Exhibit 99.1

NEWS RELEASE

Nabors 2Q2011 Operating Income Equals $175 Million

HAMILTON, Bermuda, July 26, 2011 — PRNewswire/FirstCall — Nabors Industries Ltd. (NYSE: NBR) today announced its financial results for the second quarter and first six months of 2011. The Company posted adjusted income derived from operating activities of $174.8 million for the current quarter, which compares to $126.8 million in the second quarter of 2010 and $191.0 million in the first quarter of 2011. Net Income from continuing operations was $68.1 million ($0.23 per diluted share), compared to $44.0 million ($0.15 per diluted share) in the second quarter of 2010 and $84.3 million ($0.29 per diluted share) in the first quarter of 2011. Operating revenues and earnings from unconsolidated affiliates totaled $1.36 billion in the current quarter, compared to $904.9 million in the second quarter of last year and $1.40 billion in the first quarter of this year. For the six months ended June 30, 2011 adjusted income derived from operating activities was $365.9 million, compared to $268.6 million in the first six months of 2010. Net income from continuing operations for the first six months of 2011 was $152.5 million ($0.52 per diluted share), compared to $87.5 million ($0.31 per diluted share) in 2010. Operating revenues and earnings from unconsolidated affiliates for the first six months of 2011 totaled $2.76 billion, compared to $1.80 billion for the first six months of 2010. Net income from discontinued operations for the current quarter was $123.9 million ($0.42 per diluted share), reflecting gains realized on the sale of the Company’s Colombia E&P assets.

Gene Isenberg, Nabors’ Chairman and CEO, commented, “The quarter exceeded our previous indications with better than anticipated results in our US Lower 48, Alaskan and Canadian land drilling units. The solid June results in our Pressure Pumping business suggest a return to expected levels of performance. Our International, US Well-servicing and US Offshore units performed as expected, as did our Other Operating Segments.

“The largest sequential improvement came from our US Lower 48 land drilling business where operating income increased by $19.1 million to $99.2 million. This was the result of a 6.3 rig increase in activity and an $807 per day increase in average margins, which included $395 per day in early termination payments. This unit secured another seven term contracts for new rigs during the quarter, bringing the total new build backlog to 36, including eight that are not yet committed to term contracts. We have already deployed eight during the first two quarters and expect to deploy another 13 before the end of the year, with the remaining 23 rigs expected to deploy throughout 2012. The outlook for this segment remains very promising, with significant interest in additional new and upgraded existing rigs continuing.

“Our US Well Servicing operations posted operating income of $16.5 million in the second quarter, a sequential increase of $5.4 million. The primary drivers for this increase were improved trucking and 24-hour rig activity and an increase in contributions from the northeast region, partially offset by lingering weather issues in North Dakota

and in Marcellus, both areas where this unit is increasing its presence significantly. Additionally, this unit incurred significant extra expense in labor and materials to reactivate assets for upcoming work. We expect Nabors Well Services to continue to improve in subsequent quarters on the strength of higher pricing and the deployment of incremental assets.

“As expected, results of $35.9 million in our International operations were flat with the first quarter, with a similar expectation for the third quarter. This slippage, in results compared to earlier forecasts stems from four primary issues: multiple delays in finalizing the execution of contracts, most of which require rig upgrades and/or recertifications; infrastructure and importation difficulties in Iraq; turmoil in Yemen which has caused us to eliminate any income expectations for the balance of 2011; and further deferrals of rig startups in Mexico and Colombia.

“We believe we are at the bottom of the downturn that has characterized the last 2-1/2 years internationally and we are embarking upon a significant transition into what we expect to be a long-term up cycle, although with much lower contributions from the offshore component of this business. We currently have 102 rigs operating internationally, and we expect to be at or above 120 by year-end, with at least 10 more expected to commence operations during the first half of 2012. In Saudi Arabia, we have nearly 20 rigs undergoing recertification, upgrade or modification, yielding reduced income due to the downtime incurred. Nonetheless, we expect that by the second quarter of 2012 the rig count in Saudi Arabia will climb to more than 30 from its current level of 21, and we have seven rigs in Iraq that will commence operations during the same period. Four large, high-capital/high-margin projects are also under construction for other venues and should begin contributing during the fourth quarter. All of this supports our improving outlook, although projecting the precise timing of international startups is always problematic.

