$100m goodbye for Nabors chief

Isenberg: Will receive $100m on exit

Anthony Guegel

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Kathrine Schmidt

, Kathrine Schmidt

 31 October 2011 19:56 GMT

Eugene Isenberg, the departing chief executive of Nabors Drilling, will receive $100 million after stepping down from the helm of the company, according to a regulatory filing.

In a statement Friday, Nabors said longtime chief operating officer Anthony Petrello, 57, would be assuming the top spot.

A Securities and Exchange Commission filing from Nabors said it expected to record the “contingent liability” in its fourth quarter.

The 81-year old Isenberg led the drilling firm for 24 years, the company said.

"The company and its shareholders are indebted to Mr. Isenberg for his many years of dedicated service," lead director John Yearwood said in a statement.

A Nabors spokesman did not immediately return a call for comment.

Isenberg is no stranger to…

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