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<SEC-DOCUMENT>0000950129-02-003618.txt : 20020719
<SEC-HEADER>0000950129-02-003618.hdr.sgml : 20020719
<ACCEPTANCE-DATETIME>20020718162308
ACCESSION NUMBER:		0000950129-02-003618
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20020718
EFFECTIVENESS DATE:		20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NABORS INDUSTRIES LTD
		CENTRAL INDEX KEY:			0001163739

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-96699
		FILM NUMBER:		02705819

	BUSINESS ADDRESS:	
		STREET 1:		C/O NABORS INDUSTRIES INC
		STREET 2:		515 WEST GREENS ROAD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77067
		BUSINESS PHONE:		2818740035

	MAIL ADDRESS:	
		STREET 1:		C/O NABORS INDUSTRIES INC
		STREET 2:		515 WEST GREENS ROAD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77067
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>h98374sv8.txt
<DESCRIPTION>NABORS INDUSTRIES, LTD.
<TEXT>
<PAGE>

      AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 18, 2002

                                                        REGISTRATION NO.
- --------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933



                             NABORS INDUSTRIES LTD.
             (Exact name of Registrant as specified in its charter)

<TABLE>
<S>                                                <C>
                BERMUDA                                          980363970
      (State or other jurisdiction                           (I.R.S. Employer
            of incorporation)                               Identification No.)


                                                            KATHERINE P. ELLIS
   C/O THE CORPORATE SECRETARY LIMITED                       GENERAL COUNSEL
             WHITE PARK HOUSE                         NABORS CORPORATE SERVICES, INC.
              WHITE PARK ROAD                         515 WEST GREENS ROAD, SUITE 1200
           BRIDGETOWN, BARBADOS                             HOUSTON, TEXAS 77067
         TELEPHONE: (246) 427-8617                        TELEPHONE: (281) 874-0035
     (Address, Including Zip Code, and             (Name, Address, Including Zip Code, and
   Telephone Number, Including Area Code,           Telephone Number, Including Area Code
of Registrant's Principal Executive Offices)               of Agent for Service)
</TABLE>

                             NABORS INDUSTRIES, INC.
                            1992 INCENTIVE STOCK PLAN
                          1993 KEY EMPLOYEE STOCK PLAN
                            (Full title of the Plans)

<TABLE>
<CAPTION>
                                 CALCULATION OF ADDITIONAL REGISTRATION FEE
=============================================================================================================

- -------------------------------------------------------------------------------------------------------------
TITLE OF                      AMOUNT               PROPOSED MAXIMUM      PROPOSED MAXIMUM        AMOUNT OF
SECURITIES TO                 TO BE                OFFERING PRICE        AGGREGATE OFFERING      REGISTRATION
BE REGISTERED                 REGISTERED(1)        PER SHARE             PRICE                   FEE
- -------------------------------------------------------------------------------------------------------------
<S>                           <C>                  <C>                   <C>                     <C>
Common Stock par                  1,000               $ 6.25(2)           $     6,250.00(2)      $    0.58(2)
value, $.001 per share
         "                       89,089               $24.75(2)           $ 2,204,952.75(2)      $  202.86(2)
         "                      982,425               $24.75(2)           $24,315,018.75(2)      $2,236.98(2)
         "                          500               $15.75(2)           $     7,875.00(2)      $    0.72(2)
         "                          250               $15.75(2)           $     3,937.50(2)      $    0.36(2)
         "                          250               $15.75(2)           $     3,937.50(2)      $    0.36(2)

        TOTAL                 1,073,514(1)(2)                             $26,541,971.50(1)      $2,441.86(2)
                              =========                                   ==============         =========

- -------------------------------------------------------------------------------------------------------------
</TABLE>

(1)      Pursuant to Rule 416 of the Securities Act of 1933, this registration
         statement also covers such additional number of shares of common stock
         as may be issuable by reason of the operation of the anti-dilution
         provisions of the options granted under the 1992 Incentive Stock Plan
         and the 1993 Key Employee Stock Plan. Such

                                  Page 1 of 12
<PAGE>

         additional shares have been or may from time to time be issued at
         indeterminate prices, pursuant to the referenced plans.

(2)      The maximum offering price per share used to calculate the registration
         fee with respect to shares of common stock issuable upon the exercise
         of outstanding options was determined pursuant to Rule 457 under the
         Securities Act of 1993 in effect at the date of filing, using the price
         at which such options may be exercised.

                                     PART I

              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

         Pursuant to Rule 428(b)(1) under the Securities Act of 1933, as
amended, the documents containing the information specified in Part I of Form
S-8 will be sent or given to each participant in the Nabors Industries, Inc.
1992 Incentive Stock Plan and 1993 Key Employee Stock Plan. (collectively, the
"Plans"). These documents and the documents incorporated by reference in this
Registration Statement pursuant to Item 3 of Part II hereof, taken together,
constitute the Section 10(a) Prospectus.

                                EXPLANATORY NOTE

         This registration statement on Form S-8 (which we refer to as this
registration statement), is being filed pursuant to Rule 414 of the Securities
Act of 1933, as amended, by Nabors Industries Ltd., a Bermuda exempted company
(which we refer to as Nabors Bermuda), which is the successor issuer to Nabors
Industries, Inc., a Delaware corporation (which we refer to as Nabors Delaware).
Nabors Bermuda became the successor issuer to Nabors Delaware following a
corporate reorganization that became effective on June 24, 2002. The
reorganization was effected through the merger of a newly formed Delaware merger
subsidiary of Nabors Bermuda with and into Nabors Delaware, with Nabors Delaware
as the surviving corporation. Pursuant to the merger, Nabors Delaware became a
wholly-owned, indirect subsidiary of Nabors Bermuda. As a result of the merger,
each share of Nabors Delaware outstanding immediately prior to the effective
time of the merger automatically converted into the right to receive a common
share of Nabors Bermuda. After completion of the merger, the shareholders of
Nabors Delaware became the shareholders of Nabors Bermuda which, together with
its subsidiaries, will continue to be engaged in the same business that Nabors
Delaware and its subsidiaries were engaged in before the merger. Pursuant to the
reorganization, common shares of Nabors Bermuda, par value $0.001 per share,
will henceforth be issuable, in lieu of common stock of Nabors Delaware under
the 1992 Incentive Stock Plan and the 1993 Key Employee Stock Plan, but Nabors
Delaware will continue to maintain and sponsor such plans.

