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) JANUARY 26, 2005


                             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 January 26, 2005, the Company issued a press release announcing that
James C. Flores is being appointed to its Board of Directors. Mr. Flores became
a Class III Director of the Company on January 25, 2005 and the Company expects
that he will be elected as a member of its Compensation and Governance and
Nominating Committees at the next regularly scheduled Board meeting. There is no
arrangement or understanding between Mr. Flores and any other person pursuant to
which he was selected as a director. During 2004, the Company provided drilling
and logistical services to Plains Exploration & Production Company ("Plains").
The drilling and logistical services were provided by the Company to Plains at
prevailing market rates. Amounts received for such services from Plains
represented approximately 0.38% of the Company's consolidated operating
revenues. Amounts received for such revenues represented approximately 1.7% of
Plains' gross revenues. A copy of the Company's press release announcing Mr.
Flores'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 January 26, 2005



                                    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:  January 31, 2005                     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
                      January 26, 2005.

EX-99.1

                                                                    EXHIBIT 99.1


(NABORS INDUSTRIES LOGO)                                            NEWS RELEASE


                          NABORS ANNOUNCES NEW DIRECTOR

BRIDGETOWN, BARBADOS, JANUARY 26, 2005, Nabors Industries Ltd. today announced
that James C. Flores is being appointed to its board of directors. Mr. Flores,
who is 45 years old, is currently Chairman, President and Chief Executive
Officer of Plains Exploration & Production (NYSE: PXP), an independent oil and
gas company with operations both onshore and offshore principally in Texas,
Louisiana and California. Previously, Mr. Flores was Chairman of Plains
Resources, Inc. (formerly NYSE: PLX) and Co-founder and Chairman and CEO at
various times of Ocean Energy, Inc., (formerly NYSE: OEI).

Gene Isenberg, Nabors' Chairman and CEO commented on Mr. Flores's appointment:
"I am very pleased that Jim has agreed to join our Board of Directors. Jim is an
outstanding industry leader and has a demonstrated track record of creating
shareholder value. We expect him to bring valuable perspective to our Company's
business strategies with his extensive experience in the core business of our
customers and his experience as an entrepreneur and Chief Executive of a public
company."

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.