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Wednesday, January 23, 2013

Top Nabors shareholder says "increasingly concerned", (NYSE: NBR)

Pamplona Capital Management, holder of 9.3 percent of Nabors Industries Ltd, has become "increasingly concerned" over the underperformance of the drilling rig contractor's shares, according to a filing on Wednesday. Pamplona, a fund backed by Russian billion?aire Mikhail Fridman's Alfa Group, also said in the filing with the U.S. Securities and Exchange Commission that it had "valuable insights" to contribute to the development of Nabors' business, and that it has had constructive discussions with its management.Pamplona was reporting an 8.8 percent stake held by the fund in addition to another 0.5 percent of Nabors owned by its founder, Alex Knaster.

Nabors Industries Ltd. (Nabors) is a land drilling contractor. Shares of NBR traded higher by 4.45% or $0.705/share to $16.54. In the past year, the shares have traded as low as $12.40 and as high as $22.73. On average, 4332200 shares of NBR exchange hands on a given day and today's volume is recorded at 13190287.