8-K

                                  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): August 16, 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.)

c/o The Corporate Secretary Ltd.
White Park House
Whitepark Road
Bridgetown, Barbados
(Address of Principal Executive Offices)                          N/A
                                                              (Zip Code)

       Registrant's telephone number, including area code (246) 228-1590



                                       N/A
          (Former name or former address, if changed since last report)






ITEM 5.  OTHER EVENTS.

         On August 16, 2002, Nabors Industries, Inc., an indirect, wholly owned
subsidiary of the registrant, issued a press release announcing the private
placement of $500 million of Senior Unsecured Notes. A copy of the press release
is filed as an exhibit to this report and is incorporated in this report by
reference.

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

         (c) Exhibits


         Exhibit No.                      Description
         -----------                      -----------
           99.1             Press Release of Nabors Industries, Inc. dated
                            August 16, 2002

              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: August 16, 2002                  By: /s/ Anthony G. Petrello
                                           -----------------------------------
                                           Anthony G. Petrello
                                           President & Chief
                                           Operating Officer






                                  EXHIBIT INDEX



         Exhibit No.                      Description
         -----------                      -----------
           99.1             Press Release of Nabors Industries, Inc. dated
                            August 16, 2002

EX-99.1

                                  EXHIBIT 99.1
- --------------------------------------------------------------------------------
                            [NABORS INDUSTRIES LOGO]
                                  NEWS RELEASE
- --------------------------------------------------------------------------------


              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.

================================================================================

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.