SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

NEMIROW ARNOLD M

(Last)

(First)

(Middle)

55 EAST CAMPERDOWN WAY

POST OFFICE BOX 1028

(Street)

GREENVILLE

29602-1028

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BOWATER INC [ BOW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Dir., Chairman, Pres. & CEO

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/17/2004		M		45,000	A	$27.2656	92,510⁽¹⁾	D
Common Stock	05/17/2004		S		1,300	D	$40.21	91,210⁽¹⁾	D
Common Stock	05/17/2004		S		1,000	D	$40.22	90,210⁽¹⁾	D
Common Stock	05/17/2004		S		900	D	$40.23	89,310⁽¹⁾	D
Common Stock	05/17/2004		S		2,800	D	$40.24	86,510⁽¹⁾	D
Common Stock	05/17/2004		S		27,300	D	$40.25	59,210⁽¹⁾	D
Common Stock	05/17/2004		S		100	D	$40.26	59,110⁽¹⁾	D
Common Stock	05/17/2004		S		300	D	$40.33	58,810⁽¹⁾	D
Common Stock	05/17/2004		S		600	D	$40.38	58,210⁽¹⁾	D
Common Stock	05/17/2004		S		800	D	$40.39	57,410⁽¹⁾	D
Common Stock	05/17/2004		S		1,800	D	$40.4	55,610⁽¹⁾	D
Common Stock	05/17/2004		S		1,600	D	$40.48	54,010⁽¹⁾	D
Common Stock	05/17/2004		S		5,000	D	$40.49	49,010⁽¹⁾	D
Common Stock	05/17/2004		S		300	D	$40.51	48,710⁽¹⁾	D
Common Stock	05/17/2004		S		1,200	D	$40.52	47,510⁽¹⁾	D
Common Stock								1,279.2535⁽²⁾	I	401 (k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$27.2656	05/17/2004		M			45,000	09/08/1995	09/08/2004	Common Stock	45,000	$27.2656	0	D
Stock Option (right to buy)	$34.875							01/17/1997	01/17/2006	Common Stock	50,000		50,000	D
Stock Option (right to buy)	$40.74							01/28/2004	01/28/2013	Common Stock	100,000		100,000	D
Stock Option (right to buy)	$41.0313							01/26/2000	01/26/2009	Common Stock	100,000		100,000	D
Stock Option (right to buy)	$41.875							01/22/1998	01/22/2007	Common Stock	50,000		50,000	D
Stock Option (right to buy)	$45.02							01/27/2005	01/27/2014	Common Stock	100,000		100,000	D
Stock Option (right to buy)	$47.025							01/29/2003	01/29/2012	Common Stock	100,000		100,000	D
Stock Option (right to buy)	$48							01/25/2001	01/25/2010	Common Stock	100,000		100,000	D
Stock Option (right to buy)	$48.9688							01/27/1999	01/27/2008	Common Stock	50,000		50,000	D
Stock Option (right to buy)	$51.93							01/30/2002	01/30/2011	Common Stock	100,000		100,000	D
Phantom Stock Units	$0							⁽³⁾	⁽³⁾	Common Stock	4,796.0675		4,796.0675	D
Stock Appreciation Right	$39.78							02/22/2000	02/22/2009	Common Stock	1,000		1,000	D
Stock Appreciation Right	$54.84							05/10/2001	05/10/2010	Common Stock	117,000		117,000	D

Explanation of Responses:

1. Shares included in column 5 include 8,510 shares of Restricted Stock granted on January 3, 2003 under the Company's 2002 Stock Option Plan.

2. Shares included in column 5 that represent an increase from the last report filed by the reporting person and are not otherwise accounted for by a transaction on this form were allocated under the Company's Salaried Employees Savings Plan as of the plan statement dated 12/31/2003. Additional securities may have accrued to the reporting person's account since that date. The account is subject to revisions in order to comply with requirements respecting nondiscrimination standards and limitations on contributions under the Internal Revenue code of 1986, as amended.

3. These phantom stock units were allocated under the Company's Compensatory Benefit Plan (the "Plan") and will be settled (on a 1-for-1 basis) upon the reporting person's retirement, death, disability, or other termination of employment. Units included in column 9 that represent an increase from the last report filed by the reporting person and are not otherwise accounted for by a transaction on this form were allocated under the Plan as of January 2, 2004. Additional securities may have accrued to the reporting person's account since that date. The account is subject to revision in order to comply with requirements respecting nondiscrimination standards and limitations on contributions under the Internal Revenue Code of 1986, as amended.

	William A. McCormick, Attorney-in-Fact	05/18/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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