<SUBMISSION>
<ACCESSION-NUMBER>0001185210-04-000003
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040106
<FILING-DATE>20040108
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>PAYNE JAMES L
<CIK>0001185210
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-49887
<FILM-NUMBER>04515033
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1021 MAIN STREET
<STREET2>SUITE 2100
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1021 MAIN STREET
<STREET2>SUITE 2100
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>NABORS INDUSTRIES LTD
<CIK>0001163739
<ASSIGNED-SIC>1381
<IRS-NUMBER>980363970
<STATE-OF-INCORPORATION>D0
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>2ND FLOOR INT'L TRADING CENTER
<STREET2>WARRENS, P.O. BOX 905E
<CITY>ST. MICHAEL BARBADOS
<STATE>D0
<ZIP>0000
<PHONE>2464219471
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2ND FLOOR INT'L TRADING CENTER
<STREET2>WARRENS, P.O. BOX 905E
<CITY>ST. MICHAEL BARBADOS
<STATE>D0
<ZIP>0000
</MAIL-ADDRESS>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c0001185210d20040108f4f.xml
<DESCRIPTION>PRIMARY DOCUMENT
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