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) February 7, 2006

NABORS INDUSTRIES LTD.

(Exact name of registrant as specified in its charter)

Bermuda	000-49887	980363970
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer 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:

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

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

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

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

TABLE OF CONTENTS

	Item 8.01 Other Events.
	tem 9.01 Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
Press Release issued on February 7, 2006

Item 8.01 Other Events.

     Attached hereto as Exhibit 99.1 is a copy of the press release dated February 7, 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 February 7, 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: February 8, 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 February 7, 2006.

EX-99.1

EXHIBIT 99.1

Nabors Redeems 93% of its Outstanding Convertible Debt Due 2021

HAMILTON, Bermuda, February 7, 2006, Nabors Industries Ltd. (NYSE:NBR) today announced that its wholly owned subsidiary, Nabors Industries Inc., has redeemed 93% of its Zero Coupon Senior Convertible Debentures due 2021, CUSIP No. 629568AF3 (the “Debentures”). The Company redeemed $1.117 billion in principal amount of the Debentures at a redemption price of $688.89 per security for a total redemption price of $769.8 million. The Debentures are in book entry form and are being redeemed through the Depository Trust Company as clearing agent. Debentures having a principal amount equal to $82.8 million were not put to the Company and remain outstanding.

The Nabors companies own and operate almost 600 land drilling and approximately 780 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.

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.