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 28, 2011
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
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| Bermuda
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001-32657
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98-0363970 |
(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.) |
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| Crown House |
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| 4 Par-la-Ville Road |
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| Second Floor |
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| Hamilton, HM08 Bermuda
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N/A |
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(Zip Code) |
(441) 292-1510
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
TABLE OF CONTENTS
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| Item 5.02 |
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Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 28, 2011, we issued a press release announcing that the Board of Directors has
appointed Anthony G. Petrello as Chief Executive Officer of the company. Mr. Petrello has served as a
Director and as President and Chief Operating Officer of Nabors since 1991 and as Deputy Chairman
since 2003. He will serve as President and Chief Executive Officer, and will continue in his roles
as a Director and Deputy Chairman.
Eugene
M. Isenberg, who served as Chairman of the Board and Chief Executive
Officer since 1987, will continue to serve as the Chairman of the Board of Directors. As a result of this change in
responsibility, the Company intends to record a $100 million contingent liability, to be reflected
in its fourth-quarter results and year-end financial statements, in light of provisions
in Mr. Isenberg’s employment agreement. The material terms
of his employment agreement are described on pages 29-31 of the proxy
statement relating to our annual general meeting of shareholders held
on June 7, 2011 and filed with the SEC on April 29, 2011 (File no.
001-32657). That description is hereby incorporated by reference
herein.
Each of the changes was effective Friday, October 28, 2011. A copy of the press release is
furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Mr. Petrello, 57, also serves as a director of Stewart & Stevenson LLC and of Hilcorp Energy
Company. Mr. Petrello has an employment agreement with the Company, the material terms of which
are described on pages 29-31 of the proxy statement relating to our annual general meeting of
shareholders held on June 7, 2011 and filed with the SEC on April 29, 2011 (File no. 001-32657).
That description is hereby incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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| Exhibit No. |
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Description |
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99.1
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Press Release |