Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Nabors reveals SEC probe over personal jet use

Send a link to a friend

[November 11, 2011]  NEW YORK (AP) -- Nabors Industries said that it is cooperating with the SEC in an informal inquiry over prerequisites for executives, including how corporate jets were used by its executives.

HardwareThe oil-drilling contractor first revealed the inquiry Wednesday in a filing with the Securities and Exchange Commission.

The possible use of Nabors' jets for personal travel was the focus of broader June story in The Wall Street Journal on corporate jets that frequently head to resort spots. The paper said that Nabors jets made frequent stops in places where Chairman Eugene Isenberg has homes, but Nabors reported no personal use of company aircraft by Isenberg in the last two years.

Isenberg, 81, is slated to receive $100 million in cash for giving up his title as CEO, though he is not leaving the company. The company announced in October that long-time executive Anthony G. Petrello would take over as CEO, triggering a payment to Isenberg that is more similar to a severance package. The cash payout exceeds the company's third-quarter net income of $74.3 million. `

The company said this week it first received an informal inquiry request from the SEC on Sept. 21 related to perquisites and personal benefits received by officers and directors. The company posted its third quarter earnings in late October.

Nabors Industries Ltd. is registered in Bermuda and headquartered in Houston.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top


 

News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor