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) OCTOBER 28, 2004


                             NABORS INDUSTRIES LTD.
             (Exact name of registrant as specified in its charter)


                                                           
           BERMUDA                         000-49887                  980363970
(State or Other Jurisdiction of     (Commission File Number)      (I.R.S. Employer
 Incorporation or Organization)                                  Identification No.)




  2ND FL. INTERNATIONAL TRADING CENTRE
                 WARRENS
               PO BOX 905E
          ST. MICHAEL, BARBADOS                                       N/A
(Address of principal executive offices)                           (Zip Code)


                                 (246) 421-9471
              (Registrant's telephone number, including area code)


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

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


ITEM 5.02.  DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
            APPOINTMENT OF PRINCIPAL OFFICERS.

         On October 28, 2004, the Company issued a press release announcing that
it has appointed Alexander M. Knaster to its Board of Directors. Mr. Knaster
will serve as a Class I Director of the Company and a member of its Governance
and Nominating Committee. There is no arrangement or understanding between Mr.
Knaster and any other person pursuant to which he was selected as a director,
and there are no related party transactions between Mr. Knaster and the Company.
A copy of the Company's press release announcing Mr. Knaster's appointment is
attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

            (c)  Exhibits (numbered in accordance with Item 601 of Regulation
                 S-K).

                 EXHIBIT NO.     DOCUMENT DESCRIPTION
                 -----------     --------------------
                    99.1         Press release issued by the Company on October
                                 28, 2004


                                    SIGNATURE

         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:  October 29, 2004                     By: /s/ Daniel McLachlin
                                                --------------------------------
                                                Daniel McLachlin
                                                Vice President-Administration &
                                                Secretary


                                  EXHIBIT INDEX


Exhibit No.  Description
- -----------  -----------
   99.1      Press Release issued by Nabors Industries Ltd. on October 28, 2004.

EX-99.1

                                                                    EXHIBIT 99.1

(NABORS INDUSTRIES LTD. LOGO)                                       NEWS RELEASE


                          NABORS ANNOUNCES NEW DIRECTOR

BRIDGETOWN, BARBADOS, OCTOBER 28, 2004, Nabors Industries Ltd. today announced
that Alexander M. Knaster has been appointed to its board of directors.

Gene Isenberg, Nabors' Chairman and CEO commented on Mr. Knaster's appointment:
"I am very pleased that Alex has agreed to join our Board of Directors. Alex
brings a wealth of international energy experience and overall business acumen
to Nabors. He has also been familiar with Nabors for over a decade, having been
the Head of Brokerage and Research at Simmons and Co. International, where
Nabors was one of the first firms that they covered."

Currently Mr. Knaster serves as a director of TNK-BP and several subsidiaries of
Alfa Group Holding Company which is one of Russia's largest conglomerates with
interests in telecoms, banking, insurance and the Russian oil and gas producing
entity TNK-BP. Currently Mr. Knaster is launching a fund management company
which is expected to be operational by year's end and already has secured
commitments of over $2 billion from future investors including Alfa Group.

From 1998 until 2004 Mr. Knaster was Chief Executive Officer of Alfa Bank.
During 2002 and 2003 he also served as General Director of Sidanco, Russia's
seventh largest oil company. From 1995 to 1998 he served as President and CEO of
Credit Suisse First Boston (Moscow), responsible for the firm's operations in
Russia and the CIS. Mr. Knaster has 20 years experience in the banking industry
including several other major investment banks. Mr. Knaster started his career
as engineer with Schlumberger, Ltd. working on offshore oil and gas rigs in the
U.S. Gulf of Mexico.

Mr. Knaster holds a PhD in economics from the Russian Academy of Science, an MBA
from Harvard Business School and a BS in Electrical Engineering and Mathematics
from Carnegie-Mellon University. Mr. Knaster is also a Chartered Financial
Analyst and a member of International Society of Financial Analysts and National
Association of Petroleum Industry Analysts.

The Nabors companies own and operate almost 600 land drilling and approximately
900 land workover and well-servicing rigs worldwide. Offshore, Nabors operates
44 platform rigs, 19 jack-up units, and three barge rigs in the United States
and multiple international markets. Nabors markets 31 marine transportation and
support vessels, primarily in the U.S. 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.

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.

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 St. Michael, Barbados at
(246) 421-9471 or via email at dan.mclachlin@nabors.com