Subsequent Event

3 Months Ended

Mar. 31, 2013

Subsequent Event

Subsequent Event

Note 15 Subsequent Event

During April 2013, Nabors Delaware established a commercial paper program. This program allows the issuance from time to time up to $1.5 billion in commercial paper with maturity of no more than 397 days. Our commercial paper borrowings will be classified as long-term debt because the borrowings will be fully supported by availability under our revolving credit facility.  The revolving credit facility matures in November 2017, which is more than one year from now.  As of April 29, 2013, we issued $200 million in commercial paper, using the proceeds to reduce borrowings on our revolving credit facility.

On April 25, 2013, our Board of Directors declared a cash dividend of $0.04 per share to the holders of our common shares as of June 7, 2013 to be paid on June 28, 2013.