         Nabors Bermuda expressly adopts this registration statement as its own
registration statement for all purposes under the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended.

         The prospectus filed as a part of this registration statement has been
prepared in accordance with the requirements of Part I of Form S-3 and may be
used for reofferings and resales of Nabors Bermuda common shares acquired by the
persons named therein pursuant to the 1992 Incentive Stock Plan and the 1993 Key
Employee Stock Plan.

                                  Page 2 of 12
<PAGE>

                                   PROSPECTUS
                             UP TO 1,073,514 SHARES
                                 COMMON SHARES,
                           PAR VALUE $0.001 PER SHARE,
                                       OF
                             NABORS INDUSTRIES LTD.

         This prospectus relates to an aggregate of up to 1,073,514 of our
common shares, par value $0.001 per share. These shares are held by certain
persons who may be deemed to be our "affiliates" as defined by Rule 405(a) of
Regulation C of the Securities and Exchange Commission. The shares may be
offered from time to time by the selling shareholders named in this document, or
their transferees. See "Selling Shareholders". Our common shares offered by this
document were or will be acquired by the selling shareholders pursuant to our
1992 Incentive Stock Plan and our 1993 Key Employee Stock Plan. Sales to be made
pursuant to this document are to be made through ordinary brokerage transactions
on the American Stock Exchange or any other national securities exchange on
which our common shares trade, at the price then available at the time of sale.
However, the selling shareholders may elect to offer or sell shares of our
common shares pursuant to any of the methods listed in this document. In the
event that the selling shareholders elect to sell the shares of our common
shares in a manner other than ordinary brokerage transactions, and to the extent
required by law, we will amend or supplement this document to provide the
details of the offering. See "Plan of Distribution". This document also relates
to such additional amounts of our common shares as may be issued to the selling
shareholders as a result of future share adjustments, in respect of our common
shares which are covered by this document.

         The selling shareholders and any broker or dealer that participates in
the distribution of our common shares offered by this document may be deemed to
be "underwriters," as that term is construed within the meaning of the
Securities Act of 1933, as amended (which we refer to as the Securities Act).
Any profit on the sale of our common shares by them and any discounts and
commission received by such broker or dealer may be deemed to be underwriting
discounts and commissions under the Securities Act.

         We will not receive any part of the proceeds from sales made under this
document. All expenses of registration incurred in connection with the offering
being made by this document are being borne by us, but any brokerage commissions
and other expenses incurred by a selling shareholder will be borne by such
selling shareholder.

         Our common shares trade on the American Stock Exchange, and on July 17,
2002, the closing price of our common shares on such exchange was $31.97. Our
principal executive offices are located at Whitepark House, White Park Road,
Bridgetown, Barbados and our telephone number is (246) 427-8617.

         THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER STATE SECURITIES COMMISSION NOR
HAS THE SECURITIES AND EXCHANGE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

                  THE DATE OF THIS PROSPECTUS IS JULY 18, 2002

                                  Page 3 of 12
<PAGE>

                              AVAILABLE INFORMATION

         We are subject to the information requirements of the Securities
Exchange Act of 1934, as amended (which we refer to as the Exchange Act), and in
accordance with such act we file reports and other information with the
Securities and Exchange Commission (which we refer to as the Commission). Copies
of such material may be obtained from the Public Reference Section of the
Commission at its principal office at 450 Fifth Street, N.W., Washington, D.C.
20549 at prescribed rates. In addition, such reports and other information can
be inspected and copied at the Commission's facilities referred to above and at
the public reference facilities at the regional office of the Commission located
at The Woolworth Building, 233 Broadway, New York, New York 10279. We are an
electronic filer under the EDGAR (Electronic Data Gathering, Analysis and
Retrieval) system maintained by the Commission. The Commission maintains a site
on the Internet (http://www.sec.gov) that contains reports and other information
regarding companies that file electronically with the Commission. Our common
shares trade on the American Stock Exchange, and the reports and other
information may also be inspected and copied at the American Stock Exchange, 86
Trinity Place, New York, New York 10006.

         We have filed a registration statement on Form S-8 under the Securities
Act that includes this document. This document does not contain all of the
information set forth in the registration statement, certain parts of which are
omitted in accordance with the rules and regulations of the Commission. For
further information, you should refer to the registration statement and its
exhibits.

         Statements contained in this document or in any document incorporated
by reference into this document as to the contents of any contract or other
document are not necessarily complete. In each instance reference is made to the
copy of such contract or other document filed as an exhibit to the registration
statement or such other document. Each such statement is qualified in all
respects by such reference.

                       INCORPORATION OF CERTAIN DOCUMENTS

         The following documents filed with the Commission are incorporated in
this document by reference:

    o    Nabors Delaware's Annual Report filed on Form 10-K for the fiscal year
         ended December 31, 2001 as amended by Nabors Bermuda's Amendment No. 1
         on Form 10-K/A filed June 27, 2002;

    o    Nabors Delaware's Quarterly Report filed on Form 10-Q for the fiscal
         quarter ended March 31, 2002;

    o    Nabors Delaware's Current Reports on Form 8-K filed on January 3, 2002,
         January 25, 2002, April 18, 2002, June 14, 2002, and June 25, 2002;

    o    Nabors Bermuda's Current Reports on Form 8-K filed on June 25, 2002 and
         June 26, 2002; and

    o    The description of our common shares contained in the Registration
         Statement on Form S-4, filed with the Commission on January 2, 2002, as
         amended by Pre-Effective Amendment No. 1, Pre-Effective Amendment No.
         2, Pre-Effective Amendment No. 3 and Pre-Effective Amendment No. 4 to
         Form S-4, filed with the Commission on March 3, 2002, April 17, 2002,
         April 29, 2002 and May 10, 2002, respectively, and any subsequent
         amendment filed for the purpose of updating the description
         (Registration No. 333-76198).

         All documents filed by us pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this document and prior to the
termination of the offering of our common shares under this document shall be
deemed incorporated by reference in this document and to be a part of this
document from the date of filing of such documents. Any statement contained in a
document incorporated or deemed incorporated by reference shall be deemed to be
modified or superseded for all purposes to the extent that a statement contained
in this document or in any other subsequently filed document which also is, or
is deemed to be, incorporated by reference in this document modifies or
supersedes such statement.

