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