Nabors MODS 141 Rig Suffers Severe Damage from Ivan

Nabors Industries reports that one of its offshore platform rigs sustained extensive damage during hurricane Ivan. The rig involved was a 1,000 horsepower platform workover/reentry rig, MODS 141. The rig had been secured and abandoned prior to the storm and there were no personnel on board at the time.

The rig was working for Murphy Exploration and Production Company on its Medusa SPAR Platform in the Gulf of Mexico. The rig is covered by both property and business interruption insurance to the extent that the company expects only a modest impact to its results. Preliminary indications are that there is no significant damage to the platform.

Nabors personnel are making a more comprehensive assessment of the extent of the damage and instituting plans to remove the rig from Murphy's platform as expeditiously as possible so that full production capability can be restored.

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