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 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
April 29, 2003.
ITEM 9. REGULATION FD DISCLOSURE
In accordance with SEC Release No. 33-8216, Nabors Industries
Ltd., a Bermuda corporation (the "Company"), is furnishing this Current
Report on Form 8-K to report information pursuant to Item 12 -
Disclosure of Results of Operations and Financial Condition of Form 8-K.
On April 29, 2003, the Company issued a press release announcing
its results of operations for the first quarter ended March 31, 2003. A
copy of that release is furnished herewith as Exhibit 99.1.
The Company has presented its adjusted cash flows derived from
operating activities for the quarter in the earnings 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 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
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 the quarter in the earnings 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 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: April 29, 2003 By: /s/ BRUCE P. KOCH
---------------------------------
Bruce P. Koch
Vice President & Chief Financial
Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued by Nabors Industries Ltd. on April
29, 2003.