Nabors Industries Ltd. (NBR) 2009年年度報告「AMEX」.pdf

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1、much more than meets the eyeNabors INdustrIes Ltd.2009 Annual ReportMintflower Place8 Par-La-Ville Road Hamilton,HM08,BINTERNATIONALUS LAND DRILLINGALASKA DRILLINGOTHER OPERATING SEGMENTS Results were down only slightly year over year as aggressive cost controls and incremental rig deployments large

2、ly offset the curtailment of some drilling projects and the postponement of others.New rig contracts were awarded in Kazakhstan,Kuwait,Russia and Congo,the latter a unique rig placed on a Floating Drilling,Production,Storage and Offloading(FDPSO)vessel.This unit posted its best year ever in safety w

3、ith the total recordable incidence rate dipping below one for every 200,000 man hours.Prospects for 2010 are for an improving second half,with contracts awarded for six incremental rigs in Colombia,three in Saudi Arabia and two in Papua New Guinea,and a strong bid flow.Nabors expects to deploy its u

4、nique coiled tubing/stem drilling rig on underbalanced,pressure-managed drilling projects in Australia,the Middle East and North Africa.Long-term contracts for rigs and aggressive cost controls kept results for this unit respectable in spite of a precipitous decline in the rig count.Our high-specifi

5、cation rigs and expertise in the various shale plays allowed Nabors to drill more horizontal footage than any other U.S.land driller.Five-year contracts were signed with a large independent for four new build rigs in the Bakken Shale.This unit posted its best year ever from a safety perspective with

6、 the total recordable incidence rate declining to 1.92.Results in 2010 should be down from 2009,although virtually all PACE rigs are under contract.Pricing should also improve if the industry rig count continues to climb,particularly for high-specification rigs.PACE rigs are combining with Canrigs R

7、ockit technology to improve rate of penetration and lower customer costs on directional drilling projects.After extensive modifications,Rig 27E commenced operations on Exxons deep,high-pressure gas project at Point Thomson.Nabors unique coiled tubing/stem drilling rig commenced operations at Kaparuk

8、,completing the year without a single incident or spill and exceeding customer expectations.Safety in this unit continued to improve as the total recordable incidence rate declined and no lost-time incidents were reported.Activity is expected to be down substantially in 2010 with three fewer rigs wo

9、rking,although there are several promising long-term projects on the horizon in a market characterized by lengthy development cycles.Canrig Results were down substantially in this operation as capital equipment sales declined,mitigated somewhat by the expansion of our services and rentals business a

10、nd aggressive cost cutting.The merger of Canrig and Epoch in the first quarter resulted in a consolidated infrastructure that is delivering an improved level of customer service.New technology,particularly the Rockit directional steering control system,had an increasingly large and positive impact o

11、n results and should have even more going forward.Results in 2010 should be improved over 2009 as services and rentals continue to expand.The introduction of new products,including a casing running tool and three new software products that support Rockit,should further bolster this units performance

12、.AIC Numerous Alaska State Highway projects returned this joint venture to profitability in 2009,although bidding activity slowed later in the year.A solid backlog of oilfield work on the North Slope,a significant mine infrastructure award and other heavy civil construction projects are yielding an

13、improved outlook for 2010,with bidding activity holding at a good pace.more foundational strengthUS OFFSHOREUS LAND WELL-SERVICINGCANADA Results for the year were down as this unit reported a quarterly loss(Q3)for the first time in its history.MODS and API rigs remained fully utilized on long-term c

14、ontracts in deep water.Other rigs were idle as low oil prices fueled uncertainty in the Gulf of Mexico.The safety record remained exemplary with no lost-time incidents reported for the third consecutive year.Results will be improved in 2010 since we have already booked income equal to a 30 percent i

15、ncrease over the prior year.Eight incremental rigs are set to deploy by the end of the second quarter and bidding activity is steadily improving.This unit participated in two Front-End Engineering Design(FEED)studies for two 4,500 HP MODS platform rigs on new deepwater development projects.Nabors ha

16、s been awarded one and we believe we have a good chance of being awarded the second.Nabors Well Services saw results decline from the prior year,but still remained profitable with significant cash flow,primarily the result of aggressive cost cutting.This unit experienced its best year ever from a sa

17、fety perspective with the total recordable incidence rate dropping from 1.76 to 1.37.Awarded the 2009 Association of Energy Service Companies Accident Statistics Program Gold Award in competition with contractors with over 500,000 man hours.Rising oil prices are beginning to drive improved activity

18、in markets like the Bakken Shale and Permian Basin and could well fuel improved pricing in 2010,particularly in the second half.The development of new markets like the Marcellus Shale and improvement in established markets,particularly in California,should also contribute to modestly improved result

19、s in 2010.Aggressive cost controls allowed this unit to break even in 2009 in the face of a surplus of natural gas and continued challenges to customer drilling programs related to royalty issues in Alberta.This unit achieved the best safety performance in its history.The forecast for 2010 is for a

20、slight improvement as results in the first quarter are expected to be ahead of last years pace.Customers continue to inquire about our advanced technology rigs,particularly those with unique moving systems.Construction was completed on two such rigs during 2009 with both scheduled for deployment dur

21、ing 2010.These rigs have the potential to expand the drilling season in the British Columbia shales.Peak Oilfield Services Results were down modestly from the prior year as reduced exploration activity on the North Slope was partially offset by incremental work at Point Thomson,aided by a refinery m

22、odification project for production of low-sulfur diesel on the Kenai Peninsula.Safety continued to improve as this unit posted its best recordable incidence rate in five years.Results in 2010 are expected to be down further with reduced North Slope activity mitigated somewhat by increased drilling o

23、n the Kenai Peninsula.Ryan Energy Technologies Experience in virtually all of the various shale plays kept this unit profitable despite a dramatic decline in the directional drilling markets in the U.S.and Canada.Safety continued to be a strong point as this unit completed its third consecutive year

24、 without a lost-time incident.Activity,revenue and net income should be up in 2010 based on first half results.Opportunities for this unit continue to improve as directional and horizontal wells make up an increasingly large percentage of the total drilling market.OIL+GAS Nabors currently has a net

25、interest in approximately one million acres through a wholly owned subsidiary,Ramshorn Investments,and three joint ventures in the United States,Canada and South America.Within these holdings,approximately 225,000 acres are in some of the highest profile shale plays in the U.S.and Canada.At present,

26、Nabors has a significant quantity of proved reserves in our U.S.joint venture.We also have very large but unrecognized value in our undeveloped holdings,which should become increasingly apparent with additional drilling.much more than meets the eyeNabors INdustrIes Ltd.2009 Annual ReportMintflower P

27、lace8 Par-La-Ville Road Hamilton,HM08,BINTERNATIONALUS LAND DRILLINGALASKA DRILLINGOTHER OPERATING SEGMENTS Results were down only slightly year over year as aggressive cost controls and incremental rig deployments largely offset the curtailment of some drilling projects and the postponement of othe

28、rs.New rig contracts were awarded in Kazakhstan,Kuwait,Russia and Congo,the latter a unique rig placed on a Floating Drilling,Production,Storage and Offloading(FDPSO)vessel.This unit posted its best year ever in safety with the total recordable incidence rate dipping below one for every 200,000 man

29、hours.Prospects for 2010 are for an improving second half,with contracts awarded for six incremental rigs in Colombia,three in Saudi Arabia and two in Papua New Guinea,and a strong bid flow.Nabors expects to deploy its unique coiled tubing/stem drilling rig on underbalanced,pressure-managed drilling

