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
----------- -----------
99.1 Supplemental historical financial information of Nabors
Industries Ltd. in segment reporting format to be posted on the
website of Nabors Industries Ltd. on October 29, 2003.
ITEM 9. OTHER EVENTS.
On October 29, 2003, Nabors Industries Ltd. (the "Company") will post
certain supplemental historical financial information in segment reporting
format on its website at "http://www.nabors.com" under the heading "Investor
Information." A copy of such supplemental historical financial information in
segment reporting format is attached to this Current Report on Form 8-K as
Exhibit No. 99.1.
In the supplemental historical financial information in segment
reporting format to be provided on the Company's website, the Company will
present its adjusted cash flow derived from operating activities and adjusted
income derived from operating activities for all quarterly and annual periods
presented therein. The components of adjusted cash flow derived from operating
activities and adjusted income derived from operating activities are computed
using amounts determined in accordance with accounting principles generally
accepted in the United States of America ("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. 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 this Current Report on Form 8-K, we have provided a
reconciliation, for all quarterly and annual periods presented in the
supplemental historical financial information in segment reporting format to be
provided on the Company's website, of adjusted cash flow derived from operating
activities and adjusted income derived from operating activities, which are
"non-GAAP" financial measures under Regulation G, to net cash provided by
operating activities from our consolidated statements of cash flows and
consolidated income before income taxes, respectively, which are the most
comparable GAAP financial measures.
The Company will include its adjusted cash flow derived from operating
activities and adjusted income derived from operating activities in the
supplemental historical financial information 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.
The information contained or referenced to in this report, including
the attached supplemental historical financial information in segment reporting
format to be provided on the Company's website, is furnished or referred to by
the Company pursuant to Regulation FD promulgated by the Securities and Exchange
Commission (the "SEC") and pursuant to Item 9 of Current Report on Form 8-K, and
shall not be deemed to be "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
Section, unless the Company specifically incorporates it by reference in a
document filed under the Securities Act of 1933 or the Securities Exchange Act
of 1934. By filing this Current Report on Form 8-K and furnishing or referring
to this information, the Company makes no admission as to the materiality of any
information in this report that is required to be disclosed solely by reason of
Regulation FD or that the information includes material investor information
which was not previously publicly available.
The information in this Current Report on Form 8-K, including the
exhibit, 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 SEC. As a
result of these factors, the Company's actual results may differ materially from
those indicated or implied by such forward-looking statements.
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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
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EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Supplemental historical financial information of Nabors
Industries Ltd. in segment reporting format to be posted on the
website of Nabors Industries Ltd. on October 29, 2003.
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