NEWS BULLETIN

February 26, 2002 --- Vol. 8, No. 23February 2002

Nabors Industries acquiring Enserco Energy Service

Nabors Industries Inc. and Enserco Energy Service Co. Inc. said today that they have entered into an acquisition agreement by which Nabors will offer C$15.50 (plus interest from today to date of completion of transaction at an annual rate of 6 percent) for each Enserco common share.

Both companies operate in Alaska.

The Nabors companies own and operate more than 500 land drilling and 740 land work over and well-servicing rigs worldwide, 43 platform rigs, 16 jack-ups and three barge rigs in the Gulf of Mexico and international markets.

Nabors Alaska Drilling has rigs on the North Slope and onshore and offshore Cook Inlet and is the labor contractor for Unocal's Cook Inlet platform rigs.

Enserco is an integrated energy services company providing production and drilling services to the North American oil and gas industry, operating through subsidiaries Bonus Well Service and H&R Drilling. Enserco operates 193 Canadian service rigs and 30 drilling rigs.

Enserco has a joint venture in Alaska: Kuukpik/H&R Drilling is drilling for Unocal at Ninilchik.


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