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IES ANNOUNCES FINANCIAL RESULTS

 IES ANNOUNCES FINANCIAL RESULTS
 HOUSTON, May 5 /PRNewswire/ -- Nabors Industries, Inc. (AMEX: NBR)


today announced its operating results for the second quarter of fiscal 1992. Revenues for the quarter ended March 31, 1992 were $75.3 million with net income of $8.2 million, or $.13 per share. This compares with revenues of $64.0 million and net income of $6.2 million, or $.10 per share, for the prior year quarter. Operating income for this year's second quarter was $8.9 million, compared with $6.6 million for the same period last year.
 For the first six months of fiscal 1992, the company reported revenues of $143.7 million and net income of $16.4 million, or $.26 per share, as compared to $121.4 million and $11.4 million, or $.19 per share, for the year earlier period. Operating income for the first six months of fiscal 1992 was $17.3 million, compared with $12.4 million for same period last year.
 Second quarter results benefitted from solid contributions from the company's Alaskan and North Sea operations, the continued expansion of its international land rig business and satisfactory results from operations in the lower 48 and Canada, despite the adverse market conditions there. In Alaska, Nabors was successful in receiving new contracts for its four rigs working in Prudhoe Bay. The operator of that field recently initiated a number of restructuring steps, among which was the reduction in the number of contractors who will be working in the field. The company is optimistic that recent winter exploration programs on the North Slope will result in future development activities.
 Nabors' North Sea activity is strong, with increasing work related to the new Piper, Saltire and Alba platforms. Internationally, the company has received a multi-year extension for its Far East geothermal work and is redeploying a land rig from Canada to Yemen. The company recently concluded its purchase from Amoco of the first purpose built slim hole oil and gas exploration drilling rig. Among the rig's potential benefits are significantly lower well costs, less environmental impact and enhanced mobility. The rig is now working for Amoco in the United States.
 In the past several years, Nabors has become one of the largest international drilling contractors, operating 100 land and 15 offshore rigs. Nabors is a major participant in most of the significant oil, gas and geothermal drilling markets in the world, including Alaska, the Middle East, South America, the North Sea, the Far East, Canada, the U.S. "lower 48" and the Gulf of Mexico. In addition, Nabors provides oilfield transportation and other support services in Alaska and the Middle East.
 Nabors' stock (NBR) is listed on the American Stock Exchange.
 NABORS INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements Of Income For
 The Three Months And Six Months Ended March 31, 1992
 (In thousands, except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $75,255 $63,995
 Operating income 8,852 6,613
 Net income 8,211 6,196
 Earnings per share $ .13 $ .10
 Weighted average number of shares
 outstanding 64,366 61,491
 Six Months Ended
 March 31,
 1992 1991
 Revenues $143,667 $121,390
 Operating income 17,328 12,431
 Net income 16,433 11,446
 Earnings per share $ .26 $ .19
 Weighted average number of shares
 outstanding 64,052 60,573
 -0- 5/5/92
 /CONTACT: Harris Kaplan of Nabors Industries, 713-874-0035/
 (NBR) CO: Nabors Industries Inc. ST: Texas IN: OIL SU: ERN


KD -- NY058 -- 6528 05/05/92 11:43 EDT
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Date:May 5, 1992
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