         We undertake to provide without charge to each person to whom this
document is delivered, upon written or oral request of such person, a copy of
any and all of the information that has been incorporated by reference in the
registration statement filed with the Commission (of which this document is a
part) from a document or part thereof not delivered with this document, but not
including exhibits unless such exhibits are specifically incorporated by
reference.

                                  Page 4 of 12
<PAGE>

         Requests for such information should be directed to us at White Park
House, White Park Road, Bridgetown, Barbados, (246) 427-8617, Attention:
Corporate Secretary.

         NO PERSON HAS BEEN AUTHORIZED BY US TO GIVE ANY INFORMATION OR TO MAKE
ANY REPRESENTATIONS NOT CONTAINED IN THIS DOCUMENT. ANY INFORMATION OR
REPRESENTATION GIVEN WHICH IS NOT CONTAINED IN THIS DOCUMENT MUST NOT BE RELIED
UPON AS HAVING BEEN AUTHORIZED BY US. NEITHER THE DELIVERY OF THIS DOCUMENT NOR
ANY SALE UNDER THIS DOCUMENT SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY
IMPLICATION THAT THE INFORMATION CONTAINED IN THIS DOCUMENT IS CORRECT AS OF ANY
TIME SUBSEQUENT TO THE DATE OF THIS DOCUMENT.

         Unless we have indicated otherwise, references in this prospectus to
"Nabors Bermuda," "we," "us," and "our" or similar terms are to Nabors
Industries Ltd. and its consolidated subsidiaries.

                                 USE OF PROCEEDS

         All of our common shares offered by this document are being offered by
the selling shareholders. We will receive no part of the proceeds of any sales
made under this document.

                              SELLING SHAREHOLDERS

         Our common shares offered by this document have been or will have been
acquired pursuant to our plans identified above. The following table sets forth
certain information with respect to the selling shareholders who may be selling
our common shares pursuant to this document.

<TABLE>
<CAPTION>
                                            TOTAL SHARES                                   SHARES OWNED AFTER OFFERING
                                        BENEFICIALLY OWNED AS        TOTAL SHARES        -------------------------------
        NAME AND ADDRESS(1)                OF JUNE 30, 2002          OFFERED (2)           NUMBER            PERCENT (3)
 ---------------------------------      ---------------------        ------------        ----------          -----------
<S>                                     <C>                          <C>                 <C>                 <C>
Eugene M. Isenberg                           11,072,726(4)            1,071,514          10,001,212             6.93
   Chairman of the Board, Director
   and Chief Executive Officer
</TABLE>

(1)      The address for this individual is: c/o Nabors Corporate Services,
         Inc., 515 West Greens Road, Suite 1200, Houston, Texas 77067.

(2)      All shares to vest in the future are expected to vest on July 22, 2002.

(3)      Based on 144,368,390 common shares issued and outstanding as of June
         30, 2002, plus shares deemed beneficially owned by such holder as of
         that date.

(4)      The shares listed for Mr. Isenberg include 1,900,000 shares which may
         be acquired pursuant to the exercise of options within 60 days of June
         30, 2002. The shares listed for Mr. Isenberg are held directly or
         indirectly through certain trusts, defined benefit plans and individual
         retirement accounts of which Mr. Isenberg's a grantor, trustee or
         beneficiary. Not included in the table are 386 shares owned directly or
         held in trust by Mr. Isenberg's spouse.

                              PLAN OF DISTRIBUTION

         Our common shares offered by the selling shareholders or their
transferees are to be sold from time to time, in one or more transactions, in
whole or in part, pursuant to any of the methods listed in this document. Sales
may be made in ordinary brokerage transactions on the American Stock Exchange or
other national securities exchange on which our common shares trade or may trade
in the future, at the price then prevailing at the time of sale. The commissions
payable as a result of such sales will be the regular commissions of brokers for
effecting such sales. Alternatively, the selling shareholders or their
transferees may elect from time to time to offer their shares using the

                                  Page 5 of 12
<PAGE>

following alternate methods: (1) in privately negotiated transactions directly
with purchasers or (2) through underwriters, dealers or agents, who may acquire
shares as principal (which persons may then resell the shares), or who may
receive compensation in the form of underwriting discounts, commissions, or
commissions from the selling shareholders and/or purchasers of common shares for
whom they may act as agent. Unless disclosed otherwise in a prospectus
supplement or amendment (see below) any sale pursuant to the alternate method
described in clause (1) of the preceding sentence will be negotiated directly
between the selling shareholder and the purchaser, and no finders or agents will
be employed nor any commissions or fees paid.

         Any offer or sale made pursuant to an alternate method may be made for
a fixed price, which may be changed, or at varying prices determined at the time
of sale or at negotiated prices. Upon notice from a selling shareholder that he
has elected to use an alternate method for an offer or sale, and to the extent
required by the Securities Act, a prospectus supplement or amendment will be
distributed which will set forth the aggregate number of shares of our common
shares being offered and the terms of the offering, including the name or names
of any underwriter, dealers or agents, any discounts, commissions, concessions
and other items constituting compensation from the selling shareholders or the
purchasers or the shares, any discounts, commissions or concessions allowed or
reallowed or paid to dealers and any other material information required by the
Securities Act.

         The selling shareholders and any underwriter, broker, dealer or other
agent that participates in the distribution of our common shares offered by this
document may be deemed to be "underwriters", as that term is defined under the
Securities Act or associated rules. Any profit on the sale of our common shares
by them and any discounts and commissions received by any such underwriter,
broker, dealer or any other agent may be deemed to be underwriting discounts and
commissions under the Securities Act.

         We have informed the selling shareholders that the anti-manipulative
rules contained in Regulation M under the Exchange Act may apply to their sales
in the market and have informed them of the requirement for delivery of this
document in connection with any sale of our common shares offered by this
document. All expenses of registration incurred in connection with the offering
being made by this document are being borne by us, but any brokerage commissions
and other expenses incurred by a selling shareholder will be borne by such
selling shareholder.

         Any of our common shares covered by this document which qualify for
sale pursuant to Rule 144 under the Securities Act may be sold under that rule
rather than pursuant to this document.

