HAMILTON, Bermuda, May 5, 2020 /PRNewswire/ -- Nabors Industries
Ltd. (NYSE: NBR) ("Nabors" or the "Company") announced today that
its Board of Directors has adopted a limited duration shareholder
rights plan under which shareholders will receive rights (the
"Rights") to purchase shares of a series of preferred shares. The
Rights will expire on April 30,
2021.
The rights plan was adopted specifically to restrict the ability
of persons or groups to acquire more than 4.9% of the Company's
common shares, U.S.$0.05 per share
(the "Common Shares"), thus protecting against a loss of Nabors'
U.S. federal net loss carryforwards and other tax assets that may
be used to reduce future U.S. federal income tax obligations.
In addition, the rights plan will help ensure fair treatment of
Nabors' shareholders in light of the significant drop in oil prices
exacerbated by the COVID-19 pandemic. The rights plan will reduce
the likelihood that persons or groups will be able to gain control
of Nabors without paying a control premium. The adoption of the
rights plan, however, is not a response to any known effort to
acquire control of the Company.
The rights plan is evidence by an agreement (the "Rights
Agreement") by and between the Company and Computershare Trust
Company, N.A., as Rights Agent, and is similar to other rights
plans adopted by publicly-held companies (including certain of the
Company's competitors). The Rights Agreement is more fully
described in a Form 8-K issued by the Company.
About Nabors
Nabors owns and operates one of the world's largest land-based
drilling rig fleets and is a provider of offshore rigs in the
United States and numerous international markets. Nabors
also provides directional drilling services, performance tools, and
innovative technologies for its own rig fleet and those of third
parties. Leveraging its advanced drilling automation capabilities,
Nabors highly skilled workforce continues to set new standards for
operational excellence and transform its industry.
Media Contact
For further information regarding Nabors, please
contact William Conroy, Vice President of Corporate
Development & Investor Relations, +1 281-775-2423, or
Kara Peak, Director of Corporate
Development & Investor Relations, +1 281-775-4954. To request
investor materials, contact Nabors' corporate headquarters
in Hamilton, Bermuda at + 1 441-292-1510 or via email
at mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.