Nabors Industries Ltd.

Nabors Industries Ltd.

March 01, 2005 08:00 ET

Jack Wexler to Retire from Nabors Board and Become Director Emeritus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NABORS INDUSTRIES LTD.

AMEX SYMBOL: NBR

MARCH 1, 2005 - 08:00 ET

Jack Wexler to Retire from Nabors Board and Become
Director Emeritus

BRIDGETOWN, Barbados--(CCNMatthews - Mar 1, 2005) -

Nabors Industries Ltd. (AMEX:NBR) today announced that Jack Wexler, a
director of Nabors since 1987, is retiring as an active member of the
Nabors Board. In honor of his long-standing and critical contribution to
the success of Nabors he is being named a Director Emeritus. Mr. Wexler
has been serving as Chairman of the Compensation Committee and also a
member of the Executive, Audit, and Governance and Nominating Committees
for many years. Outside of Nabors, Mr. Wexler has been an international
business consultant to exporting and petroleum service companies since
his retirement from Exxon in 1983. During his career with Exxon and
various affiliates he served in numerous senior staff and executive
management positions in the United States and the Far East.

Gene Isenberg, Nabors' Chairman and CEO, commented on Mr. Wexler's
retirement: "It is with mixed emotions that I greet Jack's decision to
retire from active service as a Director of Nabors. Jack's counsel and
leadership over the last 18 years has been invaluable to me and the
success of Nabors. He has been the Director I most often relied upon for
advice on not only strategic, but also day-to-day issues. Jack's input
has been steady and reasoned throughout what has been some of the most
exciting and challenging times of our history. I am delighted that we
are able to recognize his importance by naming him a Director Emeritus
of Nabors Industries Ltd."

The Nabors companies own and operate almost 600 land drilling and
approximately 900 land workover and well-servicing rigs worldwide.
Offshore, Nabors operates 44 platform rigs, 19 jack-up units, and three
barge rigs in the United States and multiple international markets.
Nabors markets 31 marine transportation and support vessels, primarily
in the U.S. Gulf of Mexico. 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, gas and geothermal markets in the world.

For further information, please contact Dennis A. Smith, Director of
Corporate Development of Nabors Corporate Services, Inc., at
281-775-8038. To request Investor Materials, call our corporate
headquarters in St. Michael, Barbados, at 246-421-9471 or via email at
dan.mclachlin@nabors.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Nabors Corporate Services, Inc., Houston
    Dennis A. Smith, 281-775-8038