Nabors moves to attach technology arm - August 25, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2002

Vol. 7, No. 34

Week of August 25, 2002

Nabors moves to attach technology arm

Steve Sutherlin, PNA managing editor

Nabors Industries Ltd. will extend its reach into petroleum data management with the planned acquisition of Ryan Energy Technologies Inc of Calgary.

Ryan’s wholly owned subsidiary Data Wise Solutions Inc. has offices in Calgary and Houston, and has projects in the United States, Canada and Venezuela.

Nabors offered $1.85 per share for Ryan, redeemable either in cash or the equivalent value in Nabors shares, Nabors said Aug. 13. There are 22.7 million Ryan shares outstanding. Nabors said it had effective control of 21 percent of Ryan common shares, diluted for in-the-money options.

The agreement is subject to approval by the Alberta government, and by 66 2/3 percent of Ryan shareholders and option holders.

The agreement has a termination fee of $1.75 million payable by Ryan under certain circumstances. Nabors has the right to match competing bids.

Richard T. Ryan has agreed to stay as president and CEO of Ryan, Nabors said.

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