EXHIBIT 99.1


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[NABORS INDUSTRIES LOGO]                                            NEWS RELEASE

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                NABORS INDUSTRIES COMPLETES REINCORPORATION AS A
                                 BERMUDA COMPANY

HOUSTON, JUNE 24, 2002 - Nabors Industries, Inc. (AMEX: NBR), today announced
that the Company's reincorporation in Bermuda has been completed and trading of
the new Bermuda company, Nabors Industries Ltd., will begin as of the opening of
trading on the American Stock Exchange on Wednesday, June 26, 2002. Upon
effectiveness of the reincorporation, all shares of Nabors Industries, Inc.
outstanding common stock were automatically converted into the right to receive
a share of Nabors Industries Ltd. and all current stockholders of Nabors
Industries, Inc. have become shareholders of Nabors Industries Ltd. Nabors
shares will continue to trade on the American Stock Exchange under the symbol
"NBR."

Nabors' Chairman and Chief Executive Officer Eugene Isenberg said, "We are
delighted that we have been able to complete this very important step for the
Company. We are confident our reorganization will help Nabors continue to grow
and compete abroad, leading to enhanced value for all of our stakeholders."

Nabors' transfer agent will mail stockholders a letter of transmittal and
instructions for the exchange of their current stock certificates into shares of
the Bermuda company.

The Nabors companies own and operate over 530 land drilling and 933 land
workover and well-servicing rigs worldwide. Offshore, Nabors operates 44
platform, 15 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.

A registration statement for Nabors Industries Ltd., including the proxy
statement/prospectus, and a supplement thereto, have been filed with the
Securities and Exchange Commission and are available for free at the SEC's
website, www.sec.gov and at Nabors Industries, Inc.'s website, www.nabors.com.
These documents contain important information that investors should consider.
Investors should read these documents carefully.



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' actual results may
differ materially from those indicated or implied by such forward-looking
statements.


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Nabors Industries, Ltd. stock is listed on the American Stock Exchange
(NBR).  For further information, please contact Dennis A. Smith, Director of
Corporate Development, Nabors Corporate Services, Inc. at (281) 775-8038; to
request Investor Materials, call Angela Ridgell at (281) 775-8063.