Nabors Industries Ltd. (NBR) 2005年年度报告「AMEX」.pdf

1、nabors 101 1Nabors 101Reflection and Directionnabors IndustrIes ltd.|2005 annual reporti1234ChapterAcquire and Consolidate Upgrade and RedeployRealize the LeverageChapterChapterEntering the New EraChapterReflectionDirectionNabors 101 Reflection and Direction ACQUIRE+CONSOLIDATE01 NAbORS 101 ChapterA

2、CQUIRE+CONSOLIDATEIt was also a time when the industry was more focused on survival than long-term growth.Nabors had the financial strength and the foresight to capitalize on this environment and acquired Westburne and Loffland Brothers,the first two in a series of acquisitions that would ultimately

3、 result in the formation of the largest fleet of land rigs in the world.It also established a foothold in important international markets and formed the basis of a global infrastructure on which to grow the Company.Acquire and Consolidate 1Nabors began making acquisitions in 1989 at a time when the

4、industry was depressed and assets could be purchased for a fraction of their original cost.NAbORS 101 02Upgrade and RedeployUPGRADE+REDEPLOY2ChapterA base of low-cost rigs and components,a global infrastructure and a strong financial position allowed Nabors to economically upgrade and redeploy rigs

5、in multiple venues.This competitive advantage became a principle driver of the Companys results as the rig market emerged from one of the lowest periods in its history.Increased utilization of rigs with relatively low book value set the stage for superior returns.Rig Upgrades:LargerpumpsIncreasedeng

6、inepowerTopdrivesystemsFast-movingsubstructureNewmudcondition-ingequipmentProgrammablelogic controltechnologyAutomatedpipehandlingMechanicalconversion toSCR 03 NAbORS 101UPGRADE+REDEPLOYREALIZE THE LEVERAGE05 NAbORS 101Realize the LeverageHowever,as available assets began to deplete through increase