Item 2.02 Results of Operations and Financial Condition.
On February 24, 2009, Nabors Industries Ltd. (the "Company") issued a press release announcing its results of operations for the fourth quarter and full year 2008. A copy of that release is furnished herewith as Exhibit 99.1 in accordance with General Instruction B.2 to Form 8-K.
The press release furnished as an exhibit to this report includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated or implied by such forward-looking statements.
The Company also presented in the press release "non-GAAP" financial measures under Regulation G. The Company presented its adjusted net income and adjusted income (loss) derived from operating activities for all periods presented in the release. The components of adjusted net income and adjusted income (loss) derived from operating activities are computed by using amounts which are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted net income is computed by adding the adjustments of goodwill and intangible asset impairment charges, all related to the Company's Canadian business units; full cost ceiling test writedowns from its U.S., international and Canadian oil and gas joint ventures; and impairment charges to oil and gas properties from its wholly owned Ramshorn business unit; and then subtracting the tax benefit related to these adjustments. Adjusted income (loss) derived from operating activities is computed by subtracting direct costs, general and administrative expenses, depreciation and amortization, and depletion expense from Operating revenues and then adding Earnings from unconsolidated affiliates. As part of the Company's press release information, it provided a reconciliation of adjusted net income and adjusted income (loss) derived from operating activities to income before income taxes, which is its nearest comparable GAAP financial measure.
The Company included its adjusted income (loss) derived from operating activities in the release because management evaluates the performance of its business units and the consolidated company based on several criteria, including adjusted income (loss) derived from operating activities, and because it believes this financial measure is an accurate reflection of the ongoing profitability of the Company. The Company included adjusted net income because management believes the non-GAAP financial measure to be more indicative of the Company's on-going operating results and financial condition. Item 9.01 Financial Statements and Exhibits.

(d) Exhibits Exhibit No. Description 99.1 Press Release issued by Nabors Industries Ltd. on February 24, 2009.

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