“In our Pressure Pumping segment, operating income for the quarter was essentially flat at $43.9 million, reflecting lost income and costs associated with delayed equipment deliveries and adverse weather. A wet spring in the Marcellus Shale and the combination of late breakup and flooding in North Dakota impacted this business disproportionately given that these regions constitute nearly half of its current horsepower. We received the first spread of incremental frac equipment in mid-May and recently received two more as the pace of new frac equipment deliveries is back on track, although now approximately three months later than originally planned. We expect to have the remaining six spreads in service by the end of the first quarter of 2012, bringing our hydraulic fracturing fleet to a total of 854,000 horsepower. We now have 10 term contracts in place covering eight currently operating frac spreads and two that are yet to be delivered. We recently announced the establishment of Superior Canada Well Services and have numerous prospects for work in that area utilizing Nabors’ existing infrastructure. We remain confident in the outlook for this business and continue to seek further expansion opportunities. We anticipate third quarter income to return to expected levels as new equipment arrives and costs and startup issues abate. This was evidenced by results in the month of June which comprised approximately half of the quarter’s income.

“Our US Offshore operations improved slightly, but still posted a net loss of $1.1 million as they continue to be plagued by permitting and regulatory obstacles in the aftermath of the Macondo incident. We expect to see a modest profit in the third quarter followed by, gradual improvement in subsequent quarters as more rigs return to operations. Although the exact timing remains difficult to forecast, we currently expect activity to return to more normalized levels by mid 2012. Together with the deployment of two new deep-water platform rigs, this may result in a 2013 that exceeds previous highs.

“Our Canada operations produced a small loss of $2.5 million, much better than initially anticipated for the seasonally weak spring-thaw quarter. While rain in July has caused a slower than expected start to the third quarter, the balance of the quarter looks promising, leading to an improved outlook for the full year. Numerous opportunities for new rigs have emerged in this market which implies a more robust longer-term outlook than we previously thought.

“In Alaska seasonally low results of $8.3 million were modestly better than expected as some winter work extended into the second quarter. Subsequent quarters should show further decreases in quarterly income, but our full-year expectations are still intact. 2012 looks more promising, with several larger projects pending.

“Our Other Operating Segments posted a sizeable increase in income at $13.6 million, with strong results in Canrig offsetting seasonal slowdown in the Alaskan joint venture companies. Canrig’s first quarter supply chain delays have been resolved, while both customer shipments and order backlog remain at robust levels. During the quarter we agreed to purchase our partner’s interest in Peak Oilfield Services — our Alaska rig moving, logistics and oilfield construction joint venture. The transaction should, close later this week, at which time Peak will become a wholly owned subsidiary of Nabors. We are exploring expansion opportunities for this business both within Alaska and the Lower 48.

“Our Oil and Gas operations posted a profit of $5.0 million in the quarter. Income from discontinued operations reflected a gain of $129 million on proceeds of $250 million from the sale of our Colombian E&P assets.

“Financially we remain strong with over $700 million in cash and investments at the end of the quarter. During the quarter, we effected a net reduction in debt of approximately $200 million with the redemption of $1.4 billion in convertible notes. We also funded $660 million in capital expenditures, all accomplished through a combination of cash, proceeds from the E&P asset sales and $1.2 billion from our credit lines at an interest rate of approximately 1.75%. Cash generation from operations is accelerating and should continue to do so as many new projects deploy.

“In summary, while our first two quarters have seen a number of anticipated and unanticipated variances both internationally and in our pumping business, our North American rig operations and Canrig have been performing exceptionally well and should continue to see robust growth in coming quarters. As we saw in June, our pumping business is quickly getting on stride and the outlook for our International segment should

turn in the fourth quarter. All of this leads us to believe that our second half results will demonstrate a solid upward trajectory in all of our units other than the Gulf of Mexico and Alaska, and we expect a similar trajectory for these units in 2012 and 2013.”

