Filed pursuant to Rule 424(b)(3)
Registration No. 333-107806
Registration No. 333-107806-01
Zero Coupon Senior Exchangeable Notes Due 2023
CUSIP No. 629568 AJ 5
NABORS INDUSTRIES, INC.
NABORS INDUSTRIES LTD.
PROSPECTUS SUPPLEMENT NO. 1 DATED SEPTEMBER 23, 2003
TO PROSPECTUS DATED AUGUST 21, 2003
The selling securityholders table on pages 43-45 of the prospectus, is
amended by this supplement no. 1 to add the following entities as selling
securityholders:
<Table>
<Caption>
PRINCIPAL AMOUNT
AT MATURITY OF NOTES PERCENTAGE OF
SELLING SECURITYHOLDER BENEFICIALLY OWNED AND OFFERED OUTSTANDING NOTES
- ---------------------- ------------------------------ -----------------
Barclays Global Investors Diversified Alpha Plus Funds c/o
Forest Investment Management L.L.C.(1) (2) $ 556,000 *
Bear, Stearns & Co. Inc.(1) (3) $ 11,250,000 1.61%
Credit Suisse First Boston L.L.C.(3) $ 5,000,000 *
Forest Fulcrum Fund L.P.(1) (2) $ 1,890,000 *
Forest Global Convertible Fund, Ltd., Class A-5(1) (2) $ 6,225,000 *
Forest Multi-Strategy Master Fund SPC, on behalf of its
Multi-Strategy Segregated Portfolio(1) (2) $ 1,529,000 *
LLT Limited(2) $ 510,000 *
Lyxor/Forest Fund Limited c/o Forest Investment
Management L.L.C.(1) (2) $ 3,043,000 *
McMahan Securities Co. L.P.(3) $ 1,500,000 *
Relay 11 Holdings Co. c/o Forest Investment
Management L.L.C.(1) (2) $ 371,000 *
Sphinx Convertible Arbitrage SPC c/o Forest Investment
Management L.L.C.(1) (2) $ 201,000 *
UBS AG Cvt. Prop.(4) $ 5,000,000 *
UBS Securities L.L.C.(3) $ 4,400,000 *
Univest Convertible Arbitrage Fund Ltd. c/o Forest Investment
Management L.L.C.(1) (5) $ 294,000 *
Waterstone Market Neutral Fund, L.P.(6) $ 304,000 *
Waterstone Market Neutral Offshore Fund, Ltd.(6) $ 1,196,000 *
White River Securities L.L.C.(1) (7) $ 11,250,000 1.61%
Xavex Convertible Arbitrage 4 Fund c/o Forest Investment
Management L.L.C. (1) (2) $ 263,000 *
XAVEX - Convertible Arbitrage 7 Fund(1) (3) $ 1,782,000 *
Zurich Institutional Benchmarks Master Fund Ltd. c/o Forest
Investment Management L.L.C.(1) (2) $ 865,000 *
</Table>
- ------------
* Less than 1%.
(1) Includes amounts previously set forth in the selling securityholders
table included in the prospectus dated August 21, 2003.
(2) The securityholder has informed us that Michael A. Boyd has voting or
investment power over the respective notes.
(3) The securityholder has informed us that there is no natural person with
voting or investment power over the respective notes.
(4) The securityholder has informed us that Richard Simpson has voting or
investment power over the respective notes.
(5) The securityholder has informed us that Terri Engelman Rhoads has
voting or investment power over the respective notes.
(6) The securityholder has informed us that Shawn Bergerson, CEO of
Waterstone Captial Management, L.P. has voting or investment power over
the respective notes.
(7) The securityholder has informed us that David Liebowitz and Yan Erlikh
have voting or investment power over the respective notes.