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Business Description
Nabors Industries, Inc. is a land drilling contractor, with over 550 land drilling rigs as of March 15, 2002. Nabors conducts oil, gas and geothermal land drilling operations in the lower 48 states, Alaska and Canada, and internationally, primarily in South and Central America, the Middle East and Africa. Nabors also is a land well-servicing and workover contractor in the United States. The Company owns approximately 745 land workover and well-servicing rigs, in the southwestern and western United States, and approximately 40 well-servicing and workover rigs in certain international markets. Nabors provides offshore platform workover and drilling rigs. Nabors markets 42 platform, 16 jackup and three barge rigs in the Gulf of Mexico and international markets. These rigs provide well-servicing, workover and drilling services. The Company also owns and operates a net of nine rigs through an international joint venture in Saudi Arabia.

Financial Information
NBR conducts oil, gas and geothermal land drilling operations in North and South America and the Middle East; and is also one of the largest land well servicing and workover contractors in the U.S. For the six months ended 6/30/02, revenues fell 36% to $763.9 million. Net income fell 64% to $67.4 million. Revenues reflect the weakness in the price of natural gas and oil. Lower income also reflects lower average dayrates and higher interest expenses.