HAMILTON, Bermuda, Sept. 9 /PRNewswire-FirstCall/ -- Nabors
Industries Ltd. (Nabors) (NYSE: NBR) today announced that
stockholders of Superior Well Services, Inc. (Superior Well
Services) (Nasdaq: 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 (New York City
time) 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.
Gene Isenberg, Nabors' Chairman
and CEO, commented: "I am very pleased with the results of our
tender offer for the shares of Superior Well Services. Since
our original announcement regarding the merger agreement, we have
received favorable feedback from numerous key customers. This
has reinforced our expectation of achieving significant synergies
and validates our favorable perceptions regarding the quality of
Superior's technology, operations and especially their personnel.
I look forward to welcoming the experienced, capable and
motivated staff of Superior to the Nabors family of companies upon
completion of the transaction. The application of Nabors'
resources to this well respected franchise will be beneficial to
all involved."
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to certain risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements.
The Nabors companies own and operate approximately 550 land
drilling and approximately 728 land workover and well-servicing
rigs in North America.
Nabors' actively marketed offshore fleet consists of 39
platform rigs, 13 jackup units and 3 barge rigs in the United States and multiple international
markets. In addition, Nabors manufactures top drives and drilling
instrumentation systems and provides comprehensive oilfield
hauling, engineering, civil construction, logistics and facilities
maintenance, and project management services. Nabors participates
in most of the significant oil and gas markets in the world.
For further information, please contact Dennis A. Smith, Director of Corporate
Development for Nabors Corporate Services, Inc., at 281-775-8038.
To request Investor Materials, contact our corporate headquarters
in Hamilton, Bermuda at
441-292-1510 or via email at mark.andrews@nabors.com.
SOURCE Nabors Industries
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