The Nabors companies own and operate approximately 551 land drilling rigs and approximately 748 land workover and well-servicing rigs in North America. Nabors’ actively marketed offshore fleet consists of 40 platform rigs, 13 jackup units and 4 barge rigs in the United States and multiple international markets. 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.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors’ actual results may differ materially from those indicated or implied by such forward-looking statements. The projections contained in this release reflect management’s estimates as of the date of the release. Nabors does not undertake to update these forward-looking statements.

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.

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)

		Three Months Ended												Six Months Ended
		June 30,								March 31,				June 30,
(In thousands, except per share amounts)		2011				2010				2011				2011				2010
Revenues and other income:
Operating revenues		$	1,354,905			$	896,029			$	1,381,279			$	2,736,184			$	1,787,375
Earnings (losses) from unconsolidated affiliates			9,307				8,845				16,274				25,581				16,487
Investment income (loss)			(969	)			2,314				12,287				11,318				(243	)
Total revenues and other income			1,363,243				907,188				1,409,840				2,773,083				1,803,619
Costs and other deductions:
Direct costs			835,112				517,531				858,371				1,693,483				1,022,728
General and administrative expenses			125,648				80,337				118,458				244,106				155,763
Depreciation and amortization			225,912				175,397				226,102				452,014				346,933
Depletion			2,698				4,841				3,573				6,271				9,868
Interest expense			63,739				65,293				73,924				137,663				132,062
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net			5,572				11,024				6,029				11,601				31,391
Total costs and other deductions			1,258,681				854,423				1,286,457				2,545,138				1,698,745
Income (loss) from continuing operations before income taxes			104,562				52,765				123,383				227,945				104,874
Income tax expense (benefit):
Current			7,791				17,652				16,653				24,444				30,297
Deferred			27,873				(8,858	)			21,654				49,527				(12,913	)
Income tax expense (benefit)			35,664				8,794				38,307				73,971				17,384
Subsidiary preferred stock dividend			750				—				750				1,500				—
Income (loss) from continuing operations, net of tax			68,148				43,971				84,326				152,474				87,490
Income (loss) from discontinued operations, net of tax			123,906				(909	)			(2,170	)			121,736				(5,330	)
Net income (loss)			192,054				43,062				82,156				274,210				82,160
Less: Net (income) loss attributable to noncontrolling interest			394				559				669				1,063				1,661
Net income (loss) attributable to Nabors		$	192,448			$	43,621			$	82,825			$	275,273			$	83,821
Earnings (losses) per share: (1)
Basic from continuing operations		$	.24			$	.15			$	.30			$	.54			$	.31
Basic from discontinued operations		$	.43			$	—			$	(.01	)		$	.42			$	(.02	)
Basic		$	.67			$	.15			$	.29			$	.96			$	.29
Diluted from continuing operations		$	.23			$	.15			$	.29			$	.52			$	.31
Diluted from discontinued operations		$	.42			$	—			$	(.01	)		$	.42			$	(.02	)
Diluted		$	.65			$	.15			$	.28			$	.94			$	.29
Weighted-average number of common shares outstanding: (1)
Basic			287,311				285,181				286,114				286,712				284,927
Diluted			294,298				289,796				292,689				293,493				290,266
Adjusted income (loss) derived from operating activities (2)		$	174,842			$	126,768			$	191,049			$	365,891			$	268,570

