Project MacDonald

On July 29, 2021, Nabors Drilling Canada Limited (“Nabors Canada”) and Nabors Global Holdings II Limited (“NGH2L”), each of which is a wholly owned subsidiary of Nabors Industries Ltd., closed the previously announced transaction pursuant to an asset purchase agreement dated June 23, 2021 among Nabors Canada, NGH2L (as guarantor) and Ensign Drilling Inc., pursuant to which Nabors Canada sold all of its drilling rigs and certain related assets to Ensign Drilling Inc. for a purchase price of $117,500,000 CAD, or approximately $95,500,000 US as of the date of the agreement. Closing of the transaction was subject to satisfaction of certain conditions, including, among others (i) receipt of applicable regulatory approvals, (ii) the accuracy of representations and warranties of, and (iii) no law, regulation, or injunction that prevented or prohibited completion of the transaction contemplated under the agreement.