October 9, 2002

News Release: Nabors Industries Take Over Of Ryan Energy Technologies Aproved

Ryan Energy Technologies Inc. (RYN TSX) wishes to announce that a proposed arrangement under section 193 of the Business Corporations Act (Alberta) involving Ryan and Nabors Industries Ltd. was approved earlier today at a special meeting of shareholders and optionholders of Ryan. The shareholders and optionholders voted 83.67 % in favour of the resolution approving the entering into of the Plan of Arrangement to effect the business combination of Ryan with Nabors. The proposed arrangement was also approved today by the Court of Queen's Bench of Alberta. Subject to the receipt of the final regulatory approval, Ryan and Nabors expect to consummate the arrangement on October 9, 2002. Upon closing, the exchangeable shares issued in connection with the Plan of Arrangement will be listed for trading on the Toronto Stock Exchange under the symbol 'NBX.U'.

The Nabors companies own and operate almost 600 land drilling and 933 land workover and well-servicing rigs worldwide. Offshore, Nabors operates 44 platform, 17 jack-ups, and three barge rigs in the Gulf of Mexico and international markets. Nabors also markets 30 marine transportation and support vessels in the Gulf of Mexico. In addition, Nabors manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services. Nabors participates in most of the significant oil, gas and geothermal markets in the world. Nabors Industries Ltd. common shares are listed on the American Stock Exchange under the symbol 'NBR'.

Ryan Energy Technologies Inc., is an industry leader in the development and provision of drilling technology and services and through its wholly-owned subsidiary, Data Wise Solutions Inc., it is a leader in the development and delivery of data management solutions for the energy industry. Tru Vu(R)PRO is an open architecture data acquisition, integration and management system. With offices in Houston and Calgary, Data Wise Solutions Inc. provides technology solutions to oil and gas exploration and service companies in the United States, Canada and Venezuela.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors'actual results may differ materially from those indicated or implied by such forward-looking statements.

CONTACT: TEL: (403) 269-5981 Ryan Energy Technologies Inc.

FAX: (403) 233-2233 Mr. Richard T. Ryan, President & CEO

Mr. Leonard A. Cornez, Vice President,

Finance and CFO

TEL: (281) 775-8038 Nabors Industries Ltd.:

FAX: (281) 775-8431 Dennis A. Smith, Director of Corporate

Development, Nabors Corporate Services Inc.