Isenberg Education Fund Grants 76 Scholarships for 2010-2011 Academic Year

Published on Wednesday, 08 September 2010 08:54 Written by TradersHuddle Staff

HOUSTON-( Business Wire )-

The Isenberg Education Fund (“Isenberg Scholarship”), created to provide charitable and educational assistance to employees of Nabors Industries Ltd. (“Nabors”) (NYSE: NBR) and their dependents, today announced that it has contributed over $350,000 to provide scholarships to 76 students for the upcoming 2010-2011 academic year. The educational stipends will assist Nabors employees or their immediate family members pursue post-secondary and graduate degrees by helping to support tuition payments.

The Isenberg Scholarship was recently created by Eugene Isenberg, Chairman and Chief Executive Officer of Nabors, who funds the program by donating the entire after-tax proceeds of his salary to benefit the educational pursuits of Nabors employees and their immediate family members, among others. These initial Isenberg Scholarship awards will provide 90% of the 76 recipients with scholarships in the range of $5,000 - $15,000. This year’s recipients will be attending accredited colleges throughout the United States, including: Texas A&M University, University of Houston, University of Virginia, University of Southern Mississippi, Houston Baptist University, University of Alaska Fairbanks, The University of Texas at Austin, University of Arkansas, Stanford University, and Texas Tech University, among others.

“I’d like to congratulate each of these individuals on their tremendous accomplishments,” said Mr. Isenberg. “I’ve always believed that education is the single most important gift someone can give and am thrilled this fund will help provide recipients with the opportunity to learn, grow and become professionals in their chosen careers. I wish them the best of luck in their upcoming educational pursuits.”

Applicants for the awards are chosen by an independent selection committee, which reviews and ranks each candidate based on academic achievement, leadership and extracurricular accomplishments. The committee also considers academic transcripts, aptitude test scores and personal recommendations. The scholarship selection committee currently consists of prominent independent executives and public figures, including William E. Macaulay, Chairman of the Board of First Reserve Corporation; Robert Morgenthau, former District Attorney for New York County, the borough of Manhattan; and Stephen E. Kaufman, a prominent New York attorney.

For additional information on the Isenberg Scholarship, including eligibility requirements and applications, please visit www.isenbergfund.com.

About Eugene M. Isenberg

Mr. Isenberg leads numerous philanthropic endeavors and over the past two decades has gifted approximately $26 million in charitable donations. Mr. Isenberg has focused over $18 million of his contributions on educational causes and children’s organizations, with the balance of his support provided to major hospitals, medical care facilities, and the Arts. He is President of the UMASS (University of Massachusetts) Amherst Foundation where he has donated over $9 million and endowed three professorships at the University. The UMASS Isenberg School of Management was named in recognition of this donation, as well as significant other contributions toward facilities and scholarships. Mr. Isenberg is the founding and continuing sponsor of the Parkside School, a school for special needs children in Manhattan, having contributed $3.6 million since 1988. Mr. Isenberg also established an endowed a $750,000 fund at Alaska Pacific University to support its health services administration program. In addition, Mr. Isenberg generously supports Massachusetts General Hospital, LIFE Disabled Veterans, the United Way, the Alaskan Special Olympics, Childrens Cancer Research Fund, the Houston Fund for Teachers, the Energy Fund for Teachers, as well as many other charitable organizations.

About The Isenberg Education Fund

The Isenberg Education Fund provides scholarships to Nabors employees and their family members pursuing higher education. The scholarships are funded primarily by Mr. Isenberg, who donates the after-tax proceeds of his salary for the educational stipends. This fund is part of The Nabors Charitable Foundation (the “Foundation”), which was formed in 2005 for the primary purpose of providing assistance to Nabors employees, such as through natural disaster relief and scholarships. The Foundation has provided relief to employees affected by Hurricanes Katrina, Rita and Ike, and more recently committed to match employee contributions made to the Red Cross following the earthquakes in Haiti. The Foundation derives virtually all of its funding from employee and director contributions. For more information about the Isenberg Education Fund and the Nabors Charitable Foundation, please visit the About Nabors webpage at www.nabors.com.

Sard Verbinnen & CoBrandy Bergman / Cassandra Bujarski212-687-8080