A global industrial company - Nabors Industries - has announced plans to move its incorporation to the Island in a move expected to be completed during this quarter.

The Nabors board of directors unanimously approved the plan to reorganise and change the company's incorporation from Delaware to Bermuda. Nabors Industries Ltd., a newly-formed Bermuda entity, will become the parent holding company of Nabors Industries - subject to the approval of shareholders.

This announcement follows on the heels of global manufacturer Ingersoll-Rand receiving its final approval on December 31 to move its incorporation from New Jersey to Bermuda.

The Nabors group owns, operates and manufactures drilling equipment and provides oilfield support in most of the significant oil, gas and geothermal markets in the world.

Nabors chair and chief executive officer Gene Isenberg said: "In the future, we believe that the international marketplace will account for a greater percentage of our total revenues and demand for our services. Expansion of our international activities to meet and capitalise on this demand is an important part of our business strategy."