<SUBMISSION>
<ACCESSION-NUMBER>0000950129-02-004826
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20021001
<ITEMS>5
<ITEMS>7
<FILING-DATE>20021001
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NABORS INDUSTRIES LTD
<CIK>0001163739
<IRS-NUMBER>980363970
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-49887
<FILM-NUMBER>02778707
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O NABORS INDUSTRIES INC
<STREET2>515 WEST GREENS ROAD
<CITY>HOUSTON
<STATE>TX
<ZIP>77067
<PHONE>2818740035
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O NABORS INDUSTRIES INC
<STREET2>515 WEST GREENS ROAD
<CITY>HOUSTON
<STATE>TX
<ZIP>77067
</MAIL-ADDRESS>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h00137e8vk.txt
<DESCRIPTION>NABORS INDUSTRIES, LTD - OCTOBER 1, 2002
<TEXT>
<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): October 1, 2002

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


         Bermuda                       000-49887                 980363970
(State or Other Jurisdiction          (Commission              (IRS Employer
     of Incorporation)                File Number)           Identification No.)


2nd Fl. International Trading Centre
Warrens
PO Box 905E
St. Michael, Barbados                                               N/A
(Address of Principal Executive Offices)                         (Zip Code)

Registrant's telephone number, including area code: (246) 421-9471

              c/o The Corporate Secretary Ltd., White Park House,
                      Whitepark Road Bridgetown, Barbados
          (Former name or former address, if changed since last report)


<PAGE>


ITEM 5.  OTHER INFORMATION

         On October 1, 2002, Nabors Industries Ltd. announced that, based on
preliminary estimates, it expects revenues and earnings for the third quarter of
2002 to be lower than consensus. A copy of the press release containing the
announcement is attached hereto as Exhibit 99.1 and is incorporated by reference
in this report.

         The information above and in Exhibit 99.1 includes forward-looking
statements within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject to certain
risks and uncertainties, as disclosed by us from time to time in its filings
with the Securities and Exchange Commission. As a result of these factors, our
actual results may differ materially from those indicated or implied by such
forward-looking statements.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
         AND EXHIBITS

         (c)  Exhibits

         Exhibit No.                      Description
         -----------                      -----------

         99.1            Press Release issued by Nabors Industries Ltd. on
                         October 1, 2002




<PAGE>


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                            NABORS INDUSTRIES LTD.


Date:  October 1, 2002                      By: /s/ Daniel McLachlin
                                               ---------------------------------
                                               Daniel McLachlin
                                               Vice President - Administration &
                                               Secretary



<PAGE>


                                  EXHIBIT INDEX


Exhibit No.         Description
-----------         -----------

99.1                Press Release issued by Nabors Industries Ltd. on October 1,
                    2002



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>h00137exv99w1.txt
<DESCRIPTION>PRESS RELEASSE ISSUED ON OCTOBER 1, 2002
<TEXT>
<PAGE>


                                                                    EXHIBIT 99.1

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

[NABORS INDUSTRIES LOGO]
NABORS INDUSTRIES                                                   NEWS RELEASE

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


               NABORS EXPECTS $0.10 TO $0.12 EPS IN THIRD QUARTER

HOUSTON, TEXAS, OCTOBER 1, 2002, NABORS INDUSTRIES LTD. (AMEX: NBR), today
indicated that it expects its third and fourth quarter results to be lower than
current consensus estimates. Nabors currently estimates its earnings per diluted
share will be in the range of $0.10 to $0.12 for third quarter with moderate
improvement in the fourth quarter of 2002. These estimates do not include any
effects from the reincorporation of the Company in June of this year.

Gene Isenberg, Nabors Chairman and Chief Executive Officer commented on the
revised near-term outlook. "We are beginning to see concrete signs of an
improving market early next year, but our short-term expectations are
significantly lower as the previously anticipated second half 2002 increases in
North American gas related activity have not yet materialized. The biggest drop
in our short-term outlook is in Canada where our increased presence has
exacerbated the effect on our results of the unusually severe seasonal as well
as cyclical weakness this year. Lower expectations for our US Lower 48 drilling
and offshore Gulf of Mexico operations are nearly as significant as Canada with
most of our other US 48 businesses modestly lower. In the US Lower 48, the
delayed recovery in US land drilling activity has been compounded by the recent
cessation of a number of higher margin long-term wells. While we still expect a
modest upturn in the US Gulf, it appears that it will not develop at the pace we
previously expected.

"We remain convinced that the implications of declining production of North
American gas will reassert itself with increased emphasis early next year,
despite our lowered expectations for the remainder of 2002. In fact, in Canada
and Alaska we are seeing solid evidence of increasing rig activity early in the
new-year. An improving market in Canada has consistently been a leading
indicator of an impending upturn in our US-based businesses.
Meanwhile, the momentum in our International business is continuing."

The Nabors companies own and operate almost 600 land drilling and 933 land
workover and well-servicing rigs worldwide. Offshore, Nabors time charters 44
platform, 17 jack-ups, and three barge rigs in the domestic and international
markets. Nabors also operates 30 marine transportation and support vessels,
primarily 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.

================================================================================
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.


</TEXT>
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