2010-08-10-2010-08-09-2010-09-09

Acquired Indiana, Pa.-based oilfield services company, gaining a fleet with more than 430,000 hydraulic fracturing horsepower.

Nabors Industries Ltd., Hamilton, Bermuda, (NYSE: NBR) reports stockholders of Superior Well Services Inc., Indiana, Pa.,(Nasdaq: SWSI) have tendered approximately 28.5 million shares of common stock, representing approximately 92.4% of Superior Well Services' outstanding common stock, in Nabors' tender offer for all such shares.

The offer period for tendering such shares expired Sept. 8, and was not extended.

According to the terms of the tender offer, all shares that were validly tendered during the offer period have been accepted for payment. Nabors intends to complete its $900-million acquisition of Superior Well Services through a "short-form merger," without a vote or meeting of Superior Well Services' remaining stockholders, on Sept. 10.

In the merger, each remaining share of Superior Well Services common stock will be converted into the right to receive $22.12 per share, in cash, without interest and less any required withholding taxes, which is the same amount per share paid in the tender offer.

Nabors chairman and chief executive Gene Isenberg says, "Since our original announcement regarding the merger agreement, we have received favorable feedback from numerous key customers. This has reinforced our expectation of achieving significant synergies and validates our favorable perceptions regarding the quality of Superior's technology, operations and especially their personnel."

The Nabors companies own and operate approximately 550 land drilling and approximately 728 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of 39 platform rigs, 13 jackup units and 3 barge rigs in the United States and multiple international markets.