Nabors Completes Tender Offer for Superior Well Services Shares

Nabors Industries Ltd. NBR today announced that stockholders of Superior Well Services, Inc. SWSI have tendered 28,457,901 shares of common stock, representing approximately 92.4 percent of Superior Well Services' outstanding common stock, in Nabors' tender offer for all such shares. The offer period for tendering such shares expired at midnight on September 8, 2010 and was not extended. According to the terms of the tender offer, all shares that were validly tendered during the offer period have been accepted for payment. Nabors intends to complete the acquisition of Superior Well Services through a "short-form merger," that is, without a vote or meeting of Superior Well Services' remaining stockholders. In the merger, each remaining share of Superior Well Services common stock will be converted into the right to receive $22.12 per share, in cash, without interest and less any required withholding taxes, which is the same amount per share paid in the tender offer. The merger is expected to occur on or about September 10, 2010. Following the merger, Superior Well Services will become a wholly owned subsidiary of Nabors, and Superior Well Services common stock will no longer be listed on NASDAQ.