Nabors CEO's 2008 Compensation More Than Doubles

The 79-year-old CEO also received $254,043 in perks, including $54,534 in club membership fees, $24,000 for a car allowance, and $14,499 for life insurance, the company said in an April 30 filing with the Securities and Exchange Commission.

For 2007 Isenberg received total pay worth $44.6 million.

Nabors posted 2008 net income of $551.2 million, or $1.93 a share, down 41 percent from 2007, including writedowns and impairment charges while revenue rose about 7 percent to $5.3 billion.

The Associated Press compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.