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) APRIL 27, 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 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

         On April 27, 2005, the Company issued a press release announcing its
results of operations for the three month period ending March 31, 2005. A copy
of that release is furnished herewith as Exhibit 99.1 in accordance with General
Instruction B.6 to Form 8-K.

         The press release furnished as an exhibit to this report 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 the Company from time to
time in its filings with the Securities and Exchange Commission. As a result of
these factors, the Company's actual results may differ materially from those
indicated or implied by such forward-looking statements.

         The Company also presented in the press release its adjusted income
(loss) derived from operating activities for all periods presented in the
release, which is a "non-GAAP" financial measure under Regulation G. The
components of adjusted income (loss) derived from operating activities are
computed by using amounts which are determined in accordance with accounting
principles generally accepted in the United States of America (GAAP). Adjusted
income (loss) derived from operating activities is computed by subtracting
direct costs, general and administrative expenses, depreciation and
amortization, and depletion expense from Operating revenues and then adding
Earnings from unconsolidated affiliates. As part of our press release
information we have provided a reconciliation of adjusted income (loss) derived
from operating activities to income before income taxes, which is its nearest
comparable GAAP financial measure.

          The Company included its adjusted income (loss) derived from operating
activities in the release because management evaluates the performance of our
business units and the consolidated company based on several criteria, including
adjusted income (loss) derived from operating activities, and because it
believes this financial measure is an accurate reflection of the ongoing
profitability of our Company.


ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(c)  Exhibits

Exhibit No.      Description
-----------      -----------

99.1             Press Release issued by Nabors Industries Ltd. on April 27,
                 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:  April 28, 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 April 27,
                 2005.