February 6, 2012 / 12:50 PM / 8 years ago

UPDATE 2-Nabors' Isenberg gives up $100 million pay claim

Feb 6 (Reuters) - Oil and gas drilling contractor Nabors Industries said Chairman Eugene Isenberg would not seek a $100 million payment linked to his resignation as chief executive officer in October.

Isenberg’s pay, which has exceeded $170 million since 2005, has long generated controversy for the company, and financial regulators launched an informal inquiry into Nabors’ executive benefits shortly before the resignation.

Under an agreement with the Bermuda-based company, Isenberg will waive salary claims against Nabors and also forfeit $7 million in deferred bonus payments.

Isenberg will resign as chairman at the end of his current term in June and will become chairman emeritus.

The company, which had said it could take a $100 million charge related to the former CEO’s contract, will pay Isenberg’s estate $6.6 million plus interest at his death.

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