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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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<S> <C> <C> <C>
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
Statement Trading Symbol of Original
(Month/Day/Year) Bayard Drilling Technologies, Inc. (Month/Day/Year)
Nabors Industries, Inc. (BDI)
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(Last) (First) (Middle) October 19, 1998 5. Relationship of Reporting -----------------------
515 West Greens Road, Suite 1200 ---------------------------- Person(s) to Issuer 7. Individual or Joint/
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(Street) Number of Reporting Director X 10% Owner Applicable Line)
Person (Voluntary) ----- ----- X Form filed by
Houston, TX 77067 Officer Other (specify --- One Reporting
- -------------------------------------- ----- ----- below) Person
(City) (State) (Zip) ---------------------------- (give title below) Form filed by
--- More than One
------------------------------ Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
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Common Stock, par value $.01 per share --(1)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, see Instruction 5(b)(v). SEC 1473 (9-96)
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FORM 3 (CONTINUED) Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
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Explanation of Responses:
(1) On October 19, 1998, in connection with entering into an Agreement and Plan
of Merger among Nabors Industries, Inc. ("Nabors"), Nabors Acquisition
Corp. VII, a wholly-owned subsidiary of Nabors, and Bayard Drilling
Technologies, Inc., ("Bayard"), certain stockholders of Bayard, who
collectively own 2,645,725 shares of Common Stock of Bayard, which
represents approximately 14.5% of the outstanding shares of Common Stock,
executed Stockholder Agreements in which they agreed, among other things,
to vote their shares of Common Stock in favor of the merger contemplated by
the Agreement and Plan of Merger. Each such stockholder also appointed
Nabors as its proxy to vote its shares with respect to any matters as to
which such stockholder has agreed to vote in its Stockholder Agreement.
Nabors has no pecuniary interest in the shares in respect of which it has
been appointed a proxy. Nabors expressly disclaims beneficial ownership of
these shares.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
NABORS INDUSTRIES, INC.
By: /s/ Anthony G. Petrello October 29, 1998
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Name: Anthony G. Petrello Date
Title: President and Chief
Operating Officer Page 2
SEC 1473 (9-96)
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