Exhibit 99.1

Nabors’ 1Q 2012 Operating Income equals $321.2 million, EPS equals $0.65,

excluding a $0.16 ceiling test charge from NFR

HAMILTON, Bermuda, April 24, 2012 – Nabors Industries Ltd. (NYSE:NBR) today reported its financial results for the first quarter of 2012. Adjusted income derived from operating activities was $321.2 million, compared to $207.6 million in the first quarter of 2011 and $272.7 million in the quarter ended December 31, 2011. Net income from continuing operations was $188.9 million ($0.65 per diluted share), excluding our share of a ceiling-test impairment incurred by our affiliate, NFR Energy. GAAP net income from continuing operations was $142.6 million ($0.49 per diluted share), net of the non-cash ceiling-test impairment which amounted to $68.2 million ($0.16 per diluted share), compared to $94.6 million ($0.33 per diluted share) in the first quarter of last year and $89.5 million ($0.30 per diluted share) in the fourth quarter of 2011. Operating Revenues and Earnings from unconsolidated affiliates for this quarter totaled $1.89 billion, compared to $1.39 billion in the comparable quarter of the prior year and $1.73 billion in the fourth quarter of 2011.

Tony Petrello, Nabors’ President and CEO, commented, “The first quarter represents solid performance in all of our North American drilling and rig services entities and lower, but better than expected, results internationally and in our seasonally sensitive pressure pumping and well-servicing operations. Our drilling operations in Alaska and Canada and our rig services group were the largest contributors to the $48.5 million sequential increase in operating income.

“The quarter also includes $18.5 million ($0.05 per diluted share) in gains reflected in investment income, representing a sequential increase of approximately $0.02 per share over the fourth quarter. These gains resulted from the sale of certain investments and a positive mark-to-market adjustment to the carrying value of a portion of our holdings in Honghua Group Ltd., a Chinese rig manufacturer. As anticipated, our Income from affiliates reflects a charge of $68.2 million ($0.16 per diluted share) representing our share of ceiling-test impairments incurred by our NFR Energy affiliate. This test is based upon the trailing 12-month rolling average cash price for natural gas and is likely to result in additional impairments in subsequent quarters.

“In our North American land operations, the weak natural gas pricing environment is reducing operator cash flows, accelerating a contraction of activity in dry gas areas and resulting in customer hesitancy on initiating incremental projects. The anticipated imbalance in pressure pumping supply is exerting downward pressure on rates in all markets. The same is the case for spot market rig rates. In our case, these downward pressures are mitigated somewhat by the long-term contracts we have in place on both rigs and pressure pumping.

“As previously indicated, we will be streamlining our operations into two principal business lines. Drilling and Rig Services will consist of our rig operations and rig-related services, and Completion and Production Services will consist of our workover, well-servicing and coiled tubing operations, combined with our fluids management and pressure pumping operations.

DRILLING AND RIG SERVICES

“This group posted very strong results in the first quarter with $267.0 million in operating income, representing a 25 percent sequential increase over the fourth quarter. The largest component of the increase came from our Alaska drilling unit, followed by rig services and Canada. Smaller, but meaningful increases were achieved by our US Lower 48 land drilling business and our US Offshore operations. These increases were dampened somewhat by lower, but better than expected, results internationally, which we expect to represent the quarterly low point for this business.

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“Our US Lower 48 land drilling operations accounted for almost half of the operating income of this group, with results of $131.6 million, up slightly over the fourth quarter. This improvement was driven by a modest one percent increase in working rigs and a $20 per day margin increase. The improvement in margin was net of typical first quarter costs for customary payroll taxes and implies a larger improvement in per-day margins.

“While the current environment is generally adversely impacting customer preparedness to enter into new long-term contracts, customers who have a long-term market view and corresponding programs continue to see value in our new A/C rigs. We have recently signed long-term contracts for nine additional new build rigs. Coupled with the 17 remaining new rig commitments yet to be delivered, as well as the increased number of term contracts for our existing rigs, these commitments bolster our positive outlook for this segment into 2013.

“Our International unit posted operating income of $21.1 million, which was higher than anticipated due in part to the early start-up of a large, high-spec platform rig offshore India. Several other similar projects are expected to commence operations in the next few months, further supporting the improving outlook for activity and average margins in this business as the year progresses. We averaged 118 rigs operating in the first quarter and we expect an increase to 130 rigs by the end of the year. Our jackup 660 renewed through year-end, although at a rate lower than it had previously enjoyed. This unit is focusing on projects to distinguish itself from the competitive landscape and we anticipate further improvement in 2013, when we will benefit from the full year contributions of these mid-2012 startups.

“Canada had a seasonally strong first quarter, with operating income from drilling and well-servicing increasing sequentially from $36.6 million to $49.3 million, despite the early arrival of the spring thaw. This increase was primarily attributable to an all-time high in average margins of $14,282 per rig day, an increase of $2,221 over the fourth quarter. Our rig count also increased by a more modest 3.5 rigs to average 49 for the quarter. Two new slant workover rigs were deployed in the first quarter, along with several drilling rigs that were recently upgraded to accommodate the increasing number of deeper horizontal wells.

“Our US Offshore operations improved modestly, with $7.7 million in operating income compared to $3.4 million in the fourth quarter and a $4.0 million loss recorded in the first quarter of 2011. The sequential improvement was due to a two rig increase in activity and a $2,380 per rig day increase in average margins. Activity and day rates in this market continue to improve, but the pace is difficult to predict as prospective customer activity continues to be restricted by permitting delays and evolving regulatory requirements. We are experiencing an increase in seasonality as the regulatory environment is leading to further reductions in activity throughout the hurricane season, which depresses third quarter results. Our two new, high-specification 4,000-horsepower deepwater platform rigs have moved to the construction and rig-up phase, with both set to commence operations for two super-majors early next year. The deployment of these two rigs will further enhance our strong market position in this high-tech/high-value segment of the offshore platform market.

