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                                                                    EXHIBIT 99.1

NABORS INDUSTRIES, INC.
PROXY FOR SPECIAL MEETING OF STOCKHOLDERS
JUNE 3, 2002
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

         The undersigned stockholder of Nabors Industries, Inc. ("Nabors")
appoints Eugene M. Isenberg and Anthony G. Petrello, or either of them, proxies,
with full power of substitution, to vote all shares of common stock of Nabors
held of record in the name of the undersigned at the Special Meeting of
Stockholders to be held at The Wyndham Greenspoint Hotel, 12400 Greenspoint
Drive, Houston, Texas 77060 at 11:00 a.m. on Monday, June 3, 2002, and any
adjournments or postponements thereof, with all powers the stockholder would
possess if present. The stockholder hereby revokes any proxies previously given
with respect to such meeting.


         THIS PROXY WILL BE VOTED AS SPECIFIED ON THE REVERSE SIDE, BUT IF NO
SPECIFICATION IS MADE, IT WILL BE VOTED TO APPROVE THE PROPOSAL LISTED ON THE
REVERSE SIDE, AND IN THE DISCRETION OF THE PROXIES ON OTHER MATTERS AS MAY COME
BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

                   (Please date and sign on the reverse side)
                            o FOLD AND DETACH HERE o


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[X]  PLEASE MARK YOUR
     VOTES AS IN THIS
     EXAMPLE.



               THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR ITEM 1
               ---------------------------------------------------


Item 1. To adopt the Agreement and Plan of Merger       FOR   AGAINST   ABSTAIN
among Nabors Industries, Inc., Nabors Acquisition       ---   -------   -------
Corp. VIII, Nabors Industries Ltd., a Bermuda           [ ]     [ ]       [ ]
exempted company, and Nabors US Holdings Inc.
whereby the company will effectively change its
place of incorporation from Delaware to Bermuda by
merging Nabors Acquisition Corp. VIII with Nabors
Industries, Inc., which will be the surviving
entity and become a wholly-owned, indirect
subsidiary of Nabors Industries Ltd., and pursuant
to which each share of Nabors Industries, Inc.
will automatically be converted into the right to
receive a share of Nabors Industries Ltd. and all
current stockholders of Nabors Industries, Inc.
will become shareholders of Nabors Industries Ltd.





                                    I plan to attend the meeting. [ ]

                                    Please sign exactly as name appears hereon.
                                    Joint owners should each sign. When signing
                                    as attorney, executor, administrator,
                                    trustee or guardian, please give full title
                                    as such.

                                    -------------------------------------------

                                    -------------------------------------------
                                    SIGNATURE(S)                      DATE


                            o FOLD AND DETACH HERE o

                               THIS IS YOUR PROXY,
                             YOUR VOTE IS IMPORTANT

                     MARK, SIGN AND DATE YOUR PROXY CARD AND
                     RETURN IT IN THE POSTAGE-PAID ENVELOPE.

