Nabors Industries Ltd. (NBR) 2012年年度報告「AMEX」.pdf

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1、NABORS INDUSTRIES LTD.2012 Annual ReportCrown House Second Floor 4 Par-la-Ville Road Hamilton,Bermuda HM NABORS INDUSTRIES LTD.2012 Annual ReportHOW?Optimizing the well life cycle.Optimizing the well life cycle.DIRECTORS Anthony G.PetrelloChairman,President&Chief Executive OfficerJohn YearwoodLead D

2、irectorJames R.Crane Chairman&Chief Executive Officer,Crane Capital Group Inc.Michael C.Linn President,MCL Ventures,LLCDr.John V.LombardiProfessor of History,Louisiana State University SystemJames L.PayneDirector Myron M.SheinfeldCounsel,King&Spalding,L.L.P.Howard WolfDirectorEugene M.IsenbergChairm

3、an EmeritusMartin J.Whitman Director Emeritus OFFICERS Anthony G.PetrelloChairman,President&Chief Executive OfficerMark D.AndrewsCorporate SecretaryR.Clark WoodPrincipal Accounting&Financial OfficerDesign:SAVAGE BRANDS,HOUSTON,TXCorporate Address Nabors Industries Ltd.Crown House Second Floor 4 Par-

4、la-Ville Road Hamilton,Bermuda HM 08 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.Copies may beobtained atno charge by writing to our Corporate Secretary at Nabors co

5、rporate office.Transfer AgentComputershare Trust Company,N.A.P.O.Box 43078Providence,Rhode Island 02940-3078Telephone:(877)282-1168 or(781)575- RelationsDennis A.SmithDirector,Corporate DevelopmentIndependent Registered Public Accounting FirmPricewaterhouseCoopers LLPHouston,Texas CORPORATE INFORMAT

6、ION For 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 theSecurities Act of 1933 and the Securities Exchange Act of 1934.Such forwar

7、d-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 Commission.As a result of these factors,Nabors actual results may differ materially from those indicated or implied by such forward-looking sta

8、tements.As of December 31,2012,there were 318,813,500 common shares outstanding held by 1,644 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 common shares as reported on

9、the New York Stock Exchange for the calendar quarters indicated.Stock PriceCALENDAR YEAR HIGH LOW2010 First quarter$27.05$18.74 Second quarter 22.82 16.90 Third quarter 19.13 15.54 Fourth quarter 23.93 17.362011 First quarter 30.70 21.50 Second quarter 32.47 22.43 Third quarter 27.63 12.26 Fourth qu

10、arter 20.69 11.052012 First quarter 22.31 16.65 Second quarter 17.60 12.65 Third quarter 16.69 13.00 Fourth quarter 15.40 13.13 Generating operating cash flow in excess of capital expenditures to reduce net debt to capitalization Investing in opportunities with high probability of returns well in ex

11、cess of our cost of capital Freeing up capital by divesting non-core assets that lack sufficient returns Returning capital to our shareholders on a consistent basisFINANCIAL STRENGTH&FLEXIBILITYOperating with PurposeH 1 Leveraging our unmatched infrastructure and exceptional workforce of nearly 28,0

12、00,representing 74 nationalities in 22 countries Continuously improving the safety of our operations with an ultimate goal of zero recordable incidents Setting record operational results in basins around the world by constructing and servicing wells more efficiently than our peers Exploiting operati

13、onal synergies in areas where we have or can quickly obtain critical mass Leveraging our extensive experience and engineering capabilities to provide innovative well construction and maintenance solutions to our customers Utilizing our vertical integration to deliver a higher degree of automation of

14、 the drilling process Providing proactive solutions for our customers regulatory,environmental and down-cycle challenges Maintaining our provider-of-choice position for land-and platform-based offshore well construction and maintenanceOperatiOnal excellencetechnOlOgical DifferentiatiOnWo 2 Nabors IN

15、dustrIes Ltd.2012 annual reportDrilling&Rig Services is composed of our global drilling rig operations and drilling-related services,consist-ing of equipment manufacturing,instrumentation,optimization soft-ware and directional drilling services.Drilling&Rig ServicesLand driLLingLand driLLingLand dri

16、LLingdriLLing equipment,Software&technoLogyoffShoreoffShoreSpeciaLty rigSU.S.DrillingCanadaOther Rig ServicesInternational 3 Completion&Production Services consists of business lines involved in the completion,life-of-well maintenance and eventual plug and abandonment of a well.These product linesin

17、clude stimulation,coiled tubing,cementing,wireline,workover and wellservicing,and fluids management.Two Lines of Business Performing with PurposeProductionCompletionfLuidS managementworkover&weLL ServicingcoiLed tubingcementingwireLineSpeciaL ServiceSStimuLationCompletion&Production Services2012 was

18、 a year of transition for Nabors.We focused sharply onthings we could control and made great strides toward achieving the priorities we laid out at the start of the year:restoring our financial flexibility,driving technology and innovation,streamlining our business,strengthening customer alignment,a

19、nd enhancing operational excellence.The progress we made on our priorities reflects the quality ofthe entire Nabors team,our extensive assets and the geographic diversity of our operations,which allows us to leverage our scale.We enhanced our financial flexibility by achieving record oper-ating reve

20、nues,gross margin and EBITDA,and re-emphasizing capital discipline.This allowed us to reduce our net debt by$678 million from the first quarter,despite significant market headwinds.In addition,we decreased the interest rate,increased the limits and extended the term of our revolving credit facilitie

21、s to create ample liquidity for the short to medium term.We expect to realize significant net operating cash flow again this year,despite weak North American market conditions.Our enhanced financial strength provides us with flexibility and capacity to pursue any number of value-enhancing strategies

22、,such as buying back stock or paying dividends to return capital to shareholders,or funding core business growth investments or pursuing attractive acquisition opportunities to improve ourcompetitive position,all of which can be challenging in acyclical business.Our technology and innovation initiat

23、ives have been a signifi-cant beneficiary of our enhanced financial strength.The major-ity of our capital expenditures in 2012 were in the U.S.Lower 48 operations,as we deployed new-builds and advanced our revo-lutionary PACE-X rig from design to manufacturing and field deployment.This rig is the cu

24、lmination of more than 40 years of technical ingenuity and Nabors dedication to innovating technologies for large-scale development of unconventional resources.With 17 rigs contracted to deploy this year across most of the U.S.shale plays,we are helping customers improve efficiency,while addressing

25、their concerns for minimal environ-mental impact.The PACE-X rig represents the next generation of drilling in both domestic and international environments.We also worked to streamline our business by selling non-core assets,particularly our oil and gas businesses.Although interest in these assets wa

26、ned toward the end of 2012,we have gener-ated nearly half a billion dollars by divesting non-core assets since our streamlining efforts began in late 2011.We remain committed to the orderly monetization of these assets and toredeploying that capital.To serve our customers in a more cost-effective an

27、d disciplined manner,we merged our pressure pumping and U.S.well servicing units to create our Completion&Production Services business line.We also consolidated our U.S.Offshore and Alaska drilling operations with our U.S.Lower 48 drilling operations which,along with our Canada,International and man

28、ufacturing and technology arms,form our second business line,Drilling&Rig Services.We bring an extraordinary amount of experience and extensive technical knowledge to these businesses.Realigning them allows us to enhance operational excellence,create new growth opportunities,develop new technologies

29、,and improve our customer service and interface.Dear SharehOlDerS25new rig depLoymentS for u.S.Land driLLing 4 Nabors INdustrIes Ltd.2012 annual report beSt hiStoricaL Safety performance 29%reduction in totaL recordabLe incidence rate (recordable incidents per 200,000 man hours)29%Our safety initiat

30、ives produced Nabors best safety record ever and helped us foster operational excellence.Although we con-tinued to outperform industry incident statistics in 2012,our unwavering goal is zero incidents.We have invested a significant amount of time and capital in safety initiatives over the last decad

31、e,making us one of the safest contractors in the world.We will continue to aggressively focus on safety,and that commitment permeates our entire organization.Looking ahead,the near-term market in North America is chal-lenging and opaque.Lower customer spending levels will likely continue,but that do

32、es not diminish our optimism;we are well positioned globally and on increasingly firm financial ground toweather any impact on our operations.International markets also remain challenging in the near term,but we see encourag-ing signs and believe the longer term looks increasingly bright.The market

33、for high-quality rigs is tightening and,as more opportunities emerge,we will continue to regain operating leverage.Nabors is active in virtually all established and devel-oping markets and is uniquely positioned to capitalize on these trends with our existing international infrastructure,local labor

