Industrial conglomerate Nabors Industries Ltd., a Bermuda company, said yesterday it was closing up its Houston office, and postponed an analyst meeting for next Wednesday, as it braces for the potential impact from Hurricane Rita. The company, which has offices on Par-La-Ville Road, Hamilton, said in a statement yesterday afternoon that its Houston offices were closing to allow employees time to prepare their homes or evacuate.

Nabors said, in a preliminary statement earlier in the month, that during Hurricane Katrina it lost one of its four rigs in the Gulf of Mexico and sustained some equipment damage, as well as damage to an office building.

It did not expect its financial costs from Katrina to be material, after insurance payments.

Executives hold regular meetings and conference calls with analysts to update them on financial performance.

Analysts following Nabors would have likely been waiting on the September 28 meeting for updated information on the company's Katrina costs.

The Nabors companies own and operate almost 600 land drilling and approximately 875 land workover and well-servicing rigs worldwide, including in the Gulf of Mexico.