                                 INDEMNIFICATION

         Section 98 of the Companies Act 1981 of Bermuda (which we refer to as
the Bermuda Companies Act) provides generally that a Bermuda company may
indemnify its directors and officers against any liability that by virtue of
Bermuda law otherwise would be imposed on them, except in cases where such
liability arises from fraud or dishonesty of which such director or officer may
be guilty in relation to the company. Section 98 further provides that a Bermuda
company may indemnify its directors and officers against any liability incurred
by them in defending any proceedings, whether civil or criminal, in which a
judgment is awarded in their favor or in which they are acquitted or granted
relief by the Supreme Court of Bermuda in certain proceedings arising under
Section 281 of the Bermuda Companies Act.

         Bye-law 75 of our Amended and Restated Bye-Laws provides that we shall
indemnify our current or former directors or officers against all liabilities,
losses, damages or expenses incurred or suffered out of the actual or purported
execution or discharge of their duties or the exercise or purported exercise of
their powers as officers and directors. Such exemption from liability and
indemnity shall have effect to the fullest extent of applicable law, but shall
not extend in any matter which would render any such exemption void pursuant to
the Bermuda Companies Act. Bye-law 75 further states that subject to the Bermuda
Companies Act, expenses incurred in defending any civil action or criminal
action or proceeding, for which indemnification is required pursuant to Bye-law
75, shall be paid by us in advance of the final disposition of such action or
proceeding upon our receipt of an undertaking by or on behalf of the indemnified
party to repay such amount if it shall ultimately be determined that the
indemnified party is not entitled to be indemnified.

         Our directors and officers are also parties to indemnification and/or
employment agreements which provide for these and other indemnification rights
in accordance with Bermuda law. In addition, we have obtained an aggregate of
$50,000,000 of directors' and officers' insurance coverage.

         Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors,

                                  Page 6 of 12
<PAGE>

officers or controlling persons of Nabors Bermuda pursuant to the foregoing
provisions, we have been informed that, in the opinion of the Commission, such
indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.

                                  LEGAL MATTERS

         The validity of the issuance of our common shares offered by this
document was passed upon for us by Appleby, Spurling & Kempe.

                             INDEPENDENT ACCOUNTANTS

         The financial statements incorporated in this prospectus by reference
to Nabors Delaware's Annual Report on Form 10-K for the year ended December 31,
2001 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, independent accountants, given on the authority of
said firm as experts in auditing and accounting.

         With respect to the unaudited financial information of Nabors Delaware
for the three-month period ended March 31, 2002 incorporated by reference in
this prospectus, PricewaterhouseCoopers LLP reported that they have applied
limited procedures in accordance with professional standards for a review of
such information. However, their separate report dated April 17, 2002, except
for Notes 1 and 2, as to which the date is April 29, 2002, incorporated by
reference herein, states that they did not audit and they do not express an
opinion on that unaudited financial information. Accordingly, the degree of
reliance on their report on such information should be restricted in light of
the limited nature of the review procedures applied. PricewaterhouseCoopers LLP
is not subject to the liability provisions of Section 11 of the Securities Act
of 1933 for their report on the unaudited financial information because that
report is not a "report" or a "part" of the registration statement prepared or
certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11
of the Act.

                                  Page 7 of 12
<PAGE>

                                     PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF DOCUMENTS BY REFERENCE.

         The following documents filed with the Commission are incorporated in
this document by reference:

    o    Nabors Delaware's Annual Report filed on Form 10-K for the fiscal year
         ended December 31, 2001 as amended by Nabors Bermuda's Amendment No. 1
         on Form 10-K/A filed June 27, 2002;

    o    Nabors Delaware's Quarterly Report filed on Form 10-Q for the fiscal
         quarter ended March 31, 2002;

    o    Nabors Delaware's Current Reports on Form 8-K filed on January 3, 2002,
         January 25, 2002, April 18, 2002, June 14, 2002, and June 25, 2002;

    o    Nabors Bermuda's Current Reports on Form 8-K filed on June 25, 2002 and
         June 26, 2002; and

    o    The description of our common shares contained in the Registration
         Statement on Form S-4, filed with the Commission on January 2, 2002, as
         amended by Pre-Effective Amendment No. 1, Pre-Effective Amendment No.
         2, Pre-Effective Amendment No. 3 and Pre-Effective Amendment No. 4 to
         Form S-4, filed with the Commission on March 3, 2002, April 17, 2002,
         April 29, 2002 and May 10, 2002, respectively, and any subsequent
         amendment filed for the purpose of updating the description
         (Registration No. 333-76198).

         All documents subsequently filed by us pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment to this registration statement which indicates that all of our common
shares offered hereby have been sold or which deregisters all of our common
shares then remaining unsold, shall be deemed to be incorporated herein by
reference and to be a part hereof from the date of filing of such documents. Any
statement contained in a document incorporated or deemed incorporated by
reference in this registration statement shall be deemed to be modified or
superseded for all purposes to the extent that a statement contained in this
registration statement or in any other subsequently filed document which also is
or is deemed to be incorporated by reference in this registration statement
modifies or supersedes such statement.

ITEM 4.  DESCRIPTION OF SECURITIES

         Not Applicable.

ITEM 5.  INTERESTS OF NAMED COUNSEL.

         The validity of the issuance of our common shares offered hereby will
be passed upon for us by Appleby, Spurling & Kempe.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS.

         Section 98 of the Companies Act 1981 of Bermuda (which we refer to as
the Bermuda Companies Act) provides generally that a Bermuda company may
indemnify its directors and officers against any liability that by virtue of
Bermuda law otherwise would be imposed on them, except in cases where such
liability arises from fraud or dishonesty of which such director or officer may
be guilty in relation to the company. Section 98 further provides that a Bermuda
company may indemnify its directors and officers against any liability incurred
by them in defending any proceedings, whether civil or criminal, in which a
judgment is awarded in their favor or in which they are acquitted or granted
relief by the Supreme Court of Bermuda in certain proceedings arising under
Section 281 of the Bermuda Companies Act.

         Bye-law 75 of our Amended and Restated Bye-Laws provides that we shall
indemnify our current or former directors or officers against all liabilities,
losses, damages or expenses incurred or suffered out of the actual or purported
execution or discharge of their duties or the exercise or purported exercise of
their powers as officers and

                                  Page 8 of 12
<PAGE>

directors. Such exemption from liability and indemnity shall have effect to the
fullest extent of applicable law, but shall not extend in any matter which would
render any such exemption void pursuant to the Bermuda Companies Act. Bye-law 75
further states that subject to the Bermuda Companies Act, expenses incurred in
defending any civil action or criminal action or proceeding, for which
indemnification is required pursuant to Bye-law 75, shall be paid by us in
advance of the final disposition of such action or proceeding upon our receipt
of an undertaking by or on behalf of the indemnified party to repay such amount
if it shall ultimately be determined that the indemnified party is not entitled
to be indemnified.