34、 force and know-how,rig availability and favorable tax structure.While we continue to focus on generating cash flow,we will notwaver from investing wisely in core markets to grow our business.We believe a key driver of future success will be technological differentiation.With our Canrig and Ryan ser

35、vices and products,Nabors is uniquely positioned to lead the industry through emerging trends.The ability to offer a higher degree ofremote monitoring and control and to optimize drilling parameters is the future of drilling.Canrig is a leading developer of tech nology in these areas and has the tec

36、hnical capability to implement innovative solutions,while Ryans directional drilling expertise brings all ofthe necessary intelligence under one roof.Our strategic focus supports our twofold commitment to makeNabors the global provider of choice in optimizing the well life cycle for our customers,pa

37、rticularly in unconventional resources,and to generate long-term shareholder value.Ourfinancial strength and strong cash flow generation enabled our recent initiation of a quarterly cash dividend.We cant do it all in one year,but we will continue to deliver value while we maintain an appropriate lev

38、el of capital investment for futuregrowth.My admiration for our talented and dedicated workforce reinforces the conviction I have in our strategy.Working together,we will achieve our goals.Sincerely,Anthony G.Petrello Chairman,President&Chief Executive Officer 5 u.S.production ServiceS revenue up 22

39、%over 2011,20%compound annuaL growth Since 2009manufacturing miLeStone canrig deLiverS 1,000th top drive22%6 Nabors INdustrIes Ltd.2012 annual reporttechnOlOgical DifferentiatiOn17 pace-x rigS tO Deliver in 2013 7 12357139461281011Intelligent Design pace-x rig technOlOgyKey featureS1 bootstrap mast

40、rigs up vertically with a hookload of 600,800 or 1,000 kips significantly reducing location size2 500-ton Canrig aC top drive with 51,400 ft-lb of continuous torque provides a platform for advanced drilling products3 split crown block enables wireline to be run through the drill string4 Canrig aC Co

41、mmander drawworks driven by two 1,150 hp motors allows precise driller control5 drillers cabin and console with latest monitoring and control system6 rIGWatCH 9 Instrumentation provides access to Canrigs roCKIt and reVIt systems7 three shale shakers ride on the substruc-ture when walking,eliminating

42、 the time and risk of flowline handling8 two 1,600 hp mud pumps with option for 7,500 psi mud system and up to three 2,200 hp mud pumps provide maximum hydraulic horsepower9 Choke manifold mounted on the rig floor rides with the rig when walking10 three Caterpillar 3512C engines come standard with b

43、i-fuel conversion and option available for up to four Caterpillar 3516 natural gas engines11 omni-directional walking system allows the rig to walk on both the X and Y axis and is integrated into the substructure,eliminating any rig-up and rig-down of thesystem12 accumulator is embedded in substruc-

44、turebehind blast-resistant walls,reducing the need to run hoses across the ground13 boP trolley enables batch drilling and reduces flat time when walkingnabors continues to develop and implement technology that makes our operations safer and more efficient,while simultaneously reducing our environme

45、ntal footprint.An intelligent rig design that advocates sustainable and responsible operations,the PACE-X rig supports a continued focus of the oil and gas industry responsible energy production.Its reduced footprint is optimized for drilling on a pad and can efficiently move in any direction with t

46、he capability of walking over existing wellheads.It eliminates high-risk activity during skidding operations and can also utilize natural gas fuel.The PACE-X rig is the culmination of our worldwide drilling expertise translated into a rig that leverages leading-edge technology while championing oper

47、ational stewardship.performancePerformance-enhancing technology is giving Nabors a competitive advantage in the markets we serve.This is particularly true as we develop and deploy products and services that improve rate of penetration(ROP),a major objective for customers.Canrig products like the ROC

48、KIT system,which improves tool-face orientation in directional drilling,and the REVIT system,which reduces problems that slow ROP,are playing key roles in enhancing this important metric.This intelligence,along with other Canrig products,is being built into each PACE-X rig.efficiencyA significant am

49、ount of engineering effort went into the PACE-X rigs modular design to reduce the number of permit loads by 80 percent,lowering move costs and increasing the flexibility for night and weekend moves.This rig design moves quickly and easily from well-to-well and pad-to-pad,shortening the drilling cycl

50、e and the attendant environmental impact.It can also switch from using diesel to natural gas,reducing both emissions and the truck traffic associated with fuel replenishment while improving operational economics.8 Nabors INdustrIes Ltd.2012 annual reportperfOrmancePrior to 2005,the contract drilling

51、 segment of the oil and gas industry saw limited differentiation between companies.The emergence of AC drilling technology and the shift to shale reservoirs has led to a more manufacturing-based approach to resource development.Increasingly,this requires contractors to provide their customers with h

52、igher levels of efficiency through the develop-ment and adoption of new technologies to remain competitive.This trend is likely to accelerate,leading to an increasing degree of technological differen-tiation among contractors.Nabors is leading technological advancements in virtually allof our produc

53、t lines.Currently,we design rigs with the goal of automating the entire drilling process inorder to bring increased levels of safety and efficiency to our customers.Every day we do somethingSOphiSticateD new rig DeplOymentS 9 The newest addition to our PACE family of rigs,the PACE-X rig,satisfies th

54、e industrys need for efficient pad operations as it moves to the development phase in unconventional reservoirs.Meanwhile,we continue to develop hardware and software that improve drilling efficiency on todays rigs in both conventional and unconventional reservoirs.Our ROCKIT,REVIT and DRILLSMART dr

55、illing optimization software are playing key roles in this process.We have also developed solutions like our GammaFRac fluid,SUPER ChemDAT regulatory compliance tool and the Fugitive Silica Dust Capture System that are designed toshrink the environmental footprint during stimulation operations for u

56、s and forour customers.innovative in our operations.efficiencyOptimizatiOnOperatiOnal excellence 10 cOmpetency a commitment to continuous training resonates throughout Nabors.It is part of our corporate dNa to help employees cultivate skills for increased proficiency,safety and career advancement.In

57、 2012,we invested nearly$100 million on safety,training and safety-related equipment,equating to more than$3,500 per employee.Competency begins before the date of hire with pre-employment screening and is followed by exhaustive post-employment training,competency assessment and certification,supervi

58、sory accountability,and auditing.For example,our u.s.Lower 48 drilling team mem-bersreceive 84 hours of training before they set foot on a working rig,and receive an average of 90 hours of additional training per year.all of thisis done to further support our objective of providing operational excel

59、lence to our customers.teamwOrK Nearly 28,000 employees team together through consistent,standardized safety and operational systems to deliver our products and services to our customers.our teams are the essential component in achieving operational excellence.Nabors has developed standardized syste

60、ms,training and certifications to ensure these teams comprised of 74 nationalities can effectively and efficiently collaborate and work together.these employees and the systems in place are the driving force behind Nabors record-setting safety performance in 2012.leaDerShip Leaders from the field le

61、vel to the board level at Nabors focus on the employees,technology,equipment,operations and safety systems that allow us to serve our customers.our leaders continue to implement and execute a broad range of initiatives to help our teams effectively deliver our services and products to our customers.

62、this focus has provided Nabors the opportunity to work for the largest energy companies in the world,who value the leadership position Nabors has in the marketplace.11 tOtal recOrDaBle inciDence rate(per 200,000 man hours)2003 20126420naBOrSiaDc 11 Safety We achieved our best safety record ever in 2

63、012 a total recordable incidence rate across our global operations of 1.18 incidents per 200,000 man hours.our employees through great teamwork and leadership,outperformed the IadC u.s.land drilling standard through a commitment to safety that starts with management andpermeates throughout the organ

64、ization.200620072008200920102011$(0.22)$(0.29)$(0.33)$0.31$0.30$0.44$0.552012net Operating caSh flOw*200620072008200920102011$1.98$1.91$1.56$0.99$0.99$2.18$1.432012tOtal capex200620072008200920102011$1.75$1.63$1.87$1.29$1.43$1.85$1.982012eBitDa 12*Net operating cash flow is defined as ebItda less ca

65、pital expendituresCONSOLIDATED RESULTS(in billions)accountabilityFinancial strength and flexibility have historically characterized Nabors.during 2012,we reinvigorated our capital discipline in order to strengthen our financial flexibility.our objective is to ensure the generation ofsustainable free

66、cash flow,principally through more stringent capital allocation criteria specifically,higher risk-adjusted hurdle rates,increased probability offorward utilization,and increased substantiation of capital and operating cost assumptions.these enhanced criteria resulted in operating cash flow net of ca

67、pital expenditures of$550 million in 2012,which along with asset sales,allowed us toreduce net debt by$678 million.our net debt tocapitalization ratio in turn decreased from 42 percent to 38 percent,representing significant progress toward ourgoal of30 percent or less.achieving this goal will not on

68、ly enhance our ability tocapitalize on capacity and technology opportunities regardless of cyclicality,but also will improve the equity component of our enterprise value.38%net debt to capitalizationreduced net debt to capitalization ratio from 42%34%reductionyear-over-year reduction in capital expe

69、nditures25 deploymentsDeployed 25 new-builds in u.S.lower 48 13 14 Nabors INdustrIes Ltd.2012 annual reportOperating Data(In thousands,except per share amounts and ratio data)Year Ended December 31,2012 2011 2010 2009 2008 2007 2006 2005 2004Operating revenues and earnings from unconsolidated affili

70、ates$6,688,253$6,116,998$4,167,750$3,506,788$5,201,677$4,776,937$4,727,813$3,400,143$2,355,628Depreciation and amortization$1,055,517$924,094$760,962$663,958$609,155$463,985$403,937$331,948$293,517 Income(loss)from continuing operations,net of tax$239,055$342,164$255,870$132,721$519,261$800,556$950,

71、709$640,007$301,212Income(loss)from discontinued operations,net of tax$(74,400)$(97,440)$(161,090)$(218,609)$(39,597)$64,726$24,927$10,413$1,489Net income(loss)attributable to Nabors$164,034$243,679$94,695$(85,546)$475,737$865,702$973,722$648,695$302,457 Earnings per share:Diluted from continuing op

72、erations$0.82$1.17$0.88$0.46$1.79$2.78$3.16$1.97$0.96 Diluted from discontinued operations$(0.26)$(0.34)$(0.55)$(0.76)$(0.14)$0.22$0.08$0.03$Total diluted$0.56$0.83$0.33$(0.30)$1.65$3.00$3.24$2.00$0.96 Weighted-average number of diluted common shares outstanding 292,323 292,484 289,996 286,502 288,2

73、36 288,226 300,677 323,712 328,060Capital expenditures and acquisitions of businesses$1,433,586$2,247,735$1,878,063$990,287$1,578,241$1,945,932$2,006,286$1,003,269$544,429 Interest coverage ratio from continuing operations 7.9:1 7.2:1 5.2:1 4.9:1 9.5:1 37.3:1 38.2:1 25.6:1 12.9:1Financial Highlights

74、 15 Balance Sheet Data(In thousands,except ratio data)Year Ended December 31,2012 2011 2010 2009 2008 2007 2006 2005 2004Operating revenues and earnings from unconsolidated affiliates:United States$4,759,534$4,329,079$2,612,954$1,817,374$3,222,994$3,038,423$3,141,299$2,230,614$1,462,622 Foreign 1,92

75、8,719 1,787,919 1,554,796 1,689,414 1,978,683 1,738,514 1,586,514 1,169,529 893,006$6,688,253$6,116,998$4,167,750$3,506,788$5,201,677$4,776,937$4,727,813$3,400,143$2,355,628As of December 31,2012 2011 2010 2009 2008 2007 2006 2005 2004Total assets:United States$8,903,140$10,151,374$9,149,558$7,497,2

76、98$7,503,874$5,789,199$5,587,834$4,581,307$3,788,180 Foreign 3,752,882 2,760,766 2,497,011 3,147,392 3,014,025 4,350,584 3,568,097 2,649,100 2,074,429$12,656,022$12,912,140$11,646,569$10,644,690$10,517,899$10,139,783$9,155,931$7,230,407$5,862,609 geOgraphic DiStriButiOn Of revenueS anD aSSetS(In tho

77、usands)As of December 31,2012 2011 2010 2009 2008 2007 2006 2005 2004Cash and investments$782,473$550,613$841,490$1,191,733$826,063$1,179,639$1,653,285$1,646,327$1,411,047 Working capital$2,000,475$1,285,752$458,550$1,568,042$1,037,734$719,674$1,650,496$1,264,852$821,120 Property,plant and equip-men

78、t,net$8,712,088$8,629,946$7,815,419$7,646,050$7,331,959$6,669,013$5,423,729$3,886,924$3,275,495 Total assets$12,656,022$12,912,140$11,646,569$10,644,690$10,517,899$10,139,783$9,155,931$7,230,407$5,862,609Long-term debt$4,379,336$4,348,490$3,064,126$3,940,605$3,600,533$2,894,659$3,457,675$1,251,751$1

79、,201,686 Shareholders equity$5,944,929$5,587,815$5,328,162$5,167,656$4,904,106$4,801,579$3,889,100$3,758,140$2,929,393 Funded debt to capital ratio:Gross 0.42:1 0.45:1 0.45:1 0.43:1 0.44:1 0.39:1 0.43:1 0.32:1 0.38:1 Net 0.38:1 0.42:1 0.41:1 0.36:1 0.40:1 0.33:1 0.28:1 0.08:1 0.15:1 1,0 0 0 H P 1,0

80、0 0 1,3 9 9 H P 1,4 0 0 1,9 9 9 H P 2,0 0 0 H P T o T A l AC SCR MECH.ToTAl AC SCR MECH.ToTAl AC SCR MECH.ToTAl AC SCR MECH.ToTAl AC SCR MECH.ToTAlALASkA North Slope 2 1 1 4 1 3 4 7 7 3 11 1 15 Cook Inlet 1 2 3 1 1 1 1 2 1 2 5Total Alaska 3 1 3 7 2 3 5 8 8 5 12 3 20U.S.LOWEr 48 Northern Division Cal

81、ifornia 3 3 4 1 5 4 4 2 2 4 10 14 Mid-Continent 2 1 3 4 4 8 6 3 9 2 2 10 11 1 22 North Dakota 1 1 7 4 14 25 32 7 5 44 1 1 39 13 19 71 Northeast 9 3 12 1 1 9 3 1 13 Wyoming 1 1 2 12 2 14 1 1 1 1 13 3 2 18 Subtotal Northern Division 1 7 1 9 36 12 16 64 38 15 6 59 6 6 75 40 23 138 Southern Division Eas

82、t Texas 1 1 9 1 10 3 10 13 1 4 5 13 16 29 Gulf Coast 3 4 7 3 1 4 7 7 6 12 18 South Texas 1 1 12 4 16 19 9 28 4 4 31 18 49 West Texas 2 4 6 10 9 19 3 3 1 1 13 12 4 29 Subtotal Southern Division 4 4 8 34 18 52 28 20 48 1 16 17 63 58 4 125 Subtotal U.S.Lower 48 1 11 5 17 70 30 16 116 66 35 6 107 1 22 2

83、3 138 98 27 263Actively Marketed U.S.Land Drilling Fleet 4 12 8 24 72 33 16 121 66 35 6 107 1 30 31 143 110 30 283Canada 11 4 28 43 1 9 1 11 3 4 7 4 4 15 21 29 65INTErNATIONAL Latin America Argentina 15 15 2 1 3 1 1 3 16 19 Colombia 1 1 1 1 4 3 1 8 4 4 4 7 3 14 Ecuador 4 4 2 2 2 4 6 Mexico 2 2 4 4 6

84、 6 Venezuela 1 1 4 4 4 1 5 Subtotal Latin America 20 20 3 2 5 8 6 1 15 2 8 10 10 17 23 50 South Pacific and Far East Papua New Guinea 1 1 1 1 Malaysia 1 1 1 1 Subtotal South Pacific and Far East 1 1 2 1 1 2 Middle East/Africa/CIS Algeria 4 2 6 1 3 4 5 5 10 Iraq 2 2 1 4 5 1 1 1 5 2 8 Jordan 1 1 1 1 k

85、azakhstan 1 1 1 1 1 1 1 1 1 3 kuwait 2 2 2 2 Libya 1 1 1 1 2 2 Oman 2 2 4 4 1 1 7 7 romania 1 1 1 1 russia 1 1 1 1 2 1 1 2 2 2 1 5 Saudi Arabia 1 1 2 1 3 4 3 14 17 4 18 1 23 Yemen 2 2 2 2 4 4 Subtotal Middle East/Africa/CIS 3 5 8 1 6 7 8 12 20 10 21 31 19 42 5 66 Joint Venture Saudi Arabia 3 3 4 4 1

86、 1 1 4 3 8Total International 3 28 31 1 9 2 12 16 22 1 39 14 30 44 31 64 31 126Total Actively Marketed Land Drilling Fleet 15 19 64 98 74 51 19 144 85 61 7 153 15 64 79 189 195 90 474 16 Nabors INdustrIes Ltd.2012 annual reportlanD Drilling fleetactively Marketed rigs onlyFleetP l A T f o R M W o R

87、k o v E RP l A T f o R M D R i l l i n gInternational Offshore Angola 1 1 Australia 1 1 Congo 1 1 2 India 1 2 2 5 Italy 1 1 Malaysia 1 1 Mexico 4 3 7 Qatar 1 1 Saudi Arabia 1 3 4 Saudi Arabia Joint Venture 1 1(1)Total International Offshore 1 2 2 6 6 2 5 24U.S.Gulf of Mexico 1 3 1 5 5 2 4 4 1 26Alas

88、ka 1 1 California 1 1Total Offshore 2 5 4 11 6 6 2 4 6 6 52(1)includes one joint-venture rig in which nabors owns a 50%interest.T o T A lU.S.Lower 48 California 69 43 56 13 181 Eastern District 1 4 8 3 16 Mid-Continent 1 10 8 17 36 Northeast 6 2 3 11 rockies 1 5 21 42 69 South Texas 3 9 12 24 Wester

89、n District 7 25 53 20 105Total U.S.Lower 48 85 90 157 110 442Canada 13 55 33 5 106Total Workover/Well Servicing 98 145 190 115 548 750 HPSuPER SunDoWnERSelf-ElevatedWorkover JackupDrilling JackupAPiBargeT o T A l MASE 17 OffShOre rig fleetactively Marketed rigs onlywOrKOver/well Servicing rig fleeta

90、ctively Marketed rigs only DIRECTORS Anthony G.PetrelloChairman,President&Chief Executive OfficerJohn YearwoodLead DirectorJames R.Crane Chairman&Chief Executive Officer,Crane Capital Group Inc.Michael C.Linn President,MCL Ventures,LLCDr.John V.LombardiProfessor of History,Louisiana State University

91、 SystemJames L.PayneDirector Myron M.SheinfeldCounsel,King&Spalding,L.L.P.Howard WolfDirectorEugene M.IsenbergChairman EmeritusMartin J.Whitman Director Emeritus OFFICERS Anthony G.PetrelloChairman,President&Chief Executive OfficerMark D.AndrewsCorporate SecretaryR.Clark WoodPrincipal Accounting&Fin

92、ancial OfficerDesign:SAVAGE BRANDS,HOUSTON,TXCorporate Address Nabors Industries Ltd.Crown House Second Floor 4 Par-la-Ville Road Hamilton,Bermuda HM 08 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 u

93、nder the“Investor Relations”tab.Copies may beobtained atno charge by writing to our Corporate Secretary at Nabors corporate office.Transfer AgentComputershare Trust Company,N.A.P.O.Box 43078Providence,Rhode Island 02940-3078Telephone:(877)282-1168 or(781)575- RelationsDennis A.SmithDirector,Corporat

94、e DevelopmentIndependent Registered Public Accounting FirmPricewaterhouseCoopers LLPHouston,Texas CORPORATE INFORMATION For additional information regarding corporate governance,historical financial data,investor presentations and global rig fleet,please visit .This annual report includes forward-lo

95、oking statements within the meaning of theSecurities 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 Exchange Commission.As a result of t

96、hese factors,Nabors actual results may differ materially from those indicated or implied by such forward-looking statements.As of December 31,2012,there were 318,813,500 common shares outstanding held by 1,644 holders of record.The common shares are listed on the New York Stock Exchange under the sy

97、mbol“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 PriceCALENDAR YEAR HIGH LOW2010 First quarter$27.05$18.74 Second quarter 22.82 16.90 Third quarter 19.13 15.54 Fou

98、rth quarter 23.93 17.362011 First quarter 30.70 21.50 Second quarter 32.47 22.43 Third quarter 27.63 12.26 Fourth quarter 20.69 11.052012 First quarter 22.31 16.65 Second quarter 17.60 12.65 Third quarter 16.69 13.00 Fourth quarter 15.40 13.13 Generating operating cash flow in excess of capital expe

99、nditures to reduce net debt to capitalization Investing in opportunities with high probability of returns well in excess of our cost of capital Freeing up capital by divesting non-core assets that lack sufficient returns Returning capital to our shareholders on a consistent basisFINANCIAL STRENGTH&FLEXIBILITYOperating with PurposeHNABORS INDUSTRIES LTD.2012 Annual ReportCrown House Second Floor 4 Par-la-Ville Road Hamilton,Bermuda HM NABORS INDUSTRIES LTD.2012 Annual ReportHOW?Optimizing the well life cycle.Optimizing the well life cycle.