Nabors Industries Ltd.

Nabors Industries Ltd. has commenced concurrent underwritten public offerings of 35 million of its common shares and 5 million of its new mandatory convertible preferred shares, series A. In connection with the common shares offering, Nabors intends to grant the underwriters a 30-day option to purchase an additional 5.25 million common shares. In connection with the mandatory convertible preferred shares offering, Nabors intends to grant the underwriters a 30-day overallotment option to purchase an additional 750,000 mandatory convertible preferred shares. Nabors intends to use the net proceeds from these offerings to repay borrowings outstanding under its revolving credit facility, which it may re-borrow from time to time for the repayment of other indebtedness, and for general corporate purposes.