30、 projects in Australia,the Middle East and North Africa.Long-term contracts for rigs and aggressive cost controls kept results for this unit respectable in spite of a precipitous decline in the rig count.Our high-specification rigs and expertise in the various shale plays allowed Nabors to drill mor

31、e horizontal footage than any other U.S.land driller.Five-year contracts were signed with a large independent for four new build rigs in the Bakken Shale.This unit posted its best year ever from a safety perspective with the total recordable incidence rate declining to 1.92.Results in 2010 should be

32、 down from 2009,although virtually all PACE rigs are under contract.Pricing should also improve if the industry rig count continues to climb,particularly for high-specification rigs.PACE rigs are combining with Canrigs Rockit technology to improve rate of penetration and lower customer costs on dire

33、ctional drilling projects.After extensive modifications,Rig 27E commenced operations on Exxons deep,high-pressure gas project at Point Thomson.Nabors unique coiled tubing/stem drilling rig commenced operations at Kaparuk,completing the year without a single incident or spill and exceeding customer e

34、xpectations.Safety in this unit continued to improve as the total recordable incidence rate declined and no lost-time incidents were reported.Activity is expected to be down substantially in 2010 with three fewer rigs working,although there are several promising long-term projects on the horizon in

35、a market characterized by lengthy development cycles.Canrig Results were down substantially in this operation as capital equipment sales declined,mitigated somewhat by the expansion of our services and rentals business and aggressive cost cutting.The merger of Canrig and Epoch in the first quarter r

36、esulted in a consolidated infrastructure that is delivering an improved level of customer service.New technology,particularly the Rockit directional steering control system,had an increasingly large and positive impact on results and should have even more going forward.Results in 2010 should be impr

37、oved over 2009 as services and rentals continue to expand.The introduction of new products,including a casing running tool and three new software products that support Rockit,should further bolster this units performance.AIC Numerous Alaska State Highway projects returned this joint venture to profi

38、tability in 2009,although bidding activity slowed later in the year.A solid backlog of oilfield work on the North Slope,a significant mine infrastructure award and other heavy civil construction projects are yielding an improved outlook for 2010,with bidding activity holding at a good pace.more foun

39、dational strengthUS OFFSHOREUS LAND WELL-SERVICINGCANADA Results for the year were down as this unit reported a quarterly loss(Q3)for the first time in its history.MODS and API rigs remained fully utilized on long-term contracts in deep water.Other rigs were idle as low oil prices fueled uncertainty

40、 in the Gulf of Mexico.The safety record remained exemplary with no lost-time incidents reported for the third consecutive year.Results will be improved in 2010 since we have already booked income equal to a 30 percent increase over the prior year.Eight incremental rigs are set to deploy by the end

41、of the second quarter and bidding activity is steadily improving.This unit participated in two Front-End Engineering Design(FEED)studies for two 4,500 HP MODS platform rigs on new deepwater development projects.Nabors has been awarded one and we believe we have a good chance of being awarded the sec

42、ond.Nabors Well Services saw results decline from the prior year,but still remained profitable with significant cash flow,primarily the result of aggressive cost cutting.This unit experienced its best year ever from a safety perspective with the total recordable incidence rate dropping from 1.76 to

43、1.37.Awarded the 2009 Association of Energy Service Companies Accident Statistics Program Gold Award in competition with contractors with over 500,000 man hours.Rising oil prices are beginning to drive improved activity in markets like the Bakken Shale and Permian Basin and could well fuel improved

44、pricing in 2010,particularly in the second half.The development of new markets like the Marcellus Shale and improvement in established markets,particularly in California,should also contribute to modestly improved results in 2010.Aggressive cost controls allowed this unit to break even in 2009 in th

45、e face of a surplus of natural gas and continued challenges to customer drilling programs related to royalty issues in Alberta.This unit achieved the best safety performance in its history.The forecast for 2010 is for a slight improvement as results in the first quarter are expected to be ahead of l

46、ast years pace.Customers continue to inquire about our advanced technology rigs,particularly those with unique moving systems.Construction was completed on two such rigs during 2009 with both scheduled for deployment during 2010.These rigs have the potential to expand the drilling season in the Brit

47、ish Columbia shales.Peak Oilfield Services Results were down modestly from the prior year as reduced exploration activity on the North Slope was partially offset by incremental work at Point Thomson,aided by a refinery modification project for production of low-sulfur diesel on the Kenai Peninsula.S

48、afety continued to improve as this unit posted its best recordable incidence rate in five years.Results in 2010 are expected to be down further with reduced North Slope activity mitigated somewhat by increased drilling on the Kenai Peninsula.Ryan Energy Technologies Experience in virtually all of th

49、e various shale plays kept this unit profitable despite a dramatic decline in the directional drilling markets in the U.S.and Canada.Safety continued to be a strong point as this unit completed its third consecutive year without a lost-time incident.Activity,revenue and net income should be up in 20

50、10 based on first half results.Opportunities for this unit continue to improve as directional and horizontal wells make up an increasingly large percentage of the total drilling market.OIL+GAS Nabors currently has a net interest in approximately one million acres through a wholly owned subsidiary,Ra

51、mshorn Investments,and three joint ventures in the United States,Canada and South America.Within these holdings,approximately 225,000 acres are in some of the highest profile shale plays in the U.S.and Canada.At present,Nabors has a significant quantity of proved reserves in our U.S.joint venture.We

52、 also have very large but unrecognized value in our undeveloped holdings,which should become increasingly apparent with additional drilling.much more than meets the eyeNabors INdustrIes Ltd.2009 Annual ReportMintflower Place8 Par-La-Ville Road Hamilton,HM08,BINTERNATIONALUS LAND DRILLINGALASKA DRILL

53、INGOTHER OPERATING SEGMENTS Results were down only slightly year over year as aggressive cost controls and incremental rig deployments largely offset the curtailment of some drilling projects and the postponement of others.New rig contracts were awarded in Kazakhstan,Kuwait,Russia and Congo,the latt

54、er a unique rig placed on a Floating Drilling,Production,Storage and Offloading(FDPSO)vessel.This unit posted its best year ever in safety with the total recordable incidence rate dipping below one for every 200,000 man hours.Prospects for 2010 are for an improving second half,with contracts awarded

55、 for six incremental rigs in Colombia,three in Saudi Arabia and two in Papua New Guinea,and a strong bid flow.Nabors expects to deploy its unique coiled tubing/stem drilling rig on underbalanced,pressure-managed drilling projects in Australia,the Middle East and North Africa.Long-term contracts for

56、rigs and aggressive cost controls kept results for this unit respectable in spite of a precipitous decline in the rig count.Our high-specification rigs and expertise in the various shale plays allowed Nabors to drill more horizontal footage than any other U.S.land driller.Five-year contracts were si

57、gned with a large independent for four new build rigs in the Bakken Shale.This unit posted its best year ever from a safety perspective with the total recordable incidence rate declining to 1.92.Results in 2010 should be down from 2009,although virtually all PACE rigs are under contract.Pricing shou

58、ld also improve if the industry rig count continues to climb,particularly for high-specification rigs.PACE rigs are combining with Canrigs Rockit technology to improve rate of penetration and lower customer costs on directional drilling projects.After extensive modifications,Rig 27E commenced operat

59、ions on Exxons deep,high-pressure gas project at Point Thomson.Nabors unique coiled tubing/stem drilling rig commenced operations at Kaparuk,completing the year without a single incident or spill and exceeding customer expectations.Safety in this unit continued to improve as the total recordable inc

60、idence rate declined and no lost-time incidents were reported.Activity is expected to be down substantially in 2010 with three fewer rigs working,although there are several promising long-term projects on the horizon in a market characterized by lengthy development cycles.Canrig Results were down su

