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NABORS INDUSTRIES ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER OF FISCAL 1993

 HOUSTON, Aug. 11 /PRNewswire/ -- Nabors Industries, Inc. (AMEX: NBR) today announced its operating results for the third quarter of fiscal 1993. Third quarter revenues were $83.3 million, compared to $68.9 million in the third quarter of fiscal 1992. Net income for this period totaled $10.8 million or $0.16 per share, compared with $8.2 million or $0.13 per share last year. For the first nine months of fiscal 1993, revenues were $232.1 compared with $212.5 million last year. Net income for this nine month period totaled $27.2 million or $0.40 per share, compared with $24.6 million or $0.38 per share.
 Operating income for the quarter was approximately the same as last year. Net income for the quarter included the gain on the previously announced sale of a North Sea platform rig.
 The company completed the acquisition of the assets of Grace Drilling company on June 10, 1993. Nabors' expanded US "lower 48" operations, while not making a significant contribution to operating income in the third quarter, have the potential to benefit from a continuing improvement in domestic land drilling activity.
 Shortly before the end of the third fiscal quarter, Nabors acquired substantially all of the assets of Vanguard Alaska, consisting of one workover and two drilling rigs located on the North Slope of Alaska. The workover rig will replace a Nabors workover rig which is being retired. Nabors' drilling and logistics operations in Alaska continue to make an important contribution to the company's revenue and operating profit. Late in the third quarter, two company rigs were shipped to Russia and are expected to begin working in Western Siberia toward the end of this fiscal year.
 Nabors Industries is one of the largest international land drilling companies, operating more than 225 land rigs, as well as 10 platform, three jackup and one barge rig. The company is a participant in most of the significant oil, gas and geothermal drilling markets of the world, including Alaska, the North Sea, the Middle East, South and Central America, North and West 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 is listed on the American Stock Exchange under the symbol NBR.
 NABORS INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements Of Income
 (In thousands, except per share amounts)
 Three months ended June 30, 1993 1992
 Revenues $ 83,274 $ 68,872
 Operating income 7,837 8,224
 Net income 10,838 8,199
 Earnings per share:
 Primary $ 0.16 $ 0.13
 Fully Diluted $ 0.16 $ 0.13
 Weighted average number
 of shares outstanding:
 Primary 68,768 65,038
 Fully Diluted 69,809 65,592
 Nine Months Ended June 30, 1993 1992
 Revenues $232,053 $212,539
 Operating income 23,621 25,552
 Net income 27,222 24,632
 Earnings per share:
 Primary $ 0.41 $ 0.38
 Fully Diluted $ 0.40 $ 0.38
 Weighted average number
 of shares outstanding:
 Primary 67,061 64,381
 Fully Diluted 68,627 65,200
 -0- 8/11/93
 /CONTACT: Harris Kaplan of Nabors Industries, Inc., 713-874-0035/
 (NBR)


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

MP -- NY067 -- 1715 08/11/93 13:03 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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