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): April 26, 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
April 26, 2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 26, 2004, the Company issued a press release
announcing its results of operations for the three months ended March
31, 2004. 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 also presented in the press release 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
accounting principles generally accepted in the United States of
America (GAAP). Adjusted income (loss) derived from operating
activities is computed by subtracting direct costs, general and
administrative expenses, depreciation and amortization, and depletion
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 income before income taxes, which is its
nearest comparable GAAP financial measure.
The Company included its adjusted income derived from
operating activities in the release because management evaluates the
performance of our business units and the consolidated company based on
several criteria, including adjusted income (loss) derived from
operating activities, and because it believes this financial measure is
an accurate reflection of the ongoing profitability of our 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: April 27, 2004 By: /s/ Daniel McLachlin
----------------------------------
Daniel McLachlin
Vice President-Administration &
Secretary
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Press Release issued by Nabors Industries Ltd. on
April 26, 2004.