61、bstantially in this operation as capital equipment sales declined,mitigated somewhat by the expansion of our services and rentals business and aggressive cost cutting.The merger of Canrig and Epoch in the first quarter resulted in a consolidated infrastructure that is delivering an improved level of

62、 customer service.New technology,particularly the Rockit directional steering control system,had an increasingly large and positive impact on results and should have even more going forward.Results in 2010 should be improved over 2009 as services and rentals continue to expand.The introduction of ne

63、w products,including a casing running tool and three new software products that support Rockit,should further bolster this units performance.AIC Numerous Alaska State Highway projects returned this joint venture to profitability in 2009,although bidding activity slowed later in the year.A solid back

64、log of oilfield work on the North Slope,a significant mine infrastructure award and other heavy civil construction projects are yielding an improved outlook for 2010,with bidding activity holding at a good pace.more foundational strengthUS OFFSHOREUS LAND WELL-SERVICINGCANADA Results for the year we

65、re down as this unit reported a quarterly loss(Q3)for the first time in its history.MODS and API rigs remained fully utilized on long-term contracts in deep water.Other rigs were idle as low oil prices fueled uncertainty in the Gulf of Mexico.The safety record remained exemplary with no lost-time in

66、cidents reported for the third consecutive year.Results will be improved in 2010 since we have already booked income equal to a 30 percent increase over the prior year.Eight incremental rigs are set to deploy by the end of the second quarter and bidding activity is steadily improving.This unit parti

67、cipated in two Front-End Engineering Design(FEED)studies for two 4,500 HP MODS platform rigs on new deepwater development projects.Nabors has been awarded one and we believe we have a good chance of being awarded the second.Nabors Well Services saw results decline from the prior year,but still remai

68、ned profitable with significant cash flow,primarily the result of aggressive cost cutting.This unit experienced its best year ever from a safety perspective with the total recordable incidence rate dropping from 1.76 to 1.37.Awarded the 2009 Association of Energy Service Companies Accident Statistic

69、s Program Gold Award in competition with contractors with over 500,000 man hours.Rising oil prices are beginning to drive improved activity in markets like the Bakken Shale and Permian Basin and could well fuel improved pricing in 2010,particularly in the second half.The development of new markets l

70、ike the Marcellus Shale and improvement in established markets,particularly in California,should also contribute to modestly improved results in 2010.Aggressive cost controls allowed this unit to break even in 2009 in the face of a surplus of natural gas and continued challenges to customer drilling

71、 programs related to royalty issues in Alberta.This unit achieved the best safety performance in its history.The forecast for 2010 is for a slight improvement as results in the first quarter are expected to be ahead of last years pace.Customers continue to inquire about our advanced technology rigs,

72、particularly those with unique moving systems.Construction was completed on two such rigs during 2009 with both scheduled for deployment during 2010.These rigs have the potential to expand the drilling season in the British Columbia shales.Peak Oilfield Services Results were down modestly from the p

73、rior year as reduced exploration activity on the North Slope was partially offset by incremental work at Point Thomson,aided by a refinery modification project for production of low-sulfur diesel on the Kenai Peninsula.Safety continued to improve as this unit posted its best recordable incidence rat

74、e in five years.Results in 2010 are expected to be down further with reduced North Slope activity mitigated somewhat by increased drilling on the Kenai Peninsula.Ryan Energy Technologies Experience in virtually all of the various shale plays kept this unit profitable despite a dramatic decline in th

75、e directional drilling markets in the U.S.and Canada.Safety continued to be a strong point as this unit completed its third consecutive year without a lost-time incident.Activity,revenue and net income should be up in 2010 based on first half results.Opportunities for this unit continue to improve a

76、s directional and horizontal wells make up an increasingly large percentage of the total drilling market.OIL+GAS Nabors currently has a net interest in approximately one million acres through a wholly owned subsidiary,Ramshorn Investments,and three joint ventures in the United States,Canada and Sout

77、h America.Within these holdings,approximately 225,000 acres are in some of the highest profile shale plays in the U.S.and Canada.At present,Nabors has a significant quantity of proved reserves in our U.S.joint venture.We also have very large but unrecognized value in our undeveloped holdings,which s

78、hould become increasingly apparent with additional drilling.moreNabors INdustrIes 2009 Annual Reportassetsp r e m I u mCDR-2 is an Arctic class,coiled tubing/stem drilling rig operating in the Kaparuk field on the North Slope in Alaska.It is exceeding customer expectations while drilling up to eight

79、 laterals from a single wellbore.BO2 is a new class of PACE rig soon to deploy to North Dakotas Bakken Shale.Its ability to rapidly move from wellhead to wellhead while drilling on a pad is shortening the drilling cycle and improving customer economics.A more relentless pursuit of Safety.saferstrong

80、erincident freeNabors Industries is dedicated to protecting its workforce through continuous programs of risk identification and remediation.We believe the relentless pursuit of safety will ultimately result in zero incidents in every operation.We will not be content until we reduce the total incide

81、nce rate to zero.the first step in achieving this goal is believing we can do it.NABORS INDUSTRIES totaL reCordabLe totaL INCIdeNCe Labor rate Hours2005 2.81 56,343,1662006 2.33 65,197,3212007 1.83 67,148,4532008 1.68 72,538,6952009 1.28 52,462,5063.501.75 2005 2009US LAND DRILLING1.80.9 2005 2009IN

82、TERNATIONAL3.501.75 2005 2009US OFFSHORE4.502.25 2005 2009OTHER OPERATING SEGMENTS1.753.50 2005 2009US LAND WELL-SERVICING6.003.0 2005 2009CANADA 2005 2009ALASKA DRILLING3.501.75CORPORATE ADDRESS Nabors Industries Ltd.mintflower place8 par-La-Ville road Hamilton,Hm08,bermuda telephone:(441)292-1510

83、Fax:(441)292-1334MAILING ADDRESSp.o.box Hm3349 Hamilton,HmpX-bermudaFORM 10-Kour Form 10-K is available on our website at under the“Investor relations”tab.Copies may be obtained at no charge by writing to our Corporate secretary at Nabors corporate office.TRANSFER AGENTComputershare trust Company,N.

84、a.p.o.box 43069providence,rhode Island 02940-3069INVESTOR RELATIONSdennis a.smithdirector of Corporate developmentIndependent registered public accounting FirmpricewaterhouseCoopers LLpHouston,texasas of december 31,2009,there were 313,915,220 common shares outstanding held by 1,768 holders of recor

85、d.the common shares are listed on the New York stock exchange under the symbol“Nbr”.the following table sets forth the reported high and low sales prices of the common shares as reported on the New York stock exchange for the calendar quarters indicated.STOCK PRICEC ALENDAR YEAR HIGH LOW2007 Firstqu

86、arter32.7427.53Secondquarter36.4229.59Thirdquarter34.1027.05Fourthquarter31.2326.002008 Firstquarter34.1423.61Secondquarter50.5833.06Thirdquarter50.3522.50Fourthquarter24.889.722009 Firstquarter14.058.25Secondquarter19.799.38Thirdquarter21.4813.78Fourthquarter24.0719.18Corporate INFormatIoNoFFICersd

87、IreCtorsFor additional information regarding corporate governance,historical financial data,investor presentations and global rig fleet,please visit .This annual report includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.Such f

88、orward-looking statements are subject to certain risks and uncertainties,as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commis-sion.As a result of these factors,Nabors actual results may differ materially from those indicated or implied by such forward-looki

89、ng statements.Eugene M.IsenbergChairman and Chief executive officer,Nabors Industries Ltd.Anthony G.Petrellodeputy Chairman,president and Chief operating officer,Nabors Industries Ltd.Martin J.WhitmanLead director Chairman,third avenue management LLCWilliam T.ComfortChairman,Citigroup Venture Capita

90、l John V.Lombardipresident,Louisiana state university systemJames L.PayneChairman and Chief executive officer,shona energy Company,LLC Myron M.SheinfeldCounsel,King&spalding,L.L.p.Jack Wexlerdirector emeritusEugene M.IsenbergChairman and Chief executive officerAnthony G.Petrellodeputy Chairman,presi

91、dent and Chief operating officerMark D.AndrewsCorporate secretaryR.Clark Woodprincipal accounting and financial officerDesign:SAVAGE,Branding+Corporate Design,Houston,Texasmuch more than meets the eyemoreNabors INdustrIes 2009 Annual Reportassetsp r e m I u mCDR-2 is an Arctic class,coiled tubing/st

92、em drilling rig operating in the Kaparuk field on the North Slope in Alaska.It is exceeding customer expectations while drilling up to eight laterals from a single wellbore.BO2 is a new class of PACE rig soon to deploy to North Dakotas Bakken Shale.Its ability to rapidly move from wellhead to wellhe

93、ad while drilling on a pad is shortening the drilling cycle and improving customer economics.A more relentless pursuit of Safety.saferstrongerincident freeNabors Industries is dedicated to protecting its workforce through continuous programs of risk identification and remediation.We believe the rele

94、ntless pursuit of safety will ultimately result in zero incidents in every operation.We will not be content until we reduce the total incidence rate to zero.the first step in achieving this goal is believing we can do it.NABORS INDUSTRIES totaL reCordabLe totaL INCIdeNCe Labor rate Hours2005 2.81 56

95、,343,1662006 2.33 65,197,3212007 1.83 67,148,4532008 1.68 72,538,6952009 1.28 52,462,5063.501.75 2005 2009US LAND DRILLING1.80.9 2005 2009INTERNATIONAL3.501.75 2005 2009US OFFSHORE4.502.25 2005 2009OTHER OPERATING SEGMENTS1.753.50 2005 2009US LAND WELL-SERVICING6.003.0 2005 2009CANADA 2005 2009ALASK

96、A DRILLING3.501.75CORPORATE ADDRESS Nabors Industries Ltd.mintflower place8 par-La-Ville road Hamilton,Hm08,bermuda telephone:(441)292-1510 Fax:(441)292-1334MAILING ADDRESSp.o.box Hm3349 Hamilton,HmpX-bermudaFORM 10-Kour Form 10-K is available on our website at under the“Investor relations”tab.Copie

97、s may be obtained at no charge by writing to our Corporate secretary at Nabors corporate office.TRANSFER AGENTComputershare trust Company,N.a.p.o.box 43069providence,rhode Island 02940-3069INVESTOR RELATIONSdennis a.smithdirector of Corporate developmentIndependent registered public accounting Firmp

98、ricewaterhouseCoopers LLpHouston,texasas of december 31,2009,there were 313,915,220 common shares outstanding held by 1,768 holders of record.the common shares are listed on the New York stock exchange under the symbol“Nbr”.the following table sets forth the reported high and low sales prices of the

99、 common shares as reported on the New York stock exchange for the calendar quarters indicated.STOCK PRICEC ALENDAR Y EAR HIGH LOW2007 Firstquarter32.7427.53Secondquarter36.4229.59Thirdquarter34.1027.05Fourthquarter31.2326.002008 Firstquarter34.1423.61Secondquarter50.5833.06Thirdquarter50.3522.50Four

100、thquarter24.889.722009 Firstquarter14.058.25Secondquarter19.799.38Thirdquarter21.4813.78Fourthquarter24.0719.18Corporate INFormatIoNoFFICersdIreCtorsFor additional information regarding corporate governance,historical financial data,investor presentations and global rig fleet,please visit .This annu

101、al 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 Nabors from time to time in its filings with the Securities and Exchan

102、ge Commis-sion.As a result of these factors,Nabors actual results may differ materially from those indicated or implied by such forward-looking statements.Eugene M.IsenbergChairman and Chief executive officer,Nabors Industries Ltd.Anthony G.Petrellodeputy Chairman,president and Chief operating offic

103、er,Nabors Industries Ltd.Martin J.WhitmanLead director Chairman,third avenue management LLCWilliam T.ComfortChairman,Citigroup Venture Capital John V.Lombardipresident,Louisiana state university systemJames L.PayneChairman and Chief executive officer,shona energy Company,LLC Myron M.SheinfeldCounsel

104、,King&spalding,L.L.p.Jack Wexlerdirector emeritusEugene M.IsenbergChairman and Chief executive officerAnthony G.Petrellodeputy Chairman,president and Chief operating officerMark D.AndrewsCorporate secretaryR.Clark Woodprincipal accounting and financial officerDesign:SAVAGE,Branding+Corporate Design,

105、Houston,Texasmuch more than meets the eyemoreNabors INdustrIes 2009 Annual Reportassetsp r e m I u mCDR-2 is an Arctic class,coiled tubing/stem drilling rig operating in the Kaparuk field on the North Slope in Alaska.It is exceeding customer expectations while drilling up to eight laterals from a si

106、ngle wellbore.BO2 is a new class of PACE rig soon to deploy to North Dakotas Bakken Shale.Its ability to rapidly move from wellhead to wellhead while drilling on a pad is shortening the drilling cycle and improving customer economics.A more relentless pursuit of Safety.saferstrongerincident freeNabo

107、rs Industries is dedicated to protecting its workforce through continuous programs of risk identification and remediation.We believe the relentless pursuit of safety will ultimately result in zero incidents in every operation.We will not be content until we reduce the total incidence rate to zero.th

108、e first step in achieving this goal is believing we can do it.NABORS INDUSTRIES totaL reCordabLe totaL INCIdeNCe Labor rate Hours2005 2.81 56,343,1662006 2.33 65,197,3212007 1.83 67,148,4532008 1.68 72,538,6952009 1.28 52,462,5063.501.75 2005 2009US LAND DRILLING1.80.9 2005 2009INTERNATIONAL3.501.75

109、 2005 2009US OFFSHORE4.502.25 2005 2009OTHER OPERATING SEGMENTS1.753.50 2005 2009US LAND WELL-SERVICING6.003.0 2005 2009CANADA 2005 2009ALASKA DRILLING3.501.75CORPORATE ADDRESS Nabors Industries Ltd.mintflower place8 par-La-Ville road Hamilton,Hm08,bermuda telephone:(441)292-1510 Fax:(441)292-1334MA

110、ILING ADDRESSp.o.box Hm3349 Hamilton,HmpX-bermudaFORM 10-Kour Form 10-K is available on our website at under the“Investor relations”tab.Copies may be obtained at no charge by writing to our Corporate secretary at Nabors corporate office.TRANSFER AGENTComputershare trust Company,N.a.p.o.box 43069prov

111、idence,rhode Island 02940-3069INVESTOR RELATIONSdennis a.smithdirector of Corporate developmentIndependent registered public accounting FirmpricewaterhouseCoopers LLpHouston,texasas of december 31,2009,there were 313,915,220 common shares outstanding held by 1,768 holders of record.the common shares

112、 are listed on the New York stock exchange under the symbol“Nbr”.the following table sets forth the reported high and low sales prices of the common shares as reported on the New York stock exchange for the calendar quarters indicated.STOCK PRICEC ALENDAR Y EAR HIGH LOW2007 Firstquarter32.7427.53Sec

