next Article:F&M BANCORPORATION OFFERS SHARES
Topics:


Related Articles
NABORS INDUSTRIES REPORTS FINANCIAL RESULTS
NABORS INDUSTRIES ANNOUNCES FINANCIAL RESULTS
GRACE TO REALIZE $56 MILLION FROM THE SALE OF GRACE DRILLING TO NABORS INDUSTRIES
NABORS INDUSTRIES, INC. MAKES ANNOUNCEMENT
NABORS INDUSTRIES ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER OF FISCAL 1993
MITCHELL SELLS 16 DRILLING RIGS TO NABORS FOR $9 MILLION, PLUS WARRANTS
NABORS INDUSTRIES ANNOUNCES OPERATING RESULTS
Nabors Industries Announces Execution of Definitive Agreement to Acquire Samson Rig Company and Rig Properties Inc.
Affiliate of Nabors Industries Offers to Acquire Command Drilling.
Nabors' Affiliate Successfully Acquires Command Drilling.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters