Nabors Announces Preliminary Court Approval of Derivative Settlement; Detailed Notice to Shareholders Filed on Form 8-K

HAMILTON, Bermuda, March 19 /PRNewswire-FirstCall/ -- Nabors Industries Ltd. announced today that the United States District Court for the Southern District of Texas has granted preliminary approval of the previously disclosed settlement of Karstedt v. Isenberg, et al., Civil Action No. 4:07-cv-00509 (S.D. Tex.), a consolidated shareholder derivative action that alleges various claims for relief in connection with the Company's granting of certain historical stock options. The proposed settlement is subject to final Court approval. The Court has set a final approval hearing for May 14, 2008 at 10:00 a.m. in the courtroom of the Hon. David Hittner, United States District Judge.

As required by the Court's Preliminary Approval Order, Nabors is filing today with the Securities and Exchange Commission a Current Report on Form 8-K that provides shareholders with detailed notice of the terms of the proposed settlement. The notice also contains important information regarding the rights of shareholders with respect to this proposed settlement. We encourage shareholders to read the notice in its entirety. This notice can be found at http://www.sec.gov/ and is linked to the Company's investor relations web page at http://www.nabors.com/.

The Nabors companies own and actively market a fleet of approximately 535 land drilling and approximately 737 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of 35 platform rigs, 12 jack-up 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, 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 Hamilton, Bermuda at 441-292-1510 or via email at mark.andrews@nabors.com.