113、ondquarter36.4229.59Thirdquarter34.1027.05Fourthquarter31.2326.002008 Firstquarter34.1423.61Secondquarter50.5833.06Thirdquarter50.3522.50Fourthquarter24.889.722009 Firstquarter14.058.25Secondquarter19.799.38Thirdquarter21.4813.78Fourthquarter24.0719.18Corporate INFormatIoNoFFICersdIreCtorsFor additi

114、onal information regarding corporate governance,historical financial data,investor presentations and global rig fleet,please visit .This annual report includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.Such forward-looking sta

115、tements are subject to certain risks and uncertainties,as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commis-sion.As a result of these factors,Nabors actual results may differ materially from those indicated or implied by such forward-looking statements.Euge

116、ne M.IsenbergChairman and Chief executive officer,Nabors Industries Ltd.Anthony G.Petrellodeputy Chairman,president and Chief operating officer,Nabors Industries Ltd.Martin J.WhitmanLead director Chairman,third avenue management LLCWilliam T.ComfortChairman,Citigroup Venture Capital John V.Lombardip

117、resident,Louisiana state university systemJames L.PayneChairman and Chief executive officer,shona energy Company,LLC Myron M.SheinfeldCounsel,King&spalding,L.L.p.Jack Wexlerdirector emeritusEugene M.IsenbergChairman and Chief executive officerAnthony G.Petrellodeputy Chairman,president and Chief ope

118、rating officerMark D.AndrewsCorporate secretaryR.Clark Woodprincipal accounting and financial officerDesign:SAVAGE,Branding+Corporate Design,Houston,Texasmuch more than meets the eyeNabors operating results for 2009 were respectable considering the sharp curtailment in customer drilling expenditures

119、 that resulted from weak oil and gas prices early in the year and the constrained credit market.The impact of these developments was most acute in our U.S.and Canadian markets,although we saw improvement in the fourth quarter as oil and gas prices strengthened and credit concerns abated.While our In

120、ternational business was not immune,it was slower to react and ended the year down only slightly.This environment notwithstanding,Nabors posted$1.1 billion in operating cash flow,or$.per diluted share,one of the companys better years in this important metric.Earnings per share were$1.29 when certain

121、 non-cash charges are excluded.The preponderance of these non-cash charges related to impairments in the value of our oil and gas joint venture inter-ests as a result of the Securities and Exchange Commission requirement that reserves be valued by looking back to the depressed prices that prevailed

122、in 2009 in order to calculate the maximum carrying value of these interests.The primary contributors to our strong cash flow were our International operations and our U.S.Lower 48 land rig busi-ness,bolstered by healthy contributions from all of our other units.Stringent control of overhead,operatin

123、g and capital expenditures also contributed,as did a significant reduction in our working capital.In 2010,we expect to generate even larger amounts of free cash flow from operations as a result of improving activity,lower operating and overhead costs and restrained capital spending.We believe our st

124、rong cash flow will generate sufficient liquidity to redeem the remaining$1.6 billion in convertible debt due May 2011,which will reduce net debt to capitalization below 30 percent.We also expect to be well positioned to take advantage of attractive investment opportunities and our ready access to t

125、he capital markets if warranted.While results for the year were down significantly,we were still able to strengthen our financial position.Most notable was the placement early in the year of$1.125 billion in ten-year senior unsecured notes due 2019 at a rate of 9.25 percent.We felt it prudent at tha

126、t uncertain time to secure cash availability,in effect procuring cost-effective insurance against a more severe and protracted downturn in our businesses and continuing constraints in the availability of credit.That Nabors could be,and ultimately was,one of the first borrowers during a time of extre

127、mely tight credit speaks well of the underlying strength in the companys cash flow and our favorable reputation in the capital markets.Collectively,these efforts allowed us to generate free cash flow of$370 million,while still funding$990 million in capital expenditures.It also allowed us to repurch

128、ase another$950 mil-lion of our shorter-term debt at a discount of$130 million while extending our average maturity.Our North American operations have entered a new era char-acterized by the development of the shales,the large majority of which are gas and require more technically complex and effi-c

129、ient rigs.The future of the Canadian oil and gas industry is,in our opinion,linked to the British Columbia shales where Nabors currently has an approximate 40-percent market share.This trend bodes well for the long-term outlook of our pro prietary PACE rigs,which were designed to be particularly eff

130、ective in these shale plays and,consequently,remained highly utilized even in the trough.It also validates the wisdom of the strategic investments we made in new rigs and equipment during the last five years.Nabors has fared relatively well despite the challenging landscape of 2009.730 Land workover

131、 rigs542 Land drilling rigs40 Platform rigs 25 Workover/Re-drilling 15 Drilling13 Jack-ups 8 Drilling 5 Workover3 barge rigsmuch MORE than meets the eyeone3 99730 Land workover rigs542 Land drilling rigs40 Platform rigs 25 Workover/Re-drilling 15 Drilling13 Jack-ups 8 Drilling 5 Workover3 barge rigs

132、much moRe than meets the eyeoneInternationally,we are seeing a concerted effort to reverse the decline curve that exists in some of the most mature and developed oil and gas fields in the world.We are also witness-ing an expansion in demand for natural gas,particularly in the middle east,brought on

133、by an increase in indigenous consumption as desalination and power-generation facilities switch from oil to gas.Additional demand stems from growth in refining and petrochemical manufacturing and from increas-ing liquefaction of natural gas for export,particularly to europe and the Far east.At the s

134、ame time,the supply of natural gas produced in association with crude production is declining.These trends fuel additional drilling activity,particularly in areas where Nabors has a strong presence and competitive advantage through ready availability of the most capable rigs.Nabors Alaska had its be

135、st year ever,although we expect 2010 to be much more challenging as this market has softened con-siderably and we expect to average three fewer rigs working.Two notable achievements were the launch of our proprietary coiled tubing/stem drilling rig,which commenced operations at Kaparuk,and the upgra

136、de and deployment of Rig 27e at Point Thomson on a series of challenging,high-pressure gas development wells.our Canadian operation managed to break even in one of the most challenging markets in its history,primarily through aggressive cost controls.The visibility of any upturn in this mar-ket is e

137、lusive at this time,although the emergence of the afore-mentioned British Columbia shales is shifting the Canadian rig market more in favor of Nabors.This development,along with our strategic customer alliances,positions us to recover quickly when this market corrects.Nabors offshore fared relativel

138、y well despite significantly weaker activity for workover jackups,barges and SuperSundowner platform rigs.This decline was partially offset by ongoing high-utilization of our mASe and moDS platform drilling rigs,especially those in deepwater applications.This market is rebounding rapidly,and the for

139、ecast is for improved results in 2010,as contracted income already exceeds 2009 levels by 30 percent.This unit was recently awarded one of two front-end engineering design(FeeD)studies,both of which require 4,500 horsepower versions of our proprietary moDS technol-ogy,and we are optimistic that we w

140、ill be awarded the second.Among all of our U.S.businesses,Nabors Well Services was the most severely impacted by the industry downturn,which coincided with a sizeable increase in industry capacity and put extraordinary pressure on all of our markets,particularly the Permian Basin and South Texas.As

141、a result,utilization con-tracted sharply and did not track the second quarter rebound in oil prices,even though oil is the primary driver of this business.Utilization finally improved in the fourth quarter and should continue to do so in 2010 if current oil prices sustain or increase.We expect to ac

142、hieve higher income and cash flow as we continue to control our costs,deploy well-site technology and expand applications for our millennium rigs,particularly internationally.our International business fared better than all of our other units,but operating income was still down ten percent.This was

143、respectable considering the market environment and came on the heels of eight consecutive years where operating income grew at a compounded annual rate of 27 percent.Performance in this unit should improve over the second half of 2010 on the strength of rigs returning to work in multiple NABoRS INDU

