DEFA14A

                                  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 23, 2006

                             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.)

                      MINTFLOWER PLACE
                    8 PAR-LA-VILLE ROAD
                       HAMILTON, HM08
                          BERMUDA                                 N/A
          (Address of principal executive offices)            (Zip Code)

                                 (441) 292-1510
              (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)

[X] 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 8.01 OTHER EVENTS.

         Attached hereto as Exhibit 99.1 is a copy of the press release dated
January 23, 2006 issued by Nabors Industries Ltd.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d)  Exhibits

Exhibit No.  Description
- -----------  -----------
99.1         Press Release issued by Nabors Industries Ltd. on January 23, 2006.


                                    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 23, 2006                     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 23,
                  2006.

EX-99.1

                                                                    EXHIBIT 99.1


- --------------------------------------------------------------------------------
[NABORS INDUSTRIES LTD. LOGO]                                       NEWS RELEASE
- --------------------------------------------------------------------------------

         NABORS SPECIAL STOCKHOLDER MEETING SCHEDULED FOR MARCH 30, 2006

HAMILTON, Bermuda, January 23, 2006 (BUSINESS WIRE) -- Nabors Industries Ltd.
(NYSE:NBR) today confirmed that its previously announced Special Meeting of
Shareholders will be held on Thursday, March 30, 2006 to approve the proposal to
amend the company's Amended and Restated Bye-Laws to increase the authorized
share capital of the company by the creation of additional common shares. The
additional shares will accommodate the previously announced two-for-one stock
split (to be effected in the form of a stock dividend), which was approved
previously by the company's board of directors, subject to stockholder approval
of the increase in the number of authorized shares.

The company's board of directors has fixed the close of business on Monday,
February 20, 2006, as the record date for determining stockholders entitled to
vote at the Special Meeting. A proxy statement with additional details will be
mailed to stockholders shortly. Subject to stockholder approval, the company
anticipates that the stock dividend will be distributed on Friday, April 14,
2006 to stockholders of record on Friday, March 31, 2006. Whole shares will be
issued and any partial shares will be paid in cash in lieu of shares.

The Nabors companies own and operate almost 600 land drilling and approximately
875 land workover and well-servicing rigs worldwide. Offshore, Nabors operates
43 platform rigs, 19 jack-up units and three barge rigs in the United States and
multiple international markets. Nabors markets 28 marine transportation and
supply 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.

IMPORTANT INFORMATION

In connection with the upcoming Special Meeting, the company will file a
definitive proxy statement and related materials with the Securities and
Exchange Commission. THE COMPANY URGES INVESTORS AND SECURITY HOLDERS TO READ
THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. You may obtain a
copy of the company's definitive proxy statement, when it becomes available, any
amendments or supplements to the proxy statement and other relevant documents
free of charge at www.sec.gov. You may also obtain a free copy of the company's
definitive proxy statement and other relevant documents by calling the company's
corporate headquarters in Hamilton, Bermuda at 441-292-1510 or at www.nabors.com
under the tab "Investor Information" and then under the heading "SEC Filings."

FORWARD LOOKING STATEMENTS

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 Hamilton, Bermuda
at 441-292-1510 or via email at dan.mclachlin@nabors.com.

SOURCE: Nabors Industries Ltd.

Nabors Corporate Services, Inc.
DENNIS A. SMITH, 281-775-8038