Nabors' SuperSundower XII Was Lost to Hurricane Katrina

Nabors had four rigs either directly or immediately east of the eye path and has ascertained, based upon initial observations, that three of the rigs escaped with little damage. The company has established that its SuperSundowner Rig XII (SSDXII) was lost when the platform upon which it was working was lost to the storm. The rig was working for Anglo-Suisse on West Delta 117. 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. Plans are under way to move the rig to a dock for closer inspection and repairs on the quarters, a full mast inspection and potential repairs to one leg. Nabors has also been able to survey its Gulf of Mexico operations center at Harvey, Louisiana and has ascertained that the office building did experience some roof damage which allowed rain water intrusion but did not experience any significant flooding. The Company does not expect to be able to resume normal use of the facility however, until land access and power are restored, and currently is operating out of its New Iberia, Louisiana facility. The company expects that the loss of SSDXII and the extent of repairs on Dolphin 110, net of insurance proceeds, will not have a material adverse effect on its financial statements.

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