144、STRIeS 2009 Annual ReportNabors was able to strengthen our financial position in a down market.twoareas,most notably Colombia,Saudi Arabia and mexico,and the additional incremental rigs expected to result from recently increased bidding activity.This unit is now our largest business segment,a fact t

145、hat separates us from all other land drillers,and we expect it to retain this position.our U.S.Lower 48 Land Drilling business also achieved respectable results during the year in spite of a precipitous decline in the North American gas market.Activity bottomed out in July as the rig count reached 1

146、17,down from a high of 273 in october of 2008,before climbing back to 160 early in 2010.As we predicted,utilization and pricing for our higher specification PACe rigs and upgraded SCR rigs remained good,while our mechanical rigs did not fare as well.Results in 2010 should be down from 2009 on lower

147、average margins,although virtually all of our PACe rigs are committed,and our SCR rigs and mechanical rigs are well positioned to benefit from further improvement in the market.our other operating Segments were adversely impacted by lower activity,most notably a reduction in the quantity of third-pa

148、rty top drive shipments and sharply lower activity in our directional drilling operation.This decline was partially offset by improved performance in our unconsolidated Alaskan joint ventures.our oil and Gas operations achieved a breakeven result as profitability in our existing hedged gas productio

149、n was offset by lower pricing for unhedged gas production.We expect results in our Alaskan joint ventures to be down in 2010,in line with that market.Canrig should be flat to slightly up as more top drives are delivered to third parties,bolstered by the recent introduction of new technology.In the n

150、ext few years,we expect to realize the enormous potential inherent in our oil and Gas operations since we have very attractive holdings in some of the hottest oil and gas areas.This huge and hereto-fore unrecognized market value should become increasingly evident in the not too distant future,either

151、 through sale of these properties or through increased production.In safety,Nabors achieved its best year ever on a consolidated basis,with virtually every unit posting new lows in recordable incidence rates and two units reporting zero lost-time incidents.most importantly,we also witnessed a sharp

152、reduction in the severity of injuries as indicated by a large decline in lost work days.As good as these results were,we will not be satisfied until we reach what we believe is an achievable goal of zero incidents throughout our global operations.As a result,we are committing additional resources an

153、d redoubling our efforts to achieve even better results in this vital area.In summary,Nabors has several reasons to be guardedly optimistic in 2010.Demand for our PACe rigs remains strong,and prospects for our other rigs should continue to improve as long as commodity prices stay at or above current

154、 levels.Improved activity internationally and in the U.S.Gulf of mexico gives every indication that we are witnessing the end of the trough.meanwhile,stringent cost containment and the ability to exercise discretion in our capital spending should further improve results and produce another year that

155、 merits the confidence you have shown by investing in Nabors Industries.Sincerely,eUGeNe m.ISeNBeRG Chairman and Chief Executive Officermuch moRe than meets the eyeNabors is well positioned to continue our rapid recovery as the market improves.threeNABoRS INDUSTRIeS 2009 Annual ReportoPeRATING DATA(

156、In thousands,except per share amounts and ratio data)2009FINANCIAL highlightsYear Ended December 31,2009 2008 2007 2006 2005 2004 2003 2002 2001Operating revenues and Earnings from unconsolidated affiliates$3,477,675$5,282,062$4,956,572$4,727,834$3,400,143$2,355,628$1,824,578$1,415,973$2,156,478Depr

157、eciation and amortization,and depletion$679,493$639,809$500,834$403,937$331,948$293,517$228,440$187,654$180,214Income(loss)from continuing operations,net of tax$(85,888)$479,664$830,258$947,909$639,880$301,212$187,708$115,784$337,650 Income(loss)from discontinued operations,net of tax$35,024$27,727$

158、10,540$1,489$4,520$5,705$19,800 Net income(loss)attributable to Nabors$(85,546)$475,737$865,702$973,722$648,695$302,457$192,228$121,489$357,450 Earnings per share:Diluted from continuing operations$(0.30)$1.65$2.88$3.15$1.97$0.96$0.61$0.39$1.06 Diluted from discontinued operations$0.12$0.09$0.03$0.0

159、1$0.01$0.06 Total diluted$(0.30)$1.65$3.00$3.24$2.00$0.96$0.62$0.40$1.12 Weighted-average number of diluted common shares outstanding 283,326 288,236 288,226 300,677 323,712 328,060 313,794 299,993 337,580Capital expenditures and acquisitions of business$990,287$1,578,241$1,945,932$2,006,286$1,003,2

160、69$544,429$353,138$702,843$803,241 Interest coverage ratio from continuing operations 6.2:1 20.7:1 32.5:1 38.1:1 25.6:1 12.9:1 6.1:1 5.2:1 11.7:1fourmuch moRe than meets the eyeYear Ended December 31,2009 2008 2007 2006 2005 2004 2003 2002 2001Cash and investments$1,191,733$826,063$1,179,639$1,653,2

161、85$1,646,327$1,411,047$1,579,090$1,345,799$918,637 Working capital$1,568,042$1,037,734$719,674$1,650,496$1,264,852$821,120$1,529,691$1,077,602$1,077,841 Property,plant and equipment,net$7,646,050$7,331,959$6,669,013$5,423,729$3,886,924$3,275,495$2,990,792$2,801,067$2,451,386 Total assets$10,644,690$

162、10,517,899$10,139,783$9,155,931$7,230,407$5,862,609$5,602,692$5,063,872$4,151,915 Long-term debt$3,940,605$3,600,533$2,894,659$3,457,675$1,251,751$1,201,686$1,985,553$1,614,656$1,567,616 Shareholders equity$5,167,656$4,904,106$4,801,579$3,889,100$3,758,140$2,929,393$2,490,275$2,158,455$1,857,866 Fun

163、ded debt to capital ratio:Gross 0.41:1 0.41:1 0.39:1 0.43:1 0.32:1 0.38:1 0.45:1 0.46:1 0.43:1 Net 0.33:1 0.35:1 0.30:1 0.28:1 0.08:1 0.15:1 0.20:1 0.23:1 0.24:1Year Ended December 31,2009 2008 2007 2006 2005 2004 2003 2002 2001Operating revenues and Earnings from unconsolidated affiliates:United St

164、ates$1,802,140$3,306,064$3,189,230$3,141,299$2,230,614$1,462,622$1,086,664$947,258$1,787,764 Outside the U.S.1,675,535 1,975,998 1,767,342 1,586,535 1,169,529 893,006 737,914 468,715 368,714$3,477,675$5,282,062$4,956,572$4,727,834$3,400,143$2,355,628$1,824,578$1,415,973$2,156,478As of December 31,20

165、09 2008 2007 2006 2005 2004 2003 2002 2001Total assets:United States$7,497,298$7,503,874$5,789,199$5,587,834$4,581,307$3,788,180$3,641,185$3,569,657$3,282,429 Outside the U.S.3,147,392 3,014,025 4,350,584 3,568,097 2,649,100 2,074,429 1,961,507 1,494,215 869,486$10,644,690$10,517,899$10,139,783$9,15

166、5,931$7,230,407$5,862,609$5,602,692$5,063,872$4,151,915BALANCe SheeT DATA(In thousands,except ratio data)GeoGRAPhIC DISTRIBUTIoN oF ReveNUeS AND ASSeTS(In thousands)five2009RIG fleetNABoRS INDUSTRIeS 2009 Annual ReportP l A t f o r m W o r k o v E rP l A t f o r m D r i l l i n g International Offsh

167、ore Angola 1 1 Australia 1 1 2 Congo 1 1 2 India 2 2 Italy 1 1 Malaysia 1 1 Mexico 5 3 1 1 10 Qatar 1 1 Saudi Arabia 1 3 4 Saudi Arabia Joint Ventures 1 1(1)Total International Offshore 2 2 7 4 2 1 7 25U.S.Gulf of Mexico 1 6 2 4 6 2 3 4 1 29Alaska 1 1California 1 1Total Offshore 1 8 5 11 4 9 2 3 5 8

168、 56(1)includes one joint venture rig(rig 867)in which nabors owns a 50%interest.750 HPSuper SundownerSelf-ElevatedWorkover Jack-upDrilling Jack-upAPiBarget o t A l t o t A lU.S.Lower 48 West Texas 9 40 54 19 122 East Texas 4 14 18 20 56 South Texas 4 14 13 31 Oklahoma 2 11 15 18 46 Rocky Mountains 3

169、 5 36 40 84 California 80 71 57 11 219Total U.S.Lower 48 98 145 194 121 558Canada 22 80 61 9 172Total Workover/Well-Servicing 120 225 255 130 730mASEoFFShoRe RIG FLeeTActively Marketed Rigs OnlyWoRKoveR/WeLL-SeRvICING RIGSActively Marketed Rigs Onlysixmuch moRe than meets the eyesevensixA sophistica

170、ted control cabin directs drilling activity on CDR-2,Naborss unique coiled tubing/stem drilling rig.2,0 0 0 H P t o t A l ElEC.mECH.totAl ElEC.mECH.totAl ElEC.mECH.totAl ElEC.mECH.totAl ElEC.mECH.totAlALASkA North Slope 1 4 5 3 1 4 7 7 11 5 16 Cook Inlet 2 2 1 1 1 2 3Total Alaska 1 6 7 3 1 4 8 8 12

171、7 19U.S.LOWER 48 Northern Division California 4 1 5 6 6 4 4 2 2 16 1 17 North Dakota 2 6 8 4 21 25 4 6 10 10 33 43 northwest 2 2 2 2 West Texas 2 7 9 8 4 12 7 3 10 7 2 9 24 16 40 Wyoming 14 12 26 12 2 14 5 5 3 3 34 14 48 Subtotal Northern Division 24 26 50 30 27 57 20 9 29 12 2 14 86 64 150 Southern

172、 Division South Texas 3 3 3 3 6 13 13 7 7 26 3 29 East Texas 25 3 28 22 8 30 20 1 21 2 2 69 12 81 Gulf Coast 1 1 6 1 7 13 13 9 9 29 1 30 Arkoma 4 12 16 5 5 4 1 5 8 18 26 Subtotal Southern Division 33 15 48 31 17 48 50 2 52 18 18 132 34 166 Subtotal U.S.Lower 48 57 41 98 61 44 105 70 11 81 30 2 32 21

173、8 98 316Actively Marketed U.S.Land Drilling Fleet 58 47 105 64 45 109 70 11 81 38 2 40 230 105 335Canada 5 55 60 9 2 11 4 3 7 4 4 22 60 82INTERNATIONAL Latin America Argentina 17 17 3 3 3 17 20 Bolivia 1 1 1 1 Colombia 2 2 1 1 3 3 4 4 7 3 10 Ecuador 4 4 2 2 2 4 6 Mexico 2 2 4 4 6 6 Venezuela 2 2 4 2

174、 2 4 Subtotal Latin America 23 23 3 1 4 8 2 10 10 10 21 26 47 Australia and Far East Australia 1 1 1 1 2 2 Brunei 1 1 1 1 Subtotal Australia and Far East 1 1 2 2 3 3 Middle East/Africa/CIS Algeria 6 6 3 3 9 9 Congo 1 1 1 1 kazakhstan 1 1 3 3 1 1 1 4 5 kenya 1 1 1 1 kuwait 1 1 2 1 1 2 Libya 1 1 1 1 1

175、 1 2 Oman 2 3 5 3 3 1 1 6 3 9 Romania 2 2 2 2 Russia 1 1 3 3 3 1 4 Saudi Arabia 7 1 8 14 14 21 1 22 U.A.E.3 3 3 3 Yemen 1 1 2 3 3 2 2 6 1 7 Subtotal Middle East/Africa/CIS 3 5 8 6 3 9 16 3 19 30 1 31 55 12 67Joint Venture Saudi Arabia Joint Venture 3 3 4 4 1 1 5 3 8Total International 4 31 35 9 4 13

176、 28 5 33 43 1 44 84 41 125Total Actively Marketed Land Drilling Fleet 67 133 200 82 51 133 102 19 121 85 3 88 336 206 542LAND DRILLING FLeeTActively Marketed Rigs OnlyNABoRS INDUSTRIeS 2009 Annual ReporteightmoreNabors INdustrIes 2009 Annual Reportassetsp r e m I u mCDR-2 is an Arctic class,coiled t

177、ubing/stem drilling rig operating in the Kaparuk field on the North Slope in Alaska.It is exceeding customer expectations while drilling up to eight laterals from a single wellbore.BO2 is a new class of PACE rig soon to deploy to North Dakotas Bakken Shale.Its ability to rapidly move from wellhead t

178、o wellhead while drilling on a pad is shortening the drilling cycle and improving customer economics.A more relentless pursuit of Safety.saferstrongerincident freeNabors Industries is dedicated to protecting its workforce through continuous programs of risk identification and remediation.We believe

179、the relentless pursuit of safety will ultimately result in zero incidents in every operation.We will not be content until we reduce the total incidence rate to zero.the first step in achieving this goal is believing we can do it.NABORS INDUSTRIES totaL reCordabLe totaL INCIdeNCe Labor rate Hours2005

180、 2.81 56,343,1662006 2.33 65,197,3212007 1.83 67,148,4532008 1.68 72,538,6952009 1.28 52,462,5063.501.75 2005 2009US LAND DRILLING1.80.9 2005 2009INTERNATIONAL3.501.75 2005 2009US OFFSHORE4.502.25 2005 2009OTHER OPERATING SEGMENTS1.753.50 2005 2009US LAND WELL-SERVICING6.003.0 2005 2009CANADA 2005 2

181、009ALASKA DRILLING3.501.75CORPORATE ADDRESS Nabors Industries Ltd.mintflower place8 par-La-Ville road Hamilton,Hm08,bermuda telephone:(441)292-1510 Fax:(441)292-1334MAILING ADDRESSp.o.box Hm3349 Hamilton,HmpX-bermudaFORM 10-Kour Form 10-K is available on our website at under the“Investor relations”t

182、ab.Copies may be obtained at no charge by writing to our Corporate secretary at Nabors corporate office.TRANSFER AGENTComputershare trust Company,N.a.p.o.box 43069providence,rhode Island 02940-3069INVESTOR RELATIONSdennis a.smithdirector of Corporate developmentIndependent registered public accounti

183、ng FirmpricewaterhouseCoopers LLpHouston,texasas of december 31,2009,there were 313,915,220 common shares outstanding held by 1,768 holders of record.the common shares are listed on the New York stock exchange under the symbol“Nbr”.the following table sets forth the reported high and low sales price

184、s of the common shares as reported on the New York stock exchange for the calendar quarters indicated.STOCK PRICEC ALENDAR Y EAR HIGH LOW2007 Firstquarter32.7427.53Secondquarter36.4229.59Thirdquarter34.1027.05Fourthquarter31.2326.002008 Firstquarter34.1423.61Secondquarter50.5833.06Thirdquarter50.352

185、2.50Fourthquarter24.889.722009 Firstquarter14.058.25Secondquarter19.799.38Thirdquarter21.4813.78Fourthquarter24.0719.18Corporate INFormatIoNoFFICersdIreCtorsFor additional information regarding corporate governance,historical financial data,investor presentations and global rig fleet,please visit .T

