The CEO of an oil and gas driller tops the list of the most highly paid chief executives of Bermuda companies, according to a study done by the Associated Press (AP).

Eugene Isenberg of Nabors Industries Ltd. was No.1 among the big firms on the Island.

AP examined 2007 CEO pay data from the 410 companies in the S&P 500 that filed compensation disclosures with federal regulators in the first six months of this year. The top earners included Mr. Isenberg, who made $44.6 million, Edward Breen of Tyco International at No.2 with earnings of $34.1 million, and Richard Meelia of Covidien Ltd. in this spot on $28.4 million, while insurance big hitters Evan Greenberg of Ace ($14.8 million) and Brian O'Hara of XL Capital Ltd. ($7.5 million) came in fourth and fifth respectively.

AP's formula includes salary, perks, bonuses, above-market interest on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted.