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) February 6, 2007
NABORS INDUSTRIES LTD.
(Exact name of registrant as specified in its charter)
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Bermuda
(State or Other Jurisdiction
of
Incorporation)
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000-49887
(Commission File Number)
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98-0363970
(I.R.S. Employer
Identification No.) |
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Mintflower Place
8 Par-La-Ville Road
Hamilton, HM08 |
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| 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)) |
Item 2.02 Results of Operations and Financial Condition.
On February 6, 2007, Nabors Industries Ltd. (the “Company”) issued a press release announcing
its preliminary results of operations for the three and twelve month periods ending December 31,
2006. A copy of that release is furnished herewith as Exhibit 99.1 in accordance with General
Instruction B.2 to Form 8-K. As previously announced, the Company is
conducting a voluntary further review of its historical stock option
award practices. The results are preliminary and subject to
change based upon the outcome of the review.
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, including uncertainties associated with the
outcome of the review of historical stock option award practices
described above. 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 “non-GAAP” financial measures under Regulation
G. The Company presented its adjusted income (loss) derived from operating activities for all
periods presented in the release. The components of adjusted income (loss) 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 net income and adjusted income (loss)
derived from operating activities to income before income taxes, which is its nearest comparable
GAAP financial measure.
The Company included its adjusted income (loss) 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 the Company. The Company included the adjusted net income number because
management believes the non-GAAP financial measure to be more indicative of the Company’s on-going
operating results and financial condition.
Item 9.01 Financial Statements and Exhibits.
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| Exhibit No. |
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Description |
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99.1 |
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Press Release issued by Nabors Industries Ltd. on February 6, 2007. |