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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting
Person*		 2. Date of Event Requiring Statement
(Month/Day/Year)		 3. I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)
  SYRON, RICHARD F.
(Last) (First) (Middle)		   3/1/2003
 		  
 
     
  C/O NABORS CORPORATE SERVICES
515 WEST GREENS ROAD
SUITE 1200
(Street)		 4. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s)
to Issuer (Check All Applicable)
    NABORS INDUSTRIES LTD. (NBR)
   x  Director o  10% Owner
      o  Officer (give title below)
    6. If Amendment, Date of Original
(Month/Day/Year)		   o  Other (specify below)
  HOUSTON, TX 77067
(City)         (State)         (Zip)		  
   
      7. Individual or Joint/Group Filing
(Check Applicable Line)
        x Form Filed by One Reporting Person
                o Form Filed by More than One Reporting Person
Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.
 
*   If the form is filed by more than one reporting person, see Instruction 5(b)(v).

 
Table I — Non-Derivative Securities Beneficially Owned
1. Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
  No securities owned          
           
           
           
           
           
           
           
           
           

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Table II — Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative
Security
(Instr. 4)		 2. Date Exercisable and
Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities
Underlying Derivative Security
(Instr. 4)		 4. Conversion or
Exercise Price
of Derivative
Security		 5. Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of
Indirect
Beneficial
Ownership
(Instr. 5)
      Date
Exer-
cisable		 Expi-
ration
Date		  
Title		 Amount
or
Number
of Shares		            
         
         
         
         
         
         
         
         
         
         

Explanation of Responses:

/s/ RICHARD F. SYRON   02-25-03
**Signature of Reporting Person		  
Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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