         Our directors and officers are also parties to indemnification and/or
employment agreements which provide for these and other indemnification rights
in accordance with Bermuda law. In addition, we have obtained an aggregate of
$50,000,000 of directors' and officers' insurance coverage.

ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED.

         Not Applicable.

ITEM 8.  EXHIBITS.

         The following are filed as exhibits to this registration statement:

<TABLE>
<CAPTION>
EXHIBIT NO.                          DESCRIPTION OF EXHIBIT
<S>            <C>
   +3.1        Memorandum of Association of Nabors Industries Ltd. (incorporated
               by reference to Annex II to the proxy statement / prospectus
               included in Nabors Industries Ltd.'s Registration Statement on
               Form S-4 (Registration No. 333-76198) filed May 10, 2002)

   +3.2        Amended and Restated Bye-Laws of Nabors Industries Ltd.
               (incorporated by reference to Annex III to the proxy statement /
               prospectus included in Nabors Industries Ltd.'s Registration
               Statement on Form S-4 (Registration No. 333-76198) filed May 10,
               2002)

   5.1         Opinion of Appleby, Spurling & Kempe  regarding the legality of
               the securities being registered

   15          Awareness Letter of PricewaterhouseCoopers LLP to the Commission

   23.1        Consent of PricewaterhouseCoopers LLP

   23.2        Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

   24          Powers of Attorney (included in signature page)
</TABLE>
- -------------------------
+ Incorporated by reference as indicated.

ITEM 9.  UNDERTAKINGS.

         (a) Rule 415 Offering

         The undersigned registrant hereby undertakes:

                  (1) To file, during any period in which offers or sales are
         being made, a post-effective amendment to this registration statement:

                           (i) To include any prospectus required by Section
                  10(a)(3) of the Securities Act of 1933;

                                  Page 9 of 12
<PAGE>

                           (ii) To reflect in the prospectus any facts or events
                  arising after the effective date of the registration statement
                  (or the most recent post-effective amendment thereof) which,
                  individually or in the aggregate, represent a fundamental
                  change in the information set forth in the registration
                  statement;

                           (iii) To include any material information with
                  respect to the plan of distribution not previously disclosed
                  in the registration statement or any material change to such
                  information in the registration statement; provided, however,
                  that paragraphs (1)(i) and (ii) do not apply if the
                  information required to be included in a post-effective
                  amendment by those paragraphs is contained in periodic reports
                  filed by the registrant pursuant to Section 13 or Section
                  15(d) of the Exchange Act that are incorporated by reference
                  in this registration statement.

                  (2) That, for the purpose of determining any liability under
         the Securities Act of 1933, each such post-effective amendment shall be
         deemed to be a new registration statement relating to the securities
         offered therein, and the offering of such securities at that time shall
         be deemed to be the initial bona fide offering thereof.

                  (3) To remove from registration by means of a post-effective
         amendment any of the securities being registered which remain unsold at
         the termination of the offering.

         (b) Filings incorporating Subsequent Exchange Act Documents by
Reference

                  The undersigned registrant hereby undertakes that, for
         purposes of determining any liability under the Securities Act of 1933,
         each filing of the registrant's annual report pursuant to section 13(a)
         or section 15(d) of the Securities Exchange Act of 1934 that is
         incorporated by reference in the registration statement shall be deemed
         to be a new registration statement relating to the securities offered
         therein, and the offering of such securities at that time shall be
         deemed to be the initial bona fide offering thereof.

         (c) Filing of Registration Statement on Form S-8

                  Insofar as indemnification for liabilities arising under the
         Securities Act of 1933 may be permitted to directors, officers and
         controlling persons of the registrant pursuant to the foregoing
         provisions, or otherwise, the registrant has been advised that in the
         opinion of the Securities and Exchange Commission such indemnification
         is against public policy as expressed in the Act and is, therefore,
         unenforceable. In the event that a claim for indemnification against
         such liabilities (other than the payment by the registrant of expenses
         incurred or paid by a director, officer or controlling person of the
         registrant in the successful defense of any action, suit or proceeding)
         is asserted by such director, officer or controlling person in
         connection with the securities being registered, the registrant will,
         unless in the opinion of its counsel the matter has been settled by
         controlling precedent, submit to a court of appropriate jurisdiction
         the question whether such indemnification by it is against public
         policy as expressed in the Securities Act and will be governed by the
         final adjudication of such issue.

                                  Page 10 of 12
<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Parish of St. James, Barbados, W.I. on July 17, 2002.

                                       NABORS INDUSTRIES LTD.

                                       By: /s/ Anthony G. Petrello
                                          --------------------------------------
                                           Anthony G. Petrello
                                           President and Chief Operating Officer

         In accordance with the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates stated. Each person whose signature to this
registration statement appears below hereby appoints Anthony G. Petrello, Daniel
McLachlin or Bruce P. Koch as his attorney-in-fact to sign on his behalf,
individually and in the capacities stated below, and to file any and all
amendments and post-effective amendments to this registration statement which
amendment or amendments or registration statement may make such changes and
additions as such attorney-in-fact may deem necessary or appropriate.

<TABLE>
<CAPTION>
                        SIGNATURE                                  TITLE                      DATE
                        ---------                                  -----                      ----
<S>                                                      <C>                              <C>
                 /s/ Eugene M. Isenberg                  Chairman and Chief Executive     July 17, 2002
    ------------------------------------------------     Officer
                   Eugene M. Isenberg

                 /s/ Anthony G. Petrello                 President, Chief Operating       July 17, 2002
    ------------------------------------------------     Officer and Director
                   Anthony G. Petrello

                 /s/ Richard A. Stratton                 Vice Chairman and Director       July 17, 2002
    ------------------------------------------------
                   Richard A. Stratton

                    /s/ Bruce P. Koch                    Vice President - Finance         July 17, 2002
    ------------------------------------------------     (Principal Financial and
                      Bruce P. Koch                      Accounting Officer)

                   /s/ James L. Payne                    Director                         July 17, 2002
    ------------------------------------------------
                     James L. Payne

                    /s/ Hans Schmidt                     Director                         July 17, 2002
    ------------------------------------------------
                      Hans Schmidt

