Filed Pursuant to Rule 424(b)(3)
Registration Nos. 333-136797
333-136797-01

Prospectus Supplement No. 5
(To Prospectus Dated August 21, 2006)

NABORS INDUSTRIES, INC.		NABORS INDUSTRIES LTD.

$2,750,000,000
0.94% SENIOR EXCHANGEABLE NOTES DUE 2011
GUARANTEED BY NABORS INDUSTRIES LTD.

COMMON SHARES, PAR VALUE U.S.$0.001 PER SHARE, OF NABORS INDUSTRIES LTD.
ISSUABLE UPON EXCHANGE OF THE NOTES

GUARANTEE OF NABORS INDUSTRIES LTD.

     This prospectus supplement, which supplements the prospectus filed by Nabors Industries, Inc. (the “Company”) and Nabors Industries Ltd. (“Nabors”) on August 21, 2006, as supplemented on September 7, 2006, September 22, 2006, October 9, 2006 and November 13, 2006 will be used by selling security holders to resell the notes and the common shares issuable upon the exchange of the notes. You should read this prospectus supplement in conjunction with the related prospectus, as previously supplemented, which is to be delivered by selling security holders to prospective purchasers along with this prospectus supplement.

     NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

     You should read and rely only on the information contained in the prospectus supplements and the related prospectus, together with those documents incorporated by reference, as described on page (iii) of the related prospectus under “Incorporation By Reference.” Neither the Company, Nabors nor any selling security holder has authorized any person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. The selling security holders are offering to sell, and are seeking offers to buy, the securities only in jurisdictions where offers and sales are permitted. Neither this prospectus supplement nor the related prospectus, as previously supplemented, constitutes an offer to sell, or a solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation. You should not assume that the information contained in this prospectus supplement or the related prospectus, as previously supplemented, is accurate as of any date other than the date on the front cover of the respective document.

Investing in the notes or Nabors’ common shares issuable upon exchange of the notes involves risks.
See “Risk Factors,” beginning on page 5 of the related prospectus.

The date of this prospectus is January 25, 2007.

     The information set forth in the following table modifies and supplements the information set forth in the table appearing under the heading “Selling Security Holders” in the related prospectus. The information is based on information provided to the Company and Nabors by or on behalf of the selling security holders on or prior to January 25, 2007 and has not been independently verified by the Company and Nabors. Since the date on which each selling security holder identified below provided this information, any of these selling security holders may have sold, transferred or otherwise disposed of all or a portion of its securities in transactions exempt from the registration requirements of the Securities Act or pursuant to the prospectus to which this prospectus supplement relates. The selling security holders may from time to time offer and sell pursuant to the prospectus or supplements thereto any or all of the securities. Because the selling security holders are not obligated to sell securities, the Company cannot estimate the amount of the notes or how many of Nabors’ common shares the selling security holders will hold upon consummation of any such sales. Information about other selling security holders, if any, will be provided in one or more prospectus supplements or post-effective amendments to the registration statement of which the prospectus is a part.

		0.94% Senior Exchangeable
		Notes Due 2011								Common Shares
		Principal Amount
		of Notes				Percentage				Nabors’ Common
		Beneficially				of Notes				Shares Owned				Number of				Number of
		Owned and				Outstanding				Prior to the				Shares Offered				Shares Held
Name		Offered Hereby(1)				Before Offering				Offering(1)(2)				for Sale(1)				After Offering
Alembic Ltd.		$	94,000				*				2,051				2,051				0
BMO Nesbitt Burns Inc. (3)		$	3,000,000				*				65,466				65,466				0
Captive Investors Fund		$	1,184,000				*				25,837				25,837				0
Family Service Life Insurance Company (4)		$	100,000				*				2,182				2,182				0
Guardian Life High Delta Convertibles (4)		$	2,000,000				*				43,644				43,644				0
Guardian Life Insurance Company (4)		$	8,500,000				*				185,487				185,487				0
Guardian Pension Trust (4)		$	700,000				*				15,275				15,275				0
Performa International Convertible Bond Fund		$	2,981,000				*				65,051				65,051				0
Swiss Re Financial Products Corporation (5).		$	42,500,000				1.55	%			1,774,456				927,439				847,017
Tricor Re Investment Fund		$	241,000				*				5,259				5,259				0