6.FORM 4. 5.__ ~~Owner-~~Check ~~Securities~~this ~~Acquired~~box ~~(A)~~if orno ~~Amount~~longer ofsubject ~~ship~~to 3Section 16. ~~Disposed~~Form of4 ~~(D)~~or ~~Securities~~ Form: 75 obligations may continue. ~~Transaction~~See Instruction 1(~~Instr~~b). 3,(Print 4or ~~and~~Type 5Responses) ~~Beneficially~~UNITED ~~Direct~~STATES ~~Nature~~SECURITIES ofAND 2.EXCHANGE ~~Code~~COMMISSION ~~-------------------------------~~Washington, ~~Owned~~D.C. at20549 ~~End~~STATEMENT ~~(D)~~OF orCHANGES ~~Indirect~~IN 1.BENEFICIAL ~~Transaction~~OWNERSHIP ~~(Instr.~~Filed 8)pursuant to Section 16(Aa) of ~~Month~~the ~~Indirect~~Securities ~~Beneficial~~Exchange ~~Title~~Act of ~~Security~~1934, ~~Date~~Section ~~------------~~17(a) ~~Amount~~of orthe ~~Price~~Public ~~(Instr.~~Utility 3Holding ~~(I)~~Company ~~Ownership~~Act ~~(Instr.~~of 3)1935 or Section 30(~~mm/dd/yy~~f) ~~Code~~of Vthe ~~(D)~~Investment ~~and~~Company 4)Act ~~(Instr.4)~~of ~~(Instr.~~1940 4)OMB APPROVAL OMB Number: 3235-~~-----------------------------------------------------------------------------------------------------------------------------------~~0287 ~~Common~~Expires: ~~Stock~~December ~~06/14/01~~31, S2001 ~~500~~Estimated ~~46.32~~average ~~1,580,917~~burden Ihours ~~(1)~~per ~~------------------------------------------------------------------------------------------------------------------------------------~~response. ~~------------------------------------------------------------------------------------------------------------------------------------~~. ~~====================================================================================================================================~~. . 0.5

10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

1. Name and Address of Reporting Person* Whitman Martin Jacob	2. Issuer Name and Tickler or Trading Symbol Nabors Industries, Inc. (NBR)					6. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director ___ 10% Owner ___ Officer (give title below) ___Other (specify below) __________________________________
(Last) (First) (Middle) 767 Third Avenue, 5thFloor	3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)		4. Statement for Month/Year October 2001
(Street) New York, NY 10017			5. If Amendment, Date of Original (Month/Year)			7. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person ___ Form filed by More than One Reporting Person
(City) (State) (Zip)	Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price
Common Stock	10/31/01	G		8,500			652,145(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1.Title of
   Derivative
   Security
   (Instr.3)

2.Conversion or
Exercise Price of
Derivative Security

3.Transaction Date
(Month/Day/Year)

4.Transaction Code
(Instr. 8)

5.Number of Derivative
   Securities Acquired
   (A) or Disposed of (D)
   (Instr. 3, 4 and 5)

6.Date Exerciseable
and Expiration Date
(Month/Day/Year)

7.Title and Amount of
Underlying Securities
(Instr. 3 and 4)

8.Price of
   Derivative
   Security
   (Instr. 5)

9.Number of
   Derivative
   Securities
    Beneficially
    Owned at
    End of Month
    (Instr. 4)

10.Ownership
     Form of
     Derivative
     Securities
     Beneficially
     Owned at
     End of Month
     (Instr. 4)

11.Nature of
     Indirect
     Beneficial
     Ownership
     (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Explanation of Responses: (1) The amount of securities listed for Mr. Whitman include 75,000 shares which may be acquired pursuant to the exercise of vested options. The securities listed also include 474,808 shares of Nabors common stock owned by M.J. Whitman & Co., Inc., a corporation of which Mr. Whitman is the majority shareholder, and 110,837 shares of Nabors common stock owned by Mr. Whitman individually. Mr. Whitman disclaims beneficial ownership of any other securities of the issuer.
		**Signature of Reporting Person	Date

Reminder:	Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, on of which must be manually signed. If space is insufficient, see Instruction 6 for procedure

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