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

		June 30,				March 31,				December 31,
(In thousands, except ratios)		2011				2011				2010
ASSETS
Current assets:
Cash and short-term investments		$	673,042			$	730,307			$	801,190
Accounts receivable, net			1,191,182				1,242,954				1,116,510
Assets held for sale			311,295				357,516				352,048
Other current assets			377,422				380,353				343,182
Total current assets			2,552,941				2,711,130				2,612,930
Long-term investments and other receivables			42,119				43,744				40,300
Property, plant and equipment, net			8,372,405				7,975,957				7,815,419
Goodwill			494,100				494,005				494,372
Investment in unconsolidated affiliates			303,970				300,425				267,723
Other long-term assets			350,117				365,147				415,825
Total assets		$	12,115,652			$	11,890,408			$	11,646,569
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt		$	881			$	1,391,224			$	1,379,018
Other current liabilities			1,024,069				839,368				775,362
Total current liabilities			1,024,950				2,230,592				2,154,380
Long-term debt			4,264,586				3,064,035				3,064,126
Other long-term liabilities			1,088,453				1,052,299				1,016,012
Total liabilities			6,377,989				6,346,926				6,234,518
Subsidiary preferred stock (1)			69,188				69,188				69,188
Equity:
Shareholders’ equity			5,655,504				5,459,905				5,328,162
Noncontrolling interest			12,971				14,389				14,701
Total equity			5,668,475				5,474,294				5,342,863
Total liabilities and equity		$	12,115,652			$	11,890,408			$	11,646,569
Cash, short-term and long-term investments (2)		$	715,161			$	774,051			$	841,490
Funded debt to capital ratio: (3)
- Gross			0.40 : 1				0.42 : 1				0.42 : 1
- Net of cash and investments			0.36 : 1				0.37 : 1				0.37 : 1
Interest coverage ratio: (4)			7.7 : 1				7.4 : 1				7.0 : 1

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
SEGMENT REPORTING
(Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:

		Three Months Ended												Six Months Ended
		June 30,								March 31,				June 30,
(In thousands, except rig activity)		2011				2010				2011				2011				2010
Reportable segments:
Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations:
Contract Drilling: (1)
U.S. Lower 48 Land Drilling		$	404,984			$	303,417			$	378,568			$	783,552			$	574,914
U.S. Land Well-servicing			164,140				104,860				150,256				314,396				202,851
U.S. Offshore			40,284				38,978				30,454				70,738				77,176
Alaska			32,336				43,385				41,315				73,651				93,179
Canada			87,974				60,759				172,443				260,417				176,315
International			265,231				267,007				262,477				527,708				512,351
Subtotal Contract Drilling (2)			994,949				818,406				1,035,513				2,030,462				1,636,786
Pressure Pumping (3)			265,930				—				257,859				523,789				—
Oil and Gas (4)			11,755				9,800				20,128				31,883				20,402
Other Operating Segments (5) (6)			162,491				107,749				121,383				283,874				203,262
Other reconciling items (7)			(70,913	)			(31,081	)			(37,330	)			(108,243	)			(56,588	)
Total		$	1,364,212			$	904,874			$	1,397,553			$	2,761,765			$	1,803,862
Adjusted income (loss) derived from operating activities from continuing operations:
Contract Drilling: (1)
U.S. Lower 48 Land Drilling		$	99,231			$	58,169			$	80,095			$	179,326			$	118,455
U.S. Land Well-servicing			16,526				3,231				11,123				27,649				10,416
U.S. Offshore			(1,059	)			8,104				(3,977	)			(5,036	)			15,477
Alaska			8,288				12,388				11,019				19,307				26,345
Canada			(2,512	)			(9,497	)			38,992				36,480				5,385
International			35,851				64,972				35,497				71,348				118,551
Subtotal Contract Drilling (2)			156,325				137,367				172,749				329,074				294,629
Pressure Pumping (3)			43,888				—				43,715				87,603				—
Oil and Gas (4)			4,959				1,998				(770	)			4,189				4,617
Other Operating Segments (5) (6)			13,641				8,317				6,138				19,779				15,207
Other reconciling items (8)			(43,971	)			(20,914	)			(30,783	)			(74,754	)			(45,883	)
Total			174,842				126,768				191,049				365,891				268,570
Interest expense			(63,739	)			(65,293	)			(73,924	)			(137,663	)			(132,062	)
Investment income (loss)			(969	)			2,314				12,287				11,318				(243	)
(Losses) gains on sales and retirements of long-lived assets and other (expense) income, net			(5,572	)			(11,024	)			(6,029	)			(11,601	)			(31,391	)
Income (loss) from continuing operations before income taxes		$	104,562			$	52,765			$	123,383			$	227,945			$	104,874
Rig activity:
Rig years: (9)
U.S. Lower 48 Land Drilling			194.2				172.3				187.9				191.0				165.5
U.S. Offshore			9.4				11.0				8.0				8.7				11.5
Alaska			4.5				8.0				5.3				4.9				8.5
Canada			22.5				17.7				49.7				36.1				26.2
International (10)			102.8				97.6				99.6				101.2				93.0
Total rig years			333.4				306.6				350.5				341.9				304.7
Rig hours: (11)
U.S. Land Well-servicing			195,949				157,199				187,581				383,530				305,546
Canada Well-servicing			29,254				32,211				53,154				82,408				78,243
Total rig hours			225,203				189,410				240,735				465,938				383,789