                 /s/ Myron M. Sheinfeld                  Director                         July 17, 2002
    ------------------------------------------------
                   Myron M. Sheinfeld

                     /s/ Jack Wexler                     Director                         July 17, 2002
    ------------------------------------------------
                       Jack Wexler

                  /s/ Martin J. Whitman                  Director                         July 17, 2002
    ------------------------------------------------
                    Martin J. Whitman
</TABLE>

                                  Page 11 of 12
<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
EXHIBIT NO.                          DESCRIPTION OF EXHIBIT
<S>            <C>
   +3.1        Memorandum of Association of Nabors Industries Ltd. (incorporated
               by reference to Annex II to the proxy statement / prospectus
               included in Nabors Industries Ltd.'s Registration Statement on
               Form S-4 (Registration No. 333-76198) filed May 10, 2002)

   +3.2        Amended and Restated Bye-Laws of Nabors Industries Ltd.
               (incorporated by reference to Annex III to the proxy statement /
               prospectus included in Nabors Industries Ltd.'s Registration
               Statement on Form S-4 (Registration No. 333-76198) filed May 10,
               2002)

   5.1         Opinion of Appleby, Spurling & Kempe  regarding the legality of
               the securities being registered

   15          Awareness Letter of PricewaterhouseCoopers LLP to the Commission

   23.1        Consent of PricewaterhouseCoopers LLP

   23.2        Consent of Appleby, Spurling & Kempe (included in Exhibit 5.1)

   24          Powers of Attorney (included in signature page)
</TABLE>
- -------------------------
+ Incorporated by reference as indicated.

                                  Page 12 of 12

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>h98374exv5w1.txt
<DESCRIPTION>OPINION OF APPLEBY, SPURLING & KEMPE
<TEXT>
<PAGE>
                                [SSJ LETTERHEAD]


                                                                     EXHIBIT 5.1


STEPHEN S JAMES
Counsel to the Firm

                                                                    18 July 2002


Nabors Industries Ltd.
c/o The Corporate Secretary Limited
Whitepark House
White Park Road
Bridgetown, Barbados

Dear Sirs

NABORS INDUSTRIES LTD. (THE "COMPANY")

We have acted as legal counsel in Bermuda to the Company in connection with the
filing by the Company with the Securities and Exchange Commission, under the
Securities Act of 1933, as amended, of a registration statement on Form S-8 (the
"Registration Statement") in relation to a total of 1,073,514 Common Shares of
the Company of par value US$0.001 each (the "Common Shares") which may be issued
upon the exercise of options to acquire Common Shares granted or to be granted
under the Nabors Industries, Inc. 1992 Incentive Stock Plan and the Nabors
Industries, Inc. 1993 Key Employee Stock Plan (collectively, the "Plans").

For the purposes of this opinion we have examined and relied upon the documents
listed, and in some cases defined, in the Schedule to this opinion (the
"Documents") together with such other documentation, as we have considered
requisite to this opinion. Unless otherwise defined herein, capitalized terms
have the meanings assigned to them in the Registration Statement.


ASSUMPTIONS

In stating our opinion we have assumed:-

(a)      the authenticity, accuracy and completeness of all Documents submitted
         to us, and such other documents examined by us, as originals, and the
         conformity to authentic original Documents of all Documents submitted
         to us, and such other documents examined by us, as certified,
         conformed, notarised, faxed or photostatic copies;

(b)      that each of the Documents and other such documentation which was
         received by electronic means is complete, intact and in conformity with
         the transmission as sent;

<PAGE>
                                       2


(c)      the genuineness of all signatures on the Documents;

(d)      the authority, capacity and power of each of the persons signing the
         Documents (other than the Company);

(e)      that any representation, warranty or statement of fact or law, other
         than as to the laws of Bermuda, made in any of the Documents is true,
         accurate and complete;

(f)      that there are no provisions of the laws or regulations of any
         jurisdiction other than Bermuda which would be contravened by the
         execution or delivery of the Plans or which would have any implication
         in relation to the opinion expressed herein and that, in so far as any
         obligation under, or action to be taken under, the Plans is required to
         be performed or taken in any jurisdiction outside Bermuda such action
         or obligation will not be illegal by virtue of the laws of that
         jurisdiction;

(g)      that the Plans are in the proper legal form to be admissible in
         evidence and enforced in the courts of the State of Delaware and in
         accordance with the laws of the State of Delaware;

(h)      that any award issued under the Plans (the "Awards") will constitute
         the legal, valid and binding obligation of the recipient;

(i)      that each of the Company or any other party to the Plans is not
         carrying on investment business in or from within Bermuda under the
         provisions of the Investment Business Act 1998 as amended from time to
         time;

(j)      that the records which were the subject of the Company Search were
         complete and accurate at the time of such search and disclosed all
         information which is material for the purposes of this opinion and such
         information has not since the date of the Company Search been
         materially altered;

(k)      that the records which were the subject of the Litigation Search were
         complete and accurate at the time of such search and disclosed all
         information which is material for the purposes of this opinion and such
         information has not since the date of the Litigation Search been
         materially altered;

(l)      that the Resolutions are in full force and effect, have not been
         rescinded, either in whole or in part, and there is no matter affecting
         the authority of the Directors to effect entry by the Company into the
         Plans, or to perform their obligations under the Registration Statement
         not disclosed by the Constitutional Documents or the Resolutions, which
         would have any adverse implication in relation to the opinions
         expressed herein;

(m)      that each Director of the Company, when the Board of Directors adopted
         the Resolutions (which are the Directors' resolutions), discharged his
         fiduciary duty

<PAGE>
                                       3


         owed to the Company and acted honestly in good faith with a view
         to the best interests of the Company;

(n)      that each transaction to be entered into pursuant to the Plans is
         entered into in good faith with a view to the best interests of the
         Company;

(o)      that the Plans constitute legal, valid and binding obligations of the
         parties thereto, enforceable in accordance with its terms under the
         laws of the State of Delaware by which they are expressed to be
         governed and that the Company has entered into its obligations under
         the Plans in good faith for the purpose of carrying on its business and
         that, at the time it did so, there were reasonable grounds for
         believing that the transactions contemplated by the Plans would benefit
         the Company;

(p)      that the Plans constitute the legal, valid and binding obligations of
         the parties thereto, other than the Company, under the laws of their
         jurisdiction of incorporation or jurisdiction of formation;

