EXHIBIT 99.1


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[NABORS INDUSTRIES LTD. LOGO]                                       NEWS RELEASE
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         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