186、his annual 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 Nabors from time to time in its filings with the Securities an

187、d Exchange Commis-sion.As a result of these factors,Nabors actual results may differ materially from those indicated or implied by such forward-looking statements.Eugene M.IsenbergChairman and Chief executive officer,Nabors Industries Ltd.Anthony G.Petrellodeputy Chairman,president and Chief operati

188、ng officer,Nabors Industries Ltd.Martin J.WhitmanLead director Chairman,third avenue management LLCWilliam T.ComfortChairman,Citigroup Venture Capital John V.Lombardipresident,Louisiana state university systemJames L.PayneChairman and Chief executive officer,shona energy Company,LLC Myron M.Sheinfel

189、dCounsel,King&spalding,L.L.p.Jack Wexlerdirector emeritusEugene M.IsenbergChairman and Chief executive officerAnthony G.Petrellodeputy Chairman,president and Chief operating officerMark D.AndrewsCorporate secretaryR.Clark Woodprincipal accounting and financial officerDesign:SAVAGE,Branding+Corporate

190、 Design,Houston,Texasmuch more than meets the eyemuch more than meets the eyeNabors INdustrIes Ltd.2009 Annual ReportMintflower Place8 Par-La-Ville Road Hamilton,HM08,BINTERNATIONALUS LAND DRILLINGALASKA DRILLINGOTHER OPERATING SEGMENTS Results were down only slightly year over year as aggressive co

191、st controls and incremental rig deployments largely offset the curtailment of some drilling projects and the postponement of others.New rig contracts were awarded in Kazakhstan,Kuwait,Russia and Congo,the latter a unique rig placed on a Floating Drilling,Production,Storage and Offloading(FDPSO)vesse

192、l.This unit posted its best year ever in safety with the total recordable incidence rate dipping below one for every 200,000 man hours.Prospects for 2010 are for an improving second half,with contracts awarded for six incremental rigs in Colombia,three in Saudi Arabia and two in Papua New Guinea,and

193、 a strong bid flow.Nabors expects to deploy its unique coiled tubing/stem drilling rig on underbalanced,pressure-managed drilling projects in Australia,the Middle East and North Africa.Long-term contracts for rigs and aggressive cost controls kept results for this unit respectable in spite of a prec

194、ipitous decline in the rig count.Our high-specification rigs and expertise in the various shale plays allowed Nabors to drill more horizontal footage than any other U.S.land driller.Five-year contracts were signed with a large independent for four new build rigs in the Bakken Shale.This unit posted

195、its best year ever from a safety perspective with the total recordable incidence rate declining to 1.92.Results in 2010 should be down from 2009,although virtually all PACE rigs are under contract.Pricing should also improve if the industry rig count continues to climb,particularly for high-specific

196、ation rigs.PACE rigs are combining with Canrigs Rockit technology to improve rate of penetration and lower customer costs on directional drilling projects.After extensive modifications,Rig 27E commenced operations on Exxons deep,high-pressure gas project at Point Thomson.Nabors unique coiled tubing/

197、stem drilling rig commenced operations at Kaparuk,completing the year without a single incident or spill and exceeding customer expectations.Safety in this unit continued to improve as the total recordable incidence rate declined and no lost-time incidents were reported.Activity is expected to be do

198、wn substantially in 2010 with three fewer rigs working,although there are several promising long-term projects on the horizon in a market characterized by lengthy development cycles.Canrig Results were down substantially in this operation as capital equipment sales declined,mitigated somewhat by the

199、 expansion of our services and rentals business and aggressive cost cutting.The merger of Canrig and Epoch in the first quarter resulted in a consolidated infrastructure that is delivering an improved level of customer service.New technology,particularly the Rockit directional steering control syste

200、m,had an increasingly large and positive impact on results and should have even more going forward.Results in 2010 should be improved over 2009 as services and rentals continue to expand.The introduction of new products,including a casing running tool and three new software products that support Roc

201、kit,should further bolster this units performance.AIC Numerous Alaska State Highway projects returned this joint venture to profitability in 2009,although bidding activity slowed later in the year.A solid backlog of oilfield work on the North Slope,a significant mine infrastructure award and other h

202、eavy civil construction projects are yielding an improved outlook for 2010,with bidding activity holding at a good pace.more foundational strengthUS OFFSHOREUS LAND WELL-SERVICINGCANADA Results for the year were down as this unit reported a quarterly loss(Q3)for the first time in its history.MODS an

203、d API rigs remained fully utilized on long-term contracts in deep water.Other rigs were idle as low oil prices fueled uncertainty in the Gulf of Mexico.The safety record remained exemplary with no lost-time incidents reported for the third consecutive year.Results will be improved in 2010 since we h

204、ave already booked income equal to a 30 percent increase over the prior year.Eight incremental rigs are set to deploy by the end of the second quarter and bidding activity is steadily improving.This unit participated in two Front-End Engineering Design(FEED)studies for two 4,500 HP MODS platform rig

205、s on new deepwater development projects.Nabors has been awarded one and we believe we have a good chance of being awarded the second.Nabors Well Services saw results decline from the prior year,but still remained profitable with significant cash flow,primarily the result of aggressive cost cutting.T

206、his unit experienced its best year ever from a safety perspective with the total recordable incidence rate dropping from 1.76 to 1.37.Awarded the 2009 Association of Energy Service Companies Accident Statistics Program Gold Award in competition with contractors with over 500,000 man hours.Rising oil

207、 prices are beginning to drive improved activity in markets like the Bakken Shale and Permian Basin and could well fuel improved pricing in 2010,particularly in the second half.The development of new markets like the Marcellus Shale and improvement in established markets,particularly in California,s

208、hould also contribute to modestly improved results in 2010.Aggressive cost controls allowed this unit to break even in 2009 in the face of a surplus of natural gas and continued challenges to customer drilling programs related to royalty issues in Alberta.This unit achieved the best safety performan

209、ce in its history.The forecast for 2010 is for a slight improvement as results in the first quarter are expected to be ahead of last years pace.Customers continue to inquire about our advanced technology rigs,particularly those with unique moving systems.Construction was completed on two such rigs d

210、uring 2009 with both scheduled for deployment during 2010.These rigs have the potential to expand the drilling season in the British Columbia shales.Peak Oilfield Services Results were down modestly from the prior year as reduced exploration activity on the North Slope was partially offset by increm

211、ental work at Point Thomson,aided by a refinery modification project for production of low-sulfur diesel on the Kenai Peninsula.Safety continued to improve as this unit posted its best recordable incidence rate in five years.Results in 2010 are expected to be down further with reduced North Slope ac

212、tivity mitigated somewhat by increased drilling on the Kenai Peninsula.Ryan Energy Technologies Experience in virtually all of the various shale plays kept this unit profitable despite a dramatic decline in the directional drilling markets in the U.S.and Canada.Safety continued to be a strong point

213、as this unit completed its third consecutive year without a lost-time incident.Activity,revenue and net income should be up in 2010 based on first half results.Opportunities for this unit continue to improve as directional and horizontal wells make up an increasingly large percentage of the total dr

214、illing market.OIL+GAS Nabors currently has a net interest in approximately one million acres through a wholly owned subsidiary,Ramshorn Investments,and three joint ventures in the United States,Canada and South America.Within these holdings,approximately 225,000 acres are in some of the highest profile shale plays in the U.S.and Canada.At present,Nabors has a significant quantity of proved reserves in our U.S.joint venture.We also have very large but unrecognized value in our undeveloped holdings,which should become increasingly apparent with additional drilling.