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NABORS INDUSTRIES ANNOUNCES FISCAL 1991 RESULTS

 NABORS INDUSTRIES ANNOUNCES FISCAL 1991 RESULTS
 HOUSTON, Nov. 26 /PRNewswire/ -- Nabors Industries, Inc.


(AMEX: NBR), announced today its operating results for the fiscal year ended Sept. 30, 1991. Net income totaled $27.1 million or $0.44 per share, compared to $14.6 million or $0.27 per share in fiscal 1990. Revenues were $240.1 million in fiscal 1991 compared to $139.0 million in the prior year. Operating income totaled $26.8 million for the fiscal year ended Sept. 30, 1991, compared to $12.6 million for fiscal 1990.
 For the fourth quarter of fiscal 1991, the company reported net income of $8.8 million, or $0.14 per share, compared to net income of $5.9 million, or $0.10 per share, in the fourth quarter of 1990. Revenues for the current quarter amounted to $60.0 million compared to $47.4 million in the prior year's quarter. Operating income totaled $7.1 million for the current quarter compared to $5.1 million in the prior year's quarter.
 The strong year-to-year growth in revenues and profitability primarily reflects the excellent results in all of the company's international land drilling markets and Alaska. Platform drilling operations in the North Sea also made an important contribution. Operations in the "lower 48" and Canada, while profitable, were not significant contributors to net income.
 The majority of the new international rig contracts obtained during fiscal 1991 commenced during the latter part of the fiscal year. As a result, a greater benefit from these contracts will be realized in fiscal 1992 than has been reflected in fiscal 1991. These contracts, coupled with expected continuing new growth in the company's international land markets, should result in enhanced earnings in fiscal 1992.
 Nabors Industries is one of the largest international land drilling contractors and operates 113 land and offshore rigs. Nabors is a major participant in many of the significant oil and gas drilling markets in the world. Nabors also provides oilfield transportation and other logistical support services in Alaska and the Middle East.
 NABORS INDUSTRIES, INC., AND SUBSIDIARIES
 Condensed Consolidated Statement of Income
 (In thousands, except per share amounts)
 Fiscal year ended Sept. 30 1991 1990
 Revenues $ 240,111 $ 138,974
 Operating income 26,833 12,595
 Net income 27,087 14,562
 Earnings per share $ .44 $ .27
 Weighted average number of
 shares outstanding 61,424 54,076
 Three months ended Sept. 30 1991 1990
 Revenues $ 60,025 $ 47,406
 Operating income 7,083 5,067
 Net income 8,837 5,940
 Earnings per share $ .14 $ .10
 Weighted average number of
 shares outstanding 61,537 59,741
 NOTE: During the fourth quarter of fiscal 1991, the company collected certain long-term receivables resulting in a gain being recorded as other income during the quarter.
 -0- 11/26/91
 /CONTACT: Harris Kaplan of Nabors Industries, 713-874-0035/
 (NBR) CO: Nabors Industries, Inc. ST: Texas IN: SU: ERN


GK -- NY060 -- 7365 11/26/91 14:00 EST
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Date:Nov 26, 1991
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