Industrial conglomerate Nabors Industries Ltd., a Bermuda company, last week said that, after insurance payments, the cost of Katrina-related damage to its rigs in the Gulf of Mexico was not expected to have a seriously adverse financial impact on the company.

The company said it lost one of four rigs in the area, and sustained some equipment damage, as well as minimal damage to an office building.

Nabors, which made its announcement after a preliminary assessment of damage from last Monday?s hurricane, said its four rigs were either directly or near the path of the powerful storm.

Katrina is expected to cause in excess of $100 billion in total economic loss to businesses and homes in Mississippi and Louisiana, as well as for oil rigs and refiniries in the Gulf of Mexico.

Nabors said the initial assessment was that three of its rigs escaped with little damage. A fourth, the company?s SuperSundownerRig XII (SSDXII), was lost when the platform upon which it was working was lost to the storm. As well, there was minimal damage to other equipment. As well, the company?s Gulf of Mexico operations center at Harvey, Louisiana experience some roof damage and rainwater damage, but avoided significant flooding.