“Our Alaska drilling operations posted record quarterly results of $27.4 million, up from $5.3 million in the prior quarter and $11.0 million in the first quarter of 2011. This increase is due to a busy winter exploration season with a majority of the work being awarded to Nabors. While the second quarter will reflect the conclusion of the winter exploration season, Nabors is well positioned for a number of pending projects throughout the remainder of the year, both on the North Slope and in the Cook Inlet Basin.

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“Our rig services group also had a record quarter at $29.8 million, up from $13.2 million in the fourth quarter and $8.3 million in the first quarter of 2011. These results reflect sequential improvement in Canrig and in our directional drilling operations, as well as a seasonally strong performance by Peak in support of the robust Alaska winter exploration season. While this group will be seasonally down in the second quarter, full-year results should show a sizeable increase with continued growth in Canrig and Ryan.

COMPLETION AND PRODUCTION SERVICES

“This group posted $86.7 million in operating income, down slightly from $100.7 million in the fourth quarter and up substantially from $54.8 million in the first quarter of last year. The sequentially lower results were better than expected, as seasonal effects were more moderate than normal.

“In our US land well-servicing operations, income of $21.9 million was down from $24.2 million in the fourth quarter, although less than we anticipated due to relatively benign winter weather in what is historically our lowest quarter. The lower results were primarily attributable to more than $3.0 million in negative sequential effects due to higher payroll taxes, worker’s compensation and other accruals that characterize the start of a new year. Operationally, we saw both rig and truck hours increase five and four percent, respectively, while average hourly rates were up four and three percent for our rigs and our fluid services trucking fleet. Longer term, we are encouraged by the outlook for this primarily oil-driven business as the large number of oil wells being added are converting to artificial lift systems over time and will require increasingly frequent maintenance. The industry’s overhang of stacked service rigs that can be expeditiously and economically returned to service is dissipating, which will eventually lead to improved supply/demand balance.

“Our pressure pumping business posted operating income of $66.8 million in our US operations with a loss of $1.9 million in Canada, the latter incurring pre-commencement costs for two new spreads that will start up by the end of the second quarter. These results were down from $76.5 million in the prior quarter and up from $43.7 million in the first quarter of 2011. New equipment deployments led to a new record for quarterly revenues and stage count. However, overall margins declined by nearly four percent sequentially as the adverse impact of decreased spot market pricing and crew utilization was exacerbated by increased costs. The spot market has deteriorated rapidly and the resulting lower utilization is creating unrecoverable costs for labor, fuel and transportation. Consequently, we have chosen to idle four spot market spreads and intend to eliminate the associated direct costs as soon as practical. We are also incurring temporary costs to relocate materials to our long-term contract markets. We continue to reduce our demurrage costs and believe we have additional opportunities for further cost savings as we continue to integrate this business into our warehousing and transportation systems. We still expect this business to post a reasonable year given the number of long-term contracts we have in place.

“Our asset rationalization efforts are progressing, with the recent completion of some small divestitures. We closed on the sale of our remaining oil and gas operations in Colombia and several minor working interests in the US for a total of approximately $77 million. We also sold the remaining components of our US Lower 48 rig moving operations for approximately $13.5 million. Sale processes have been initiated on several other groups of assets with an expectation that we will complete most of these before year-end.

“In summary, while we are fully aware of the challenges associated with the weaker natural gas environment and an oversupplied pressure pumping market, we expect healthy results for 2012. This view is supported by the anticipated turnaround in our International business, increasing contributions from Alaska, US Offshore and US well-servicing, and the visibility from our term contract backlog.”

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The Nabors companies own and operate approximately 501 land drilling rigs and approximately 743 land workover and well-servicing rigs in North America. Nabors’ actively marketed offshore fleet consists of 40 platform rigs, 12 jackup units and 4 barge rigs in the United States and multiple international markets. In addition, Nabors is one of the largest providers of hydraulic fracturing, cementing, nitrogen and acid pressure pumping services with over 805,000 hydraulic horsepower currently in service. Nabors also 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 and gas markets in the world.

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. The projections contained in this release reflect management’s estimates as of the date of the release. Nabors does not undertake to update these forward-looking statements.

For further information, please contact Dennis A. Smith, Director of Corporate Development for Nabors Corporate Services, Inc., at 281-775-8038. To request investor materials, contact our corporate headquarters in Hamilton, Bermuda at 441-292-1510 or via email at mark.andrews@nabors.com.

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Exhibit A

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

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NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

6

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

SEGMENT REPORTING

(Unaudited)

The following tables set forth certain information with respect to our reportable segments and rig activity:

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8

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

COMPUTATION OF EARNINGS (LOSSES) PER SHARE

(Unaudited)

A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows:

For all periods presented, the computation of diluted earnings (losses) per share excluded outstanding stock options and warrants with exercise prices greater than the average market price of Nabors’ common shares, because their inclusion would have been anti-dilutive and because they were not considered participating securities. The average number of options and warrants that were excluded from diluted earnings (losses) per share that would have potentially diluted earnings (losses) per share in the future were 11,763,048 and 7,269,039 shares during the three months ended March 31, 2012 and 2011, respectively; and 13,930,575 shares during the three months ended December 31, 2011. In any period during which the average market price of Nabors’ common shares exceeds the exercise prices of these stock options and warrants, such stock options and warrants are included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock will be included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered a participating security.

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NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) ITEMS EXCLUDING CERTAIN NON-CASH CHARGES AND OTHER NON-OPERATIONAL ITEMS (NON-GAAP)

(Unaudited)

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