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) December 13, 2010
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
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Bermuda
(State or Other Jurisdiction of
Incorporation or Organization)
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001-32657
(Commission File Number)
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980363970
(I.R.S. Employer
Identification No.) |
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Mintflower Place
8 Par-La-Ville Road
Hamilton, HM08
Bermuda
(Address of principal executive offices)
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N/A
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(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))
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ITEM 8.01 OTHER EVENTS
We are filing this current report on Form 8-K to update the historical financial statements
included in our 2009 annual report on Form 10-K for the year ended December 31, 2009, filed with
the Securities and Exchange Commission (“SEC”) on February 26, 2010 (the “Annual Report”), to
reflect that our oil and gas assets in the Horn River basin in Canada and in the Llanos basin in
Colombia, previously reported as continuing operations and included in the Oil and Gas Operating
Segment, are now being reported as a discontinued operation in accordance with the ASC Topic
relating to the Presentation of Financial Statements for Assets Sold or Held for Sale Statement. We
recently began actively marketing these assets as well as our 49.7% and 50.0% ownership interests
in our investments of Remora Energy International, LP (“Remora”) and Stone Mountain Ventures
Partnership (“SMVP”), respectively, which we account for using the equity method of accounting. We
presented these assets as assets held for sale at September 30, 2010, and the related operating
results were classified as discontinued operations in our quarterly report on Form 10-Q for the
quarter ended September 30, 2010 filed with the SEC on November 5, 2010 (the “10-Q”).
We are filing this report to show the impact of the reclassification as discontinued operations on
previously issued financial statements. This reclassification has no effect on our total net income
as reported in our financial statements included in the Annual Report and has no effect on total
assets, liabilities and shareholders’ equity or the statements of cash flows. This permits us to
incorporate these financial statements by reference in SEC filings and other offering documents not
filed with the SEC.
The reclassification of these oil and gas assets from continuing operations to discontinued
operations is set forth below in the various sections of the Annual Report. These sections have not
otherwise been updated for events occurring after the filing date of the Annual Report.
Part II, Item 6. Selected Financial Data;
Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and
Results of Operations;
Part II, Item 8. Financial Statements and Supplementary Data;and
Exhibit 12. Ratio of Earnings to Fixed Charges.
This report is being filed solely for the purpose described above. No attempt has been made in
this filing to reflect subsequent information or events, or to modify or update disclosures in the
2009 Annual Report, except as described above. More current information is contained in the 10-Q
and in other filings with the SEC. Accordingly, this report should be read in conjunction with the
Annual Report, the 10-Q and our other filings.
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