Nabors Industries Announces Notice to Warrant Holders

HAMILTON, Bermuda, Feb. 17, 2022 /PRNewswire/ -- On June 11, 2021, Nabors Industries Ltd. ("Nabors") (NYSE: NBR) issued Warrants ("Warrants") to all holders of Nabors' common shares ("Common Shares") to purchase Common Shares pursuant to a Warrant Agreement (the "Warrant Agreement") dated as of June 10, 2021 between Nabors and Computershare Trust Company, N.A.

Nabors, in compliance with section 8.04 of the Warrant Agreement, hereby notifies Warrant holders that effective as of March 21, 2022 (the "Effective Date") the following series of notes are "Designated Notes" under the Warrant Agreement and may be used to pay the exercise price of the Warrants:

• Nabors Industries, Inc.'s 5.10% Notes due 2023,
• Nabors Industries, Inc.'s 5.75% Notes due 2025 and
• Nabors' 7.25% Notes due 2026

As a result of this designation, upon the Effective Date, no other series of notes, including Nabors Industries, Inc.'s 0.75% Exchangeable Notes due 2024, will be accepted by Nabors as payment of the exercise price of the Warrants.

About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

Investor Contacts:

For further information regarding Nabors, please contact William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com  

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SOURCE Nabors Industries Ltd.