NABORS INDUSTRIES LTD — Director's Dealing 2012

Jan 24, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NABORS INDUSTRIES LTD (NBR)
CIK: 0001163739
Period of Report: 2012-01-20

Reporting Person: ISENBERG EUGENE M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-20	Common Stock	M	3800000	$13.525	Acquired	11382011	Direct
2012-01-20	Common Stock	F	3299527	$17.01	Disposed	8082484	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-20	Stock Options (Right to Buy)	$13.525	M	3800000	Disposed	2012-01-22	Common Stock (3800000)	Direct

Footnotes

F1: Reflects the exercise of a stock option expiring January 22, 2012 and surrender of the number of shares required to satisfy the exercise price and tax withholding obligations. The remaining shares were retained by the executive.

F2: Owned directly or indirectly through certain trusts, defined benefit plans and individual retirement accounts of which Mr. Isenberg is a grantor, trustee, or beneficiary.