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                                  EXHIBIT 99.1
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                            [NABORS INDUSTRIES LOGO]
                                  NEWS RELEASE
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              NABORS PLACES $500 MILLION OF SENIOR UNSECURED NOTES

Houston Texas, August 16, 2002, Nabors Industries, Inc. (NII) and a Canadian
subsidiary today announced separate proposed private placements of Senior
Unsecured Notes with registration rights, under rule 144A. The placements will
be done in two traunches. NII will place $275 million in 10-year notes maturing
on August 15, 2012, with a coupon of 5.375%, while its Canadian subsidiary will
place $225 million in 7-year notes maturing on August 15, 2009, with a coupon of
4.875%. Both traunches will be guaranteed by Nabors Industries Ltd., and the
notes issued by the Canadian subsidiary will also be guaranteed by NII.

These securities have not been registered under the Securities Act of 1933 or
any applicable Canadian laws and may not be offered or sold in the US or Canada
absent registration or an applicable exemption from registration requirements.

Statements in this release that contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 include, but are
not limited to, statements regarding the timing of and conditions to closing and
the amount and use of proceeds. Such forward-looking statements are subject to
certain risks and uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of these
factors, Nabors' actual results may differ materially from those indicated or
implied by such forward-looking statements.

The Nabors companies own and operate over 530 land drilling and 933 land
workover and well-servicing rigs worldwide. Offshore, Nabors operates 44
platform, 17 jack-ups, and three barge rigs in the domestic and international
markets. Nabors also operates 30 marine transportation and support vessels in
the Gulf of Mexico. In addition, Nabors manufactures top drives and drilling
instrumentation systems and provides comprehensive oilfield hauling,
engineering, civil construction, logistics and facilities maintenance, and
project management services. Nabors participates in most of the significant oil,
gas and geothermal markets in the world.

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Nabors Industries Ltd. stock is listed on the American Stock Exchange (NBR). For
further information or to request investor materials please contact Nabors
Corporate Services Inc. Mr. Dennis A. Smith, Director of Corporate Development
at (281) 775- 8038. To request Investor Materials, call Angela Ridgell at (281)
775-8063.


