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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[X] Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
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
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Nabors Industries, Inc.
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(Last) (First) (Middle)
515 West Greens Road, Suite 1200
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(Street)
Houston TX 77067
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Bayard Drilling Technologies, Inc. (BDI)
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3. IRS Identification 4. Statement for
Number of Reporting Month/Year April 1999
Person, if an Entity ----------------------------------------
5. If Amendment, Date of
(Voluntary) Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title [ ] Other
(below) (Specify below)
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7. Individual or Joint/Group Filing
(Check applicable line)
[X] Form Filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
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1. Title of Security 2. Transaction Date
(Instr. 3) (Month/Day/Year)
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Common Stock, par value $.01 per share April 7, 1999
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3. Transaction 4. Securities Acquired (A) or
Code Disposed of (D)
(Instr. 8) (Instr. 3, 4 and 5)
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Code V Amount (A) or (D) Price
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J(1) 18,202,885 A (1)
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5. Amount of 6. Ownership Form: 7. Nature of
Securities Direct (D) or Indirect
Beneficially Owned Indirect (I) Beneficial
at End of Month Ownership
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
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1,000(1) D
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* If the form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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<TABLE>
FORM 4 (continued)
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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<S> <C> <C> <C> <C> <C>
1. Title of Derivative 2. Conversion or 3. Transaction 4. Transaction 5. Number of 6. Date Exercisable and
Security (Instr. 3) Exercise Price Date (Month/ Code (Instr. 8) Derivative Securities Expiration Date
of Derivative Day/Year Acquired (A) or (Month/Day/
Security Disposed of (D) Year)
(Instr. 3, 4, and 5)
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Code V (A) (D) Date Expiration
Exercis- Date
able
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Option to purchase Bayard various April 7, 1999 J(2) 884,860 various various
common stock
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Warrants exercisable for various April 7, 1999 J(2) 397,000 various various
Bayard common stock
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</TABLE>
<TABLE>
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<S> <C> <C> <C> <C>
7. Title and Amount 8. Price of 9. Number of 10. Ownership 11. Nature of
of Underlying Derivative Derivative Form of Indirect
Securities Security Securities Derivative Beneficial
(Instr. 3 and 4) (Instr. 5) Beneficially Security: Direct Ownership
Owned at End (D) or indirect (Instr. 4)
of Month (I) (Instr. 4)
(Instr. 4)
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Title Amount
or
Number
of Shares
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Common
Stock 884,860 (2) 0
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Common
Stock 397,000 (2) 0
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</TABLE>
Explanation of Responses:
(1) Pursuant to the terms of an Agreement and Plan of Merger (the "Merger
Agreement"), dated as of October 19, 1999, as amended, among Nabors,
Nabors Acquisition Corp. VII ("Merger Sub"), a wholly-owned subsidiary of
Nabors, and Bayard, on April 7, 1999, Merger Sub merged with and into
Bayard, with Bayard as the surviving corporation. In the merger, Nabors
acquired all of the outstanding shares of common stock of Bayard. Each
outstanding share of common stock of Bayard was converted in the merger
into .3375 shares of common stock of Nabors and $0.30 in cash without
interest (collectively, the "Merger Consideration"). In the merger, each
of the 1,000 outstanding shares of Merger Sub was converted into one
share of common stock of Bayard. As a result of the merger, Nabors owns
1,000 shares of common stock of Bayard.
(2) In the merger each outstanding option and warrant of Bayard was assumed
by Nabors upon the terms set forth in the Merger Agreement. Pursuant to
the Merger Agreement, such options and warrants, when exercised, will
entitle the holders to receive the Merger Consideration in respect of
each share of common stock of Bayard formerly purchasable upon the
exercise thereof.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Visitations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Nabors Industries, Inc.
/s/ ANTHONY G. PETRELLO April 7, 1999
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Name: Anthony G. Petrello Date
Title: President
