Printer Friendly

NABORS INDUSTRIES, INC. MAKES ANNOUNCEMENT

 HOUSTON, April 23 /PRNewswire/ -- Nabors Industries, Inc. (AMEX: NBR) today announced the signing of an agreement to acquire the land rigs and certain other assets of the Grace Drilling Company for approximately $32 million. The transaction is expected to close in June, 1993, subject to certain conditions.
 Grace Drilling operates 167 U.S. based land rigs, of which 27 are diesel electric. Nabors currently operates 40 land rigs, 34 of which are diesel electric. The addition of the Grace rigs to Nabors' "lower 48" rig fleet will substantially enhance the company's ability to participate in any improvement in the domestic oil and gas market. The company also expects to benefit from the synergy obtained in combining the two rig fleets and from the experience and depth of Grace's personnel.
 Nabors Industries is one of the largest international land drilling companies, currently operating 102 land rigs, as well as 12 platform, three jackup and one barge rig. The company is a major participant in most of the significant oil, gas and geothermal drilling markets of the world, including Alaska, the Middle East, South and Central America, the North Sea, 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.
 NOTE: Nabors stock (NBR) is listed on the American Stock Exchange.
 -0- 4/23/93
 /CONTACT: Harris Kaplan of Nabors Industries, Inc., 713-874-0035/
 (NBR)


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

SH -- NY030 -- 9966 04/23/93 10:39 EDT
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:Apr 23, 1993
Words:259
Previous Article:/C O R R E C T I O N -- FITCH FINANCIAL WIRE/
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- OPEN, FRIDAY, APRIL 23 /PRN/
Topics:


Related Articles
GRACE TO REALIZE $56 MILLION FROM THE SALE OF GRACE DRILLING TO NABORS INDUSTRIES
NABORS INDUSTRIES, INC. ANNOUNCES ACQUISITION OF 16 U.S. RIGS
NABORS INDUSTRIES ACQUIRES SHARES OF POOL ENERGY SERVICES CO.
NABORS INDUSTRIES, INC. ANNOUNCES DEFINITIVE AGREEMENT
SEC DECLARES NABORS INDUSTRIES, INC. REGISTRATION EFFECTIVE
Nabors Completes Asset Purchase of Chesley Pruet Drilling and an Affiliate
Nabors Industries Announces Acquisition of Samsom Rig
Affiliate of Nabors Industries Intends to Make Cash Offer to Acquire Command Drilling.
Affiliate of Nabors Industries Offers to Acquire Command Drilling.
Nabors' Affiliate Successfully Acquires Command Drilling.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters