UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2004
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
Bermuda 000-49887 980363970
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2nd Fl. International Trading Centre
Warrens
PO Box 905E
St. Michael, Barbados N/A
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (246) 421-9471
N/A
(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
Exhibit No. Description
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99.1 Press Release issued by Nabors Industries Ltd. on
January 30, 2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 30, 2004, the Company issued a press release announcing
its results of operations for the three months and twelve months ended
December 31, 2003. A copy of that release is furnished herewith as
Exhibit 99.1 in accordance with General Instruction B.6 to Form 8-K.
The press release furnished as an exhibit to this report includes
forward-looking statements within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934. Such forward-looking
statements are subject to certain risks and uncertainties, as disclosed
by the Company from time to time in its filings with the Securities and
Exchange Commission. As a result of these factors, the Company's actual
results may differ materially from those indicated or implied by such
forward-looking statements.
The Company has presented its adjusted cash flow derived from
operating activities for all periods presented in the earnings release,
which is a "non-GAAP" financial measure under Regulation G. The
components of adjusted cash flow derived from operating activities are
computed by using amounts which are determined in accordance with
generally accepted accounting principles ("GAAP"). Adjusted cash flow
derived from operating activities is computed by subtracting direct
costs and general and administrative expenses from Operating revenues
and then adding Earnings from unconsolidated affiliates. As part of our
press release information we have provided a reconciliation, for all
periods presented in the release, of adjusted cash flow derived from
operating activities to net cash provided by operating activities,
which is its nearest comparable GAAP financial measure.
The Company also presented its adjusted income derived from
operating activities for all periods presented in the earnings release,
which is a "non-GAAP" financial measure under Regulation G. The
components of adjusted income derived from operating activities are
computed by using amounts which are determined in accordance with GAAP.
Adjusted income derived from operating activities is computed by
subtracting direct costs, general and administrative expenses, and
depreciation, depletion and amortization expense from Operating
revenues and then adding Earnings from unconsolidated affiliates. As
part of our press release information we have provided a reconciliation
of adjusted income derived from operating activities to consolidated
income before income taxes, which is its nearest comparable GAAP
financial measure.
The Company included its adjusted cash flow derived from operating
activities and adjusted income derived from operating activities in the
release because management evaluates the performance of its business
units and the consolidated Company based on several criteria, including
adjusted cash flow derived from operating activities and adjusted
income derived from operating activities, and because it believes these
financial measures are an accurate reflection of the ongoing
profitability of the Company.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NABORS INDUSTRIES LTD.
Date: January 30, 2004 By: /s/ Daniel McLachlin
--------------------------------
Daniel McLachlin
Vice President-Administration &
Secretary
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued by Nabors Industries Ltd. on
January 30, 2004.