NABORS INDUSTRIES LTD. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSSES) PER SHARE
(Unaudited)

A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows:

		Three Months Ended												Six Months Ended
		June 30,								March 31,				June 30,
(In thousands, except per share amounts)		2011				2010				2011				2011				2010
Net income (loss) attributable to Nabors (numerator):
Income (loss) from continuing operations, net of tax		$	68,148			$	43,971			$	84,326			$	152,474			$	87,490
Less: net (income) loss attributable to noncontrolling interest			394				559				669				1,063				1,661
Adjusted income (loss) from continuing operations, net of tax — basic		$	68,542			$	44,530			$	84,995			$	153,537			$	89,151
Add interest expense on assumed conversion of our 0.94% senior exchangeable notes due 2011, net of tax (1)			—				—				—				—				—
Adjusted income (loss) from continuing operations, net of tax — diluted		$	68,542			$	44,530			$	84,995			$	153,537			$	89,151
Income (loss) from discontinued operations, net of tax			123,906				(909	)			(2,170	)			121,736				(5,330	)
Adjusted net income (loss) attributable to Nabors		$	192,448			$	43,621			$	82,825			$	275,273			$	83,821
Earnings (losses) per share:
Basic from continuing operations		$	.24			$	.15			$	.30			$	.54			$	.31
Basic from discontinued operations			.43				—				(.01	)			.42				(.02	)
Total Basic		$	.67			$	.15			$	.29			$	.96			$	.29
Diluted from continuing operations		$	.23			$	.15			$	.29			$	.52			$	.31
Diluted from discontinued operations			.42				—				(.01	)			.42				(.02	)
Total Diluted		$	.65			$	.15			$	.28			$	.94			$	.29
Shares (denominator):
Weighted-average number of shares outstanding-basic			287,311				285,181				286,114				286,712				284,927
Net effect of dilutive stock options, warrants and restricted stock awards based on the if-converted method			6,987				4,615				6,575				6,781				5,339
Assumed conversion of our 0.94% senior exchangeable notes due 2011 (1)			—				—				—				—				—
Weighted-average number of shares outstanding — diluted			294,298				289,796				292,689				293,493				290,266

For all periods presented, the computation of diluted earnings (losses) per share excluded outstanding stock options and warrants with exercise prices greater than the average market price of Nabors’ common shares, because their inclusion would have been anti-dilutive and because they were not considered participating securities. The average number of options and warrants that were excluded from diluted earnings (losses) per share that would have potentially diluted earnings (losses) per share in the future were 5,494,895 and 14,894,841 shares during the three months ended June 30, 2011 and 2010, respectively; and 7,269,039 shares during the three months ended March 31, 2011; and 6,381,967 and 12,475,355 shares during the six months ended June 30, 2011 and 2010, respectively. In any period during which the average market price of Nabors’ common shares exceeds the exercise prices of these stock options and warrants, such stock options and warrants are included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock will be included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities.