Nabors To Nominate New Independent Directors To Board At 2013 And 2014 Annual General Meetings Of Shareholders

 Nabors To Nominate New Independent Directors To Board At 2013 And 2014 Annual  General Meetings Of Shareholders  Reaches Agreement with Pamplona  HAMILTON, Bermuda and NEW YORK, April 4, 2013 /CNW/ - Nabors Industries Ltd.  (NYSE: NBR) ("Nabors") and PHM Investment (USD) 1 S.a.r.l., managed by  Pamplona Capital Management LLP ("Pamplona"), today announced that Nabors has  agreed to nominate a mutually agreed upon independent director for election to  the Nabors Board of Directors at the Company's 2013 and 2014 annual general  meetings of shareholders.  Nabors and Pamplona have also agreed that the 2013  nominee and Nabors will mutually agree on a second independent director who  will be nominated at the Company's 2014 annual general meeting of  shareholders.  The 2013 nominee has already been appointed to the Board, as  detailed in Nabors' concurrent press release.  Pamplona and its affiliates are  currently Nabors' largest shareholders, owning approximately 9.3% of the  outstanding shares.  Anthony G. Petrello, President and Chief Executive Officer of Nabors,  commented, "We are pleased to have reached this beneficial agreement following  a series of constructive discussions with Pamplona.  Today's announcement  enables us to add new and qualified independent directors to our Board and to  continue executing on our strategic plan to create value for our shareholders.   The Board is also evaluating strategies to enhance shareholder value,  including optimizing the Company's capital structure, reviewing its mix of  businesses and improving operating performance with the assistance of an  independent financial advisory firm of international reputation.  We remain  confident that our quality asset base, diverse product lines and geography,  global infrastructure and talented employee base uniquely position us for the  long-term."  Alex Knaster, Chairman of Pamplona Capital Management, said, "We believe that  the agreement reached will provide new independent voices and perspectives to  Nabors' Board and will improve the focus on maximizing shareholder value.  We  are pleased with the Board's commitment to conduct a strategic review and look  forward to continued constructive interaction with Nabors."  Nabors and Pamplona also announced that, pursuant to their agreement, Pamplona  will receive an exemption from Nabors' shareholder rights plan, allowing the  fund to acquire up to 14.99% of Nabors' common shares.  Additionally, Pamplona  has agreed, among other items, to vote its shares in support of all of the  Board's director nominees at the Company's 2013 and 2014 annual meetings.  Details of the agreement can be found in Nabors' 8-K, filed today with the  U.S. Securities and Exchange Commission.  About Nabors Industries Ltd.  The Nabors companies own and operate approximately 474 land drilling rigs  throughout the world and approximately 548 land workover and well servicing  rigs in North America.  Nabors' actively marketed offshore fleet consists of  36 platform rigs, 12 jackup units and 4 barge rigs in the United States and  multiple international markets. In addition, Nabors is one of the largest  providers of hydraulic fracturing, cementing, nitrogen and acid pressure  pumping services with approximately 805,000 hydraulic horsepower currently in  service.  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.  Nabors participates in most of the significant oil and gas markets  in the world.  About Pamplona Capital Management  Pamplona Capital Management is a specialist investment manager established in  2005 that provides an alternative investment platform across private equity,  fund of hedge funds and single manager hedge fund investments. Pamplona  manages over $6 billion in assets for a variety of clients including public  pension funds, international wealth managers, multinational corporations,  family offices and funds of hedge funds. Pamplona is currently managing its  third private equity fund, Pamplona Capital Partners III, LP, which was raised  in 2011 and has committed capital of Euro 2.0 billion. Pamplona invests  long-term capital across the capital structure of its portfolio companies in  both public and private market situations.  Pamplona invests primarily in  Europe and North America.  Forward Looking Statements  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.  These statements are also subject to risks and  uncertainties relating to each party's compliance with the terms of the  agreement between Nabors and Pamplona, the Board's ability to successfully  identify, evaluate and implement strategies to enhance shareholder value.  As  a result of these factors, Nabors' actual results may differ materially from  those indicated or implied by such forward-looking statements.  Nabors does  not undertake to update these forward-looking statements.  CONTACTS:  For further information regarding Nabors, please contact Dennis A. Smith,  Director of Corporate Development & Investor Relations, at 281-775-8038. To  request investor materials, contact Nabors' corporate headquarters in  Hamilton, Bermuda at 441-292-1510 or via email at  For further information regarding Pamplona, please contact Kevin O'Flaherty,  Chief Financial Officer of Pamplona, at  +44 20 7079 8009  PRN Photo Desk,  SOURCE: Nabors Industries Ltd.  To view this news release in HTML formatting, please use the following URL:  CO: Nabors Industries Ltd. ST: New York NI: OIL UTI 2575 WNEWS  
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