Bayard Drilling Technologies

Bayard Drilling Technologies (“Bayard”) was formed by Energy Spectrum and AnSon Partners Limited Partnership in December 1996 to expand the contract drilling operations previously conducted by Anadarko Drilling Company, an AnSon affiliate. Bayard completed seven separate acquisitions to become the fifth largest land rig operator in the U.S. by year-end 1997. Bayard completed an initial public offering in November 1997. In April 1999, Bayard merged with Nabors Industries (NYSE: NBR), the largest onshore land rig company. Bayard shareholders received NBR shares and cash. Energy Spectrum subsequently sold all of its NBR shares.