Nabors Announces Results Of Annual General Meeting Of Shareholders

Nabors Announces Results Of Annual General Meeting Of Shareholders 
HAMILTON, Bermuda, June 6, 2013 /CNW/ - Nabors Industries Ltd. (NYSE:NBR) 
today announced the voting results from its annual general meeting of 
shareholders held on June 4, 2013.  Approximately 86.8 percent of outstanding 
shares were represented at the meeting. 
Shareholders re-elected each of the director nominees – James R. Crane, 
Michael C. Linn, John V. Lombardi, Howard Wolf and John Yearwood – to the 
Board of Directors.  With the retirement of director James L. Payne, Nabors' 
Board now has seven directors. 
Shareholders also: 


    --  ratified PricewaterhouseCoopers LLP as Nabors' independent
        auditor for 2013,
    --  approved the Company's 2013 Incentive Bonus Plan,
    --  approved the Company's 2013 Stock Plan,
    --  rejected the advisory "Say-on-Pay" proposal,
    --  rejected a shareholder proposal to require shareholder approval
        of specific performance metrics,
    --  rejected a shareholder proposal to separate the offices of
        Chairman and CEO,
    --  rejected a shareholder proposal to require the retention of
        specified levels of equity by executives,
    --  rejected a shareholder proposal to require shareholder approval
        of certain severance agreements, and
    --  rejected a shareholder proposal relating to proxy access.

The voting results as certified by the independent inspector of elections are 
detailed in the Company's Form 8-K being filed today.

Messrs. Lombardi and Yearwood received approximately 44 and 47% of votes cast 
versus votes withheld.  In accordance with Nabors' director-resignation 
policy, they tendered their resignations following the meeting. After 
considering the current structure of the Board, the Company's strategic needs, 
shareholders' expressed reasons for withholding votes, and the roles each 
director played in addressing shareholder concerns by initiating changes in 
governance and historical compensation practices, the Governance & Nominating 
Committee recommended that the Board not accept the resignations.  The Board 
determined that acceptance of their resignations would not be in the Company's 
best interests and voted unanimously to reject the resignations.  Messrs. 
Lombardi and Yearwood did not participate in the deliberations or the vote.

Tony Petrello, Chairman of the Board, stated: "We have made a series of 
changes in our governance practices, which we believe reflects the extensive, 
productive discussions we have had with shareholders since last year's 
meeting.  We value our shareholders' input and look forward to continued 
productive dialogue aimed at addressing any ongoing concerns."

For further information, 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 mark.andrews@nabors.com.

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SOURCE: Nabors Industries Ltd.

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CO: Nabors Industries Ltd.
NI: UTI OIL 

-0- Jun/06/2013 17:16 GMT