(q)      that the Plans have been validly authorised, executed and delivered by
         each of the parties thereto, other than the Company, and the
         performance thereof is within the capacity and power of each such party
         thereto and that each such party to which the Company purportedly
         delivered the Plans has actually received and accepted delivery of the
         Plans;

(r)      that, at the time of issue by the Compensation Committee (the
         "Committee") of any Award under the Plans or of Common Shares pursuant
         to such Awards, the Committee has been duly constituted and remains a
         duly constituted committee of the Board of Directors of the Company
         having the necessary powers and authority to issue Awards and any
         Common Shares pursuant to the Plans;

(s)      that the approval of the issue of any Awards under the Plans are duly
         made at a duly convened and quorate meeting of the Committee in a
         manner complying with the terms of its constitution then in force
         within the authority then given to the Committee by the Board of
         Directors of the Company; and

(t)      that the issue price of the Common Shares issued pursuant to Awards
         issued under the Plans will not be less than the par value of such
         shares and the Company will have sufficient authorised share capital to
         effect the issue of such shares and will continue to hold the necessary
         consent of the Bermuda Monetary Authority.

OPINION

Based upon and subject to the foregoing and subject to the reservations set out
below and to any matters not disclosed to us, we are of the opinion that:

<PAGE>
                                       4


(1)      The Company is an exempted company incorporated with limited liability
         and existing under the laws of Bermuda. The Company possesses the
         capacity to sue and be sued in its own name and is in good standing
         under the laws of Bermuda.

(2)      The Company has taken all necessary corporate action to authorise the
         delivery of the Registration Statement and the registration of the
         Shares pursuant to the Registration Statement.

(3)      The Company has taken all necessary corporate action to authorise the
         Plans and the issuance of the Common Shares.

(4)      When issued in accordance with the Resolutions and the Plans, the
         Common Shares will be duly and validly issued, fully paid,
         non-assessable shares of the Company.

(5)      The issue by the Company of the Shares will not violate:-

         (a)      any provision of any applicable law of Bermuda, nor, as far as
                  can be ascertained from public record, any regulation or order
                  of any governmental, judicial or public body or authority of
                  or in Bermuda;

         (b)      the Memorandum of Association or Bye-laws of the Company.


(6)      Based solely upon the Company Search and the Litigation Search:

         (i)      no litigation, arbitration or administrative or other
                  proceeding of or before any arbitrator or governmental
                  authority of Bermuda is pending against or affecting the
                  Company or against or affecting any of its properties, rights,
                  revenues or assets; and

         (ii)     no notice to the Registrar of Companies of the passing of a
                  resolution of members or creditors to wind up or the
                  appointment of a liquidator or receiver has been given. No
                  petition to wind up the Company or application to reorganise
                  its affairs pursuant to a Scheme of Arrangement or application
                  for the appointment of a receiver has been filed with the
                  Supreme Court.

(7)      The Company has received an assurance from the Ministry of Finance
         granting an exemption, until 28 March 2016, from the imposition of tax
         under any applicable Bermuda law computed on profits or income or
         computed on any capital asset, gain or appreciation, or any tax in the
         nature of estate duty or inheritance tax, provided that such exemption
         shall not prevent the application of any such tax or duty to such
         persons as are ordinarily resident in Bermuda

<PAGE>
                                       5


         and shall not prevent the application of any tax payable in accordance
         with the provisions of the Land Tax Act 1967 or otherwise payable in
         relation to land in Bermuda leased to the Company. There are, subject
         as otherwise provided in this opinion, no Bermuda taxes, stamp or
         documentary taxes, duties or similar charges now due, or which could in
         the future become due, in connection with the delivery, performance of
         the Plans or the transactions contemplated thereby and the Company is
         not required by any Bermuda law or regulation to make any deductions or
         withholdings in Bermuda from any payment it may make thereunder.

RESERVATIONS

We have the following reservations:-

(a)      The term "enforceable" as used in this opinion means that there is a
         way of ensuring that each party performs an agreement or that there are
         remedies available for breach.

(b)      We express no opinion as to the availability of equitable remedies such
         as specific performance or injunctive relief, or as to any matters,
         which are within the discretion of the courts of Bermuda in respect of
         any obligations of the Company as set out in the Plans. In particular,
         we express no opinion as to the enforceability of any present or future
         waiver of any provision of law (whether substantive or procedural) or
         of any right or remedy which might otherwise be available presently or
         in the future under the Plans.

(c)      Enforcement of the obligations of the Company under the Plans may be
         limited or affected by applicable laws from time to time in effect
         relating to bankruptcy, insolvency or liquidation or any other laws or
         other legal procedures affecting generally the enforcement of
         creditors' rights.

(d)      Enforcement of the obligations of the Company may be the subject of a
         statutory limitation of the time within which such proceedings may be
         brought.

(e)      We express no opinion as to any law other than Bermuda law and none of
         the opinions expressed herein relates to compliance with or matters
         governed by the laws of any jurisdiction except Bermuda. This opinion
         is limited to Bermuda law as applied by the Courts of Bermuda at the
         date hereof.

(f)      Where an obligation is to be performed in a jurisdiction other than
         Bermuda, the courts of Bermuda may refuse to enforce it to the extent
         that such performance would be illegal under the laws of, or contrary
         to public policy of, such other jurisdiction.

<PAGE>
                                       6


(g)      Where a person is vested with a discretion or may determine a matter in
         his or its opinion, such discretion may have to be exercised reasonably
         or such an opinion may have to be based on reasonable grounds.

(h)      A Bermuda court may refuse to give effect to any provisions of the
         Plans in respect of costs of unsuccessful litigation brought before the
         Bermuda court or where that court has itself made an order for costs.

