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): October 29, 2003
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
October 29, 2003.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
This Report on Form 8-K is being filed under the Securities
Exchange Act of 1934, as amended.
On October 29, 2003, the Company issued a press release
announcing its results of operations for the three and nine months
ended September 30, 2003. A copy of that release is attached as Exhibit
99.1 hereto and incorporated by reference herein.
The press release filed 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 flows derived from
operating activities for all periods presented in the release, which is
a "non-GAAP" financial measure under Regulation G. The components of
adjusted cash flows derived from operating activities are computed by
using amounts which are determined in accordance with generally
accepted accounting principles ("GAAP"). Adjusted cash flows 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 flows 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 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 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, for all periods
presented in the release, 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 flows 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 flows 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: October 29, 2003 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 October 29,
2003.