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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (62895)	3/24/2000 9:16:00 PM
From: Razorbak	Respond to of 95453

"Nabors Executives Divest a Minority of Their Holdings" (Down 5.2%) Friday March 24, 12:20 pm Eastern Time Company Press Release Nabors Executives Divest a Minority of Their Holdings HOUSTON--(BUSINESS WIRE)--March 24, 2000--Nabors Industries Inc. (AMEX:NBR - news) today announced that three of its principal officers exercised incentive stock options to purchase approximately 7.5 million shares of Nabors common stock. The exercise prices ranged from $9.5625 to $12.50 per share for which the Company expects to receive approximately $90 million in cash. The executives and the amount of shares sold are: Eugene M. Isenberg, chairman and chief executive officer, 4.7 million shares; Anthony G. Petrello, president and chief operating officer, 2.2 million shares; and Richard A. Stratton, vice chairman, 0.6 million shares. The sales represent a minority of the Nabors shares held by each executive representing approximately 37%, 45% and 45% respectively. The underlying shares and their resale previously have been registered in filings with the Securities and Exchange Commission. The exercised shares were sold to Merrill Lynch in a block trade yesterday. The transaction with Merrill is subject to the usual and customary restrictions, including a lockup period for the selling stockholders and the Company. Mr. Gene Isenberg commented on the sale, ``The sales by myself, Tony and Dick are motivated by estate planning needs and a desire to diversify some of our Nabors holdings. We understand that the window available to us for diversification requires a very strong and rising outlook. Further, the vast majority of our compensation is derived from appreciation of Nabors stock and, as substantial owners, we continue to have a very large economic interest in the future prosperity of Nabors.' The Nabors companies actively market over 500 land drilling and 790 land workover rigs worldwide. Offshore, Nabors operates 45 platform rigs worldwide, as well as 13 jack-ups, two barge drilling rigs and 29 marine transportation and support vessels in the Gulf of Mexico. Nabors participates in most of the significant oil, gas, and geothermal markets in the world. Nabors also manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services. 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. Nabors' stock is listed on the American Stock Exchange (NBR). For further information, please contact Dennis A. Smith at Nabors at 281/874-0035. To request Investor Materials, call 281/775-8000 - extension 6363. -------------------------------------------------------------------------------- Contact: Nabors Industries Inc., Houston Dennis A. Smith, 281/874-0035 or To request Investor Materials, 281/775-8000 ext. 6363 biz.yahoo.com