(i)      Searches of the Register of Companies at the office of the Registrar of
         Companies and of the Supreme Court Causes Book at the Registry of the
         Supreme Court are not conclusive and it should be noted that the
         Register of Companies and the Supreme Court Causes Book do not reveal:

         (i)      whether an application to the Supreme Court for a winding up
                  petition or for the appointment of a receiver or manager has
                  been prepared but not yet been presented or has been presented
                  but does not appear in the Causes Book at the date and time
                  the Search is concluded;

         (ii)     whether any arbitration or administrative proceedings are
                  pending or whether any proceedings are threatened, or whether
                  any arbitrator has been appointed;

         (iii)    details of matters which have been lodged for filing or
                  registration which as a matter of general practice of the
                  Registrar of Companies would have or should have been
                  disclosed on the public file but have not actually been
                  registered or to the extent that they have been registered
                  have not been disclosed or do not appear in the public records
                  at the date and time the search is concluded;

         (iv)     details of matters which should have been lodged for
                  registration but have not been lodged for registration at the
                  date the search is concluded; or

         (v)      whether a receiver or manager has been appointed privately
                  pursuant to the provisions of a debenture or other security,
                  unless notice of the fact has been entered in the Register of
                  Charges in accordance with the provisions of the Companies Act
                  1981.

         Furthermore, in the absence of a statutorily defined system for the
         registration of charges created by companies incorporated outside
         Bermuda ("overseas companies") over their assets located in Bermuda, it
         is not possible to determine definitively from searches of the Register
         of Charges maintained by the Registrar of Companies in respect of such
         overseas companies what charges have been registered over any of their
         assets located in Bermuda or whether any one charge has priority over
         any other charge over such assets.

<PAGE>
                                       7


(j)      In order to issue this opinion we have carried out the Company Search
         as referred to in the Schedule to this opinion and have not enquired as
         to whether there has been any change since the date and time such
         search was completed.

(k)      In order to issue this opinion we have carried out the Litigation
         Search as referred to in the Schedule to this opinion and have not
         enquired as to whether there has been any change since the date and
         time such search was completed.

(l)      In paragraph (1) above, the term "good standing" means that the Company
         has received a Certificate of Compliance from the Registrar of
         Companies.

(m)      Any reference to this opinion to being "non-assessable" shall mean, in
         relation to fully-paid shares of the Company and subject to any
         contrary provision in any agreement in writing between the Company and
         the holder of shares, that no shareholder shall be obliged to
         contribute further amounts to the capital of the Company, either in
         order to complete payment for their shares, to satisfy claims of
         creditors of the Company, or otherwise; and no shareholder shall be
         bound by an alteration of the Memorandum of Association or Bye-laws of
         the Company after the date on which he became a shareholder, if and so
         far as the alteration requires him to take, or subscribe for additional
         shares, or in any way increase his liability to contribute to the share
         capital of, or otherwise to pay money to the Company.

(n)      Bermuda law does not recognise the concept of "treasury shares" and so
         such shares will not be available to satisfy the obligations of the
         Company to issue Common Shares under the Plans.


DISCLOSURE

This opinion is addressed to you in connection with the filing with the US
Securities and Exchange Commission of the Registration Statement and is not to
be made available to, or relied on by any other person or entity, or for any
other purpose, without our prior written consent. We consent to the filing of
this opinion as an exhibit to the Registration Statement by the Company.

This opinion is addressed to you solely for your benefit and is neither to be
transmitted to any other person, nor relied upon by any other person or for any
other purpose nor quoted or referred to in any public document nor filed with
any governmental agency or person, without our prior written consent, except as
may be required by law or regulatory authority. Further, this opinion speaks as
of its date and is strictly limited to the matters stated herein and we assume
no obligation to review or update this opinion if applicable laws or the
existing facts or circumstances should change.

Yours faithfully

/s/ APPLEBY SPURLING & KEMPE


<PAGE>
                                    SCHEDULE

1.       The entries and filings shown in respect of the Company on the file of
         the Company maintained in the Register of Companies at office of the
         Registrar of Companies in Hamilton, Bermuda, as revealed by a search
         completed at 11:20 a.m. on 17 July, 2002 (the "Company Search").

2.       The entries and filings shown in respect of the Company in the Supreme
         Court Causes Book maintained at the Registry of the Supreme Court in
         Hamilton, Bermuda, as revealed by a search completed at 12:05p.m. on 17
         July, 2002 in respect of the Company (the "Litigation Search").

         (The Company Search and the Litigation Search are together referred to
         as the "Searches").

3.       An electronic copy of the Registration Statement (excluding exhibits
         and excluding the documents incorporated by reference).

4.       Faxed copies of the Plans.

5.       Certified copies of the Certificate of Incorporation, Memorandum of
         Association and Bye-laws for the Company (collectively referred to as
         the "Constitutional Documents").

6.       Certified copies of the minutes of the Board of Directors of the
         Company effective 20 June, 2002 (the "Resolutions").

7.       A certified copy of the "Foreign Exchange Letter", dated 11 December,
         2001 and a letter of permission dated 15 April 2002, issued by the
         Bermuda Monetary Authority, Hamilton Bermuda in relation to the
         Company.

8.       An Officers Certificate (the "Certificate") dated 18 July, 2002 and
         signed by Geraldine Harris, Assistant Secretary of the Company
         confirming the authorised and issued capital of the Company as at that
         date and the maximum number of Common Shares to be issued pursuant to
         the Plans.

9.       A Certificate of Compliance, dated 17 July, 2002 issued by the Ministry
         of Finance in respect of the Company.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15
<SEQUENCE>4
<FILENAME>h98374exv15.txt
<DESCRIPTION>AWARENESS LETTER OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<PAGE>
                                                                    EXHIBIT 15.1


July 18, 2002

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Commissioners:

We are aware that our report dated April 17, 2002, except for Notes 1 and 2, as
to which the date is April 29, 2002, on our review of the interim financial
information of Nabors Industries, Inc. (the "Company') as of and for the period
ended March 31, 2002 and included in the Company's quarterly report on Form 10-Q
for the quarter then ended is incorporated by reference in this Registration
Statement.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers LLP


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>h98374exv23w1.txt
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<PAGE>

                                                                    EXHIBIT 23.1

                       CONSENT OF INDEPENDENT ACCOUNTANTS


We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of our report dated January 23, 2002, except for Note 16,
as to which the date is March 18, 2002, relating to the financial statements,
which appears in the 2001 Annual Report to Shareholders, which is incorporated
by reference in Nabors Industries, Inc.'s Annual Report on Form 10-K for the
year ended December 31, 2001. We also consent to the incorporation by reference
of our report dated January 23, 2002 relating to the financial statement
schedule, which appears in such Annual Report on Form 10-K. We also consent to
the reference to us under the heading "Independent Accountants" in such
Registration Statement.


                                            /s/ PRICEWATERHOUSECOOPERS LLP
                                                PricewaterhouseCoopers LLP

Houston, Texas
July 18, 2002

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
