Nabors Says Hurricane Rita Damage Minimal

Nabors Industries has made a preliminary assessment of damage incurred during Hurricane Rita. Nabors had a number of rigs in the immediate path of the hurricane. The Company has confirmed that all rigs on various sites on the Outer Continental Shelf are in place and appear to have sustained little or no damage, although personnel have not yet been able to board most of the rigs to complete detailed assessments. The Company's deep drilling barge rig 300, which was operating in inland waters just east of Cameron, Louisiana was submerged but remained on station and sustained water damage to the electrical, power, mud pump and other systems. The rig will be moved to a shipyard as soon as possible for repairs and the Company hopes to have it back in service within weeks.

Nabors also had five Jackup rigs in Sabine Pass with at least two sustaining damage; a cursory inspection of the other rigs indicates little to no damage. The Dolphin 111 had windows in the pilot house and quarters blown out, resulting in water damage to control systems and the quarters. The mast on Jackup rig 54 was blown over but the Company has a substitute mast available and should be able to return the rig to service in a few weeks as well. There is a possibility that some damage was been incurred to components of other rigs stored at a yard proximate to the Port of New Iberia that incurred flooding, but our nearby offices are dry and still functioning.

Nabors land operations had nearly forty rigs proximate the storm's path and has determined that all but one are without any significant damage. The remaining rig, Rig 409 located in Jefferson County Texas, remains inaccessible. However, prior to the storm Nabors had removed all of the engines, mud pumps and electrical distribution equipment from the site and lowered the mast. Although the full extent of any economic loss net of insurance still is not known, Nabors does not expect it to have any material adverse effect on its operating results or financial position.

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