Filed pursuant to Rule 424(b)(3)
Registration No. 333-91296
Registration No. 333-59884
Zero Coupon Convertible Senior Debentures due 2021
CUSIP No. 629568 AE 6
NABORS INDUSTRIES, INC. NABORS INDUSTRIES LTD.
PROSPECTUS SUPPLEMENT NO. 1 DATED JULY 22, 2002
TO PROSPECTUS DATED JULY 2, 2002
The selling securityholders table on pages 10 through 13 of the
prospectus is amended by this supplement no. 1 to add the following entities as
selling securityholders:
SELLING SECURITYHOLDER ZERO COUPON CONVERTIBLE DEBENTURES DUE 2021 SHARES OF COMMON STOCK
---------------------- -------------------------------------------- ----------------------------------------
AMOUNT AMOUNT % DEBENTURES NUMBER OF NUMBER OF NUMBER OF
HELD OFFERED OUTSTANDING SHARES HELD SHARES SHARES HELD
BEFORE FOR BEFORE BEFORE OFFERED FOR AFTER
OFFERING(1) SALE OFFERING OFFERING SALE1(1)(2) OFFERING(1)
----------- -------- ------------- ------------ ------------ ------------
Deutsche Bank AG London $20,000,000 $20,000,000 1.45% 141,490 141,490 0
Hartford Life Insurance Company(3) $68,000,000 $42,000,000 4.92% 605,818 297,129 308,689
---------------
(1) Assumes all debentures or common stock issuable upon their conversion or
repurchase are sold in the offering. Under such assumption, the amount of
debentures to be owned by the holder of debentures after the completion of
the offering is zero.
(2) Assumes conversion of the full amount of debentures by each holder at the
conversion rate of 7.0745 shares of common stock per $1,000 principal
amount of debentures at maturity. In accordance with the Indenture, no
fractional shares will be issued upon conversion.
(3) Hartford Life Insurance Company also owns $26,000,000, or 1.88%, in the
securities that were previously registered and that are not being offered
for sale in this supplement. The Hartford Life Insurance Company also own
$10,000,000 principal amount of Nabors zero coupon convertible debentures
due 2020 (convertible into common shares of Nabors Industries Ltd. at the
conversion rate of 10.738 common shares per $1000 principal amount of
debentures at maturity) and 17,372 common shares of Nabors Industries Ltd.
The Number of Shares Held Before the Offering assumes full conversion of
each series of debentures held by the Hartford Life Insurance Company in
accordance with the applicable referenced conversion rates.