<SUBMISSION>
<ACCESSION-NUMBER>0000950129-08-003815
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080701
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20080701
<DATE-OF-FILING-DATE-CHANGE>20080701
<FILER>
<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>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32657
<FILM-NUMBER>08930704
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>MINTFLOWER PLACE
<STREET2>8 PAR-LA-VILLE ROAD
<CITY>HAMILTON, HM08
<STATE>D0
<ZIP>0000
<PHONE>2464219471
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>P O BOX HM3349
<CITY>HAMILTON, HMPX
<STATE>D0
<ZIP>0000
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h58120e8vk.htm
<DESCRIPTION>FORM 8-K - CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) July&nbsp;1, 2008 (July&nbsp;1, 2008)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NABORS INDUSTRIES LTD.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bermuda</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000</B>-<B>49887</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>980363970</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</tr>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Mintflower Place</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>8 Par-La-Ville Road</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Hamilton, HM08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bermuda</B>
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>N/A</B></TD>

</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(441)&nbsp;292-1510</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B><BR>
(Former name or former address, if changed since last report.)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
<!--/TOC-->

<!-- link1 "Item&nbsp;7.01 Regulation&nbsp;FD Disclosure" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a press release issued on July&nbsp;1, 2008,
Nabors Industries Ltd. announced that Nabors Industries, Inc. had either exchanged or
redeemed all $700&nbsp;million aggregate principal amount of both its Zero Coupon Senior
Exchangeable Notes due 2023 and its Series&nbsp;B Zero Coupon Senior Exchangeable Notes due 2023 and
also notified the trustee to proceed with redemption of the remaining $82.8&nbsp;million outstanding
aggregate principal amount at maturity of its Zero Coupon Senior Convertible Debentures due 2021. A
copy of the press release is attached hereto as Exhibit&nbsp;99.1, is incorporated herein by reference,
and is hereby filed.
</DIV>


<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press release, dated July&nbsp;1, 2008</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: July&nbsp;1, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nabors Industries Ltd.</TD>
</TR>
<TR valign="bottom" style=" font-size: 12pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Andrews</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Andrews</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT&nbsp;INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit&nbsp;No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Document Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release, dated July&nbsp;1, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>h58120exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT&nbsp;99.1
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="h58120h5812000.gif" alt="(NABORS INDUSTRIES LOGO)">
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>NABORS ANNOUNCES REDEMPTION OF NOTES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>HAMILTON, Bermuda &#150; July&nbsp;1, 2008 &#150; Nabors Industries Ltd. (NYSE: NBR) </B>(&#147;Nabors&#148;) announced today
that its wholly-owned subsidiary, Nabors Industries, Inc. (&#147;NII&#148;), has either redeemed or exchanged
the full $146,000 aggregate outstanding principal amount of its Zero Coupon Senior Exchangeable
Notes due 2023 (the &#147;Original 2023 Notes&#148;) and the full $699,854,000 outstanding aggregate
principal amount of its Series&nbsp;B Zero Coupon Senior Exchangeable Notes due 2023 (together with the
Original 2023 Notes, the &#147;2023 Notes&#148;). NII has also notified the trustee to proceed with
redemption of the remaining $82.8&nbsp;million outstanding aggregate principal amount at maturity of its
Zero Coupon Senior Convertible Debentures due 2021 (the &#147;2021 Notes&#148;), CUSIP No.&nbsp;629568AF3, that
were not repurchased by NII in accordance with the holders&#146; put option on the fifth anniversary of
the 2021 Notes in February&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the 2023 Notes, holders representing an aggregate principal amount of $699,357,000, or 99.91%
of the $700&nbsp;million in 2023 Notes, exercised their right to exchange their 2023 Notes into the
notional value of an amount of common stock of Nabors. Accordingly, such holders will be
receiving, or have already received, cash representing the aggregate principal amount of their 2023
Notes plus a total of approximately 5.25&nbsp;million shares of
common stock of Nabors with a fair value of approximately
$249.2&nbsp;million, representing the premium in the
notional exchange which NII elected to satisfy with common shares of Nabors in accordance with the
applicable indenture. The premium due was computed in accordance with the indentures utilizing the
five or ten day volume weighted average price as applicable of common stock of Nabors beginning on
the second trading day following receipt of the holder&#146;s exchange notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The
aggregate value of this premium for both issues equates to
an effective annual interest rate of 6.28% over the five year term
for the $700&nbsp;million in principal amount of the 2023 Notes. To
mitigate the dilutive impact of the share delivery to the Note
holders, Nabors repurchased through an affiliate approximately 3.5&nbsp;million shares of its common stock
in the open market during May and early June 2008. The average price
of these repurchases was approximately $41.68 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Nabors companies own and actively market a fleet of approximately 537 land drilling and
approximately 747 land workover and well-servicing rigs in North America. Nabors&#146; actively marketed
offshore fleet consists of approximately 36 platform rigs, 12 jack-up units and 4 barge rigs in the
United States and multiple international markets. 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 also
holds interest in various oil and gas properties, both in North America and internationally.
Nabors participates in most of the significant oil, gas and geothermal markets in the world.&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information above 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 Nabors from time to time in its filings with the
Securities and Exchange Commission. As a result of these factors, Nabors&#146; actual results may
differ materially from those indicated or implied by such forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information, please contact Dennis A. Smith, Director of Corporate Development of
Nabors Corporate Services, Inc. at 281-775-8038. To request Investor Materials, call our corporate
headquarters in Hamilton, Bermuda at 441-292-1510 or via email at <U>mark.andrews@nabors.com</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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