Nabors Investors OK Bermuda Incorporation
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Nabors Industries Inc. shareholders approved a plan to incorporate in Bermuda to reduce taxes after a federal judge denied a request for a restraining order to block the vote.
The world’s largest onshore oil- and gas-well drilling company said investors holding 83% of the 111.6 million votes cast approved the move.
Houston-based Nabors seeks to join rivals such as GlobalSantaFe Corp. and Transocean Inc., which incorporated abroad in 1999 to lower their taxes. Congress is considering measures to block offshore incorporations or nullify the benefits.
Shares of Nabors rose 61 cents to $37.81 on the American Stock Exchange.
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