TEXT-S&P release on Nabors Industries

(The following statement was released by the ratings agency)

July 17 - Standard & Poor's Ratings Services affirmed its 'BBB+' rating on
Nabors Industries Inc's (NBR.N) 6.15% senior notes due 2018, following the
announcement that the company plans to increase the size of the notes to $1.325
billion, from $575 million, through a $750 million add-on offering. Nabors
expects to use proceeds to help fund the redemption of its $700 million
zero-coupon senior exchangeable notes due 2023, as well as for future capital
expenditures.

The corporate credit rating on Nabors is 'BBB+' and the outlook is stable.

"The ratings on Nabors reflect its dominant position in the onshore
contract-drilling market, solid liquidity, and beneficial diversification
around the world," said Standard & Poor's credit analyst Paul Harvey. "However,
tempering these strengths are management's somewhat aggressive financial
policy, the contract drilling industry's highly cyclical nature, continued
exposure to the North American market, and elevated debt leverage for the
rating."

Also weighing on ratings are continued governance concerns, including an
expanded investigation by the U.S. Department of Justice into possible
violations of the Foreign Corrupt Practices Act.
(New York Ratings Team)