An affiliate of Houston-based Nabors Industries Inc. said it intends to make a cash offer to acquire all of the common shares of Command Drilling Corp. for C$3.30 per share. 19552 Yukon Inc. said the bid represents a 20% premium over the closing price of the Command shares on Sept. 14, 2001.

Nabors reported that it has entered into permitted lock-up agreements with shareholders and optionholders of Command that own or control an aggregate of about seven million common shares and options to acquire an aggregate of 526,250 common shares of Command. As a result, Nabors said it may be considered to have acquired ownership of approximately 24% of the outstanding common shares of Command.

With the lock-up agreements and prior market purchases, Nabors said it has acquired ownership of, or control or direction over, an aggregate of 10.48 million common shares of Command, which Nabors believes constitutes approximately 35% of the outstanding common shares of Command after giving effect to the exercise of the options.

Nabors said the offer is intended to be made to Command shareholders as soon as practicable and will be conditional upon a number of conditions, including the receipt of regulatory approvals. Nabors owns and operates over 500 land drilling and 740 land workover and well-servicing rigs worldwide, including 36 in Canada operated by Nabors Drilling Ltd., a wholly-owned subsidiary of 19552 Yukon.

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