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8-K - FORM 8-K - NABORS INDUSTRIES LTD | h81738e8vk.htm |
EXHIBIT 99.1
NEWS RELEASE |
Nabors Director, Martin J. Whitman, to retire; John Yearwood to assume Lead Director role
Hamilton, Bermuda, April 29, 2011 / PR Newswire FirstCall Nabors Industries Ltd. (NYSE:
NBR) today announced that Martin J. Whitman intends to retire from its board of directors at the
conclusion of his current term, which expires at the Companys annual general meeting of
shareholders on June 7, 2011. Mr. Whitman has served as a director since 1991 and as Lead Director
since 2002.
Nabors also announced that the Board has appointed John Yearwood to succeed Mr. Whitman in his
roles as Lead Director and on each of its Audit, Compensation and Executive Committees upon Mr.
Whitmans retirement. Mr. Yearwood served in senior executive roles at Schlumberger Limited and,
most recently, as Chief Executive Officer of Smith International, Inc. until its sale to
Schlumberger.
Gene Isenberg, Nabors Chairman and CEO, commented, Marty has been an invaluable member of our
Board since 1991. Martys critical role in Nabors success precedes his tenure as a director. He
was the driving force in creating Nabors from its predecessor, Anglo Energy, following Anglos
emergence from bankruptcy in late 1986. Marty identified the Anglo opportunity and led a group
that purchased, directly from the creditors, a portion of Anglos distressed debt and a majority
position in its equity, which was soon recapitalized into Nabors. Since that time, his vision and
guidance, particularly in the areas of capital structure, financial oversight and risk management
have been instrumental in the 140-fold increase in Nabors enterprise value.
I am also delighted to announce that our board has decided to name Marty a Director Emeritus in
honor of his long-standing and critical contribution to the success of Nabors.
I and the other Board members are also pleased that John Yearwood has agreed to assume the role of
Lead Director upon Martys retirement. During his short tenure on the Board, John has been a
leader in the areas of corporate governance and strategy, all the while drawing on his depth of
industry experience to provide a wealth of knowledge and insight specific to the various segments
of our business.
The Nabors companies own and operate approximately 551 land drilling and approximately 750 land
workover and well servicing rigs in North America. Nabors actively marketed offshore fleet
consists of 38 platform rigs, 13 jackup units and 3 barge rigs in the United States and multiple
international markets. Nabors also provides pressure pumping services with over 545,000 hydraulic
horsepower in key basins throughout the US Lower 48. In addition, Nabors manufactures top drives
and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering,
civil construction, logistics and facilities maintenance, and project management services. Nabors
participates in most of the significant oil and gas markets in the world.
For further information, please contact Dennis A. Smith, Director of Corporate Development for
Nabors Corporate Services, Inc., at 281-775-8038. To request Investor Materials, contact our
corporate headquarters in Hamilton, Bermuda at 441-292-1510 or via email at
mark.andrews@nabors.com.