Nabors Industries History

In 1974 Anglo entered the contract drilling business when it acquired a 52.6 percent interest in Nabors Drilling Limited of Canada, an independent oil and gas drilling contractor.

By the end of 1978 Anglo had a fleet of 49 drilling rigs and had earned $9.9 million on annual sales of $99.7 million, with Nabors Drilling contributing nearly two-thirds of those revenues.

By 1979 sales had risen to $145 million, pushing income up proportionately to $14 million.

Anglo entered 1980 as a diversified company predominantly engaged in contract drilling for oil and natural gas in Western Canada, Alaska, and the United States Rocky Mountains.

After recording a quarterly loss of $7.8 million in September of 1982 the company suspended its stock dividend.

Anglo Energy, Ltd. filed for bankruptcy reorganization in 1983.

In August 1986 the company was restructured and emerged from bankruptcy with a new president and chief operating officer, Richard A. Stratton.

The company's strategy--used since its 1987 reorganization--was to use the assets of the former services companies it had acquired to maintain and expand upon its position in international and domestic land drilling markets, tapping into their potential for long-term contracts.

Because a majority of Anglo's business was conducted by Nabors Drilling Ltd. and Nabors Alaska Drilling subsidiaries and because the company wanted to change its moniker to reflect its new management's goals, in March 1989 the company changed its name to Nabors Industries, Inc.

In 1992 international drilling, particularly in Yemen, continued to provide the majority of operational growth for Nabors; revenues climbed to $286.2 million and income rose to $33.7 million.