Nabors Industries reports one rig lost in Hurricane Katrina

Sydney (Platts)--2Sep2005

Drilling company Nabors Industries has lost one of its four rigs which
were positioned either directly in the path of or immediately east of the eye
of Hurricane Katrina when it tore its way through the Gulf of Mexico on Sunday
and Monday. Based on initial observations, three of the rigs escaped with
little damage, but the company's "SuperSundowner" Rig XII was lost when the
platform on which it was working was lost in the storm.

     Minimal damage has been observed on one of the company's workover
jackups, Dolphin 110, primarily attributable to water intrusion through
blown-out windows in the pilothouse and quarters, Nabors said. Plans are under
way to move the rig to a dock for closer inspection and repairs.

     Nabors' Gulf of Mexico operations center at Harvey, Louisiana has
sustained roof damage and the company is currently operating out of its New
Iberia, Louisiana facility.

     Nabors said it expects that the loss of SSDXII and the cost of repairs on
Dolphin 110, net of insurance proceeds, will not have a material adverse
impact on its financial performance.

     Nabors owns and operates almost 600 land drilling and around 875 land
workover and well-servicing rigs worldwide. Offshore, the company operates 43
platform rigs, 19 jack-up units and three barge rigs in the US and multiple
international markets. Nabors also markets 28 marine transportation and supply
vessels, primarily in the Gulf of Mexico.

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