Document:

EXHIBIT 10.03

                             STOCK OPTION AGREEMENT
                             NABORS INDUSTRIES LTD.

     This Stock Option Agreement ("Agreement") is made effective as of the
_______ day of February, 2005, between NABORS INDUSTRIES LTD., a
Bermuda company (the "Company"), and [Executive] ("Optionee").

                              W I T N E S S E T H:

     1. Grant of Option. The Company hereby grants to Optionee, subject to the
terms and conditions [of the Plan and as] herein set forth, the right and option
to purchase from the Company all or any part of an aggregate of _____ shares of
Common Stock, par value $.001 per share (the "Common Stock"), of the Company at
the purchase price of [closing price on date of award] per share, such option to
be exercisable as hereinafter provided.

     2. Terms and Conditions. The option evidenced hereby is subject to the
following terms and conditions:

     (a) Expiration Date. The option shall expire _____________.

     (b) Vesting of Options. The options shall vest _______________.

     (c) Manner of Exercise and Payment of Purchase Price Upon Exercise. Any
option not exercised on any applicable vesting date may be exercised thereafter
at any time, in whole or in part, before the relevant expiration date of the
option. Any exercise shall be accompanied by a written notice to the Company
specifying the number of shares as to which the option is being exercised. If
the Optionee so requests, shares of Common Stock purchased upon exercise of an
option may be issued in the name of the Optionee or another person. At the time
of any exercise, Optionee shall deliver to the Company, together with the notice
provided in paragraph (b) above, the full amount of the purchase price therefore
payable either by bank cashier's check or certified check payable to the order
of the Company or in Common Stock delivered by the Optionee valued at the
Closing Price of such Common Stock, or any combination of cash or Common Stock
in the sole discretion of the Optionee. The term "Closing Price" shall be the
last sale price regular way on the date of exercise of the option or, in the
case no sale takes place on such date, the average of the high bid and low asked
prices regular way, in either case on the principal national securities exchange
in which the Common Stock is listed or admitted to trading or, if the shares of

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Common Stock are not listed or admitted to trading on any such securities
exchange, the last sales price in the over-counter market as reported by NASDAQ
or such other system then in use. If the Common Stock is not traded such that
the Closing Price can be determined in accordance with the preceding sentence,
the Closing Price shall mean the fair market value of the Common Stock as of the
last day of the measuring period as determined by an independent investment
banker approved by the Company and the Optionee.

     (d) Exercise Upon Termination of Employment. Any option granted hereunder
may be exercised by the Optionee, his heirs, devisees, legatees or assigns at
any time before the relevant expiration date, whether or not Optionee ceases to
be an employee and whether or not such employment is terminated by voluntary
written resignation, by action of the Company for cause, without cause, or by
reason of death or disability, or termination for any other reason whatsoever,
with respect to all options as to which his right of exercise has vested as
provided for in paragraph (b) or as to which his right of exercise shall vest in
accordance with other provisions of this Agreement or otherwise. In the event of
a termination of employment for any reason, except by the Company for cause or
by voluntary resignation by Optionee, all unvested options granted under this
Agreement shall be immediately exercisable as of the date of his termination of
his employment without regard to the installment provision set forth in
paragraph (b) above. The term "for cause" shall have the same meaning as in
section 1(h) of the Optionee's Employment Agreement effective October 1, 1996.
Notwithstanding anything to the contrary in any plan, policy or other document,
Section 2(d) of this agreement shall exclusively govern the rights of exercise
with respect to options upon termination.

     (e) Transferability. This option may be transferred by the Optionee at any
time, with the consent of the Company, which shall not be unreasonably withheld;
provided however, Section 2(d) of this Agreement shall be applied based on the
Optionee and his status and not that of any assignee.

     (f) Adjustments. In the event of a reorganization, recapitalization, stock
split, stock dividend, Extraordinary Dividend (as defined below), combination of
shares, consolidation, merger (other than a merger or consolidation which does
not result in any reclassification, conversion, exchange or cancellation of
outstanding shares), any sale or transfer by the Company of all or substantially
all of its assets or any tender offer or exchange offer for or the acquisition,
directly or indirectly, by any person or group of all or a majority of the then
outstanding voting securities of the Company, rights offering, or any other
change in the corporate structure or rights with respect to any shares of the
Company, adjustments shall be made to the number or type of stock subject to

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this Agreement and, in order to prevent dilution or enlargement of the rights of
Optionee, to the number of Options, and the type and option price of stock
subject to outstanding Options or as provided below with respect to
Extraordinary Dividend. In the case of an Extraordinary Dividend, the Optionee
shall be entitled to have distributed to him upon the exercise of any portion of
the option an amount equal to the Extraordinary Dividend he would have received
had he exercised such portion of the option immediately prior to the declaration
of the Extraordinary Dividend. For this purpose, an "Extraordinary Dividend"
shall mean any dividend or dividends paid or declared in the twelve month period
immediately prior to the day after any such declaration in excess in the
aggregate of 7% of the average Closing Price of the Common Stock during such
period.

     (g) Withholding of Taxes. No stock may be granted or option may be
exercised unless the Optionee has paid, or has made provision, satisfactory to
the Committee for payment of, federal, state and local income taxes, or any
other taxes (other than stock transfer taxes) which the Company may be obligated
to collect as a result of the issue or transfer of shares of Stock upon exercise
of an option. The Optionee may elect that shares of Common Stock can be applied
towards the payment of withholding taxes.

     3. Treatment of Options as Non-Qualified Stock Options. The Company and
Optionee acknowledge that the stock options granted hereunder shall be treated
as non-qualified stock options for U.S. federal income tax purposes.

     4. Registration, Listing and Qualification of Shares of Stock.

     (a) Registration. The Company, within six months of the date any option
granted pursuant to this Agreement first becomes vested and exercisable, shall
register all the shares underlying the options on a Registration Statement on
Form S-8 ("S-8"). The Company shall also prepare and file a Form S-3 prospectus
with such S-8.

     (b) Listing. The Company, within six months of the date any option granted
pursuant to this Agreement first becomes vested and exercisable, shall list all
the shares underlying the options on the American Stock Exchange with an
Additional Listing Application.

     (c) Qualification. The Company may require Optionee to furnish to the
Company, prior to the issuance of any shares upon the exercise of all or any
part of this option, an agreement in which Optionee acknowledges the status of
the shares and the conditions and the restrictions, if any, upon their sale or
distribution under the applicable securities laws.

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     5. Notices. Any notice hereunder to the Company shall be addressed to it at
its office as follows: Attn: Corporate Secretary. Any notice hereunder to
Optionee shall be addressed to him at [home address]. Either party may designate
at any time hereafter in writing some other address.

     6. Binding Agreement. This Agreement constitutes the binding agreement of
the parties with respect to the grant of options specified herein to the
Optionee. Notwithstanding any discretionary authority possessed by the
Compensation Committee under the Plan or the Company to impose other terms or
conditions on the grant or exercise of options, no additional terms or condition
(other than those expressly stated in this Agreement) may be imposed by the
unilateral action of the Compensation Committee or the Company. This Agreement
may not be modified except by the mutual agreement of the parties in writing. In
the event of any overlap, inconsistency, contradiction or any other conflict
between this Agreement and any other agreement, option plan, policy or other
statement, this Agreement shall be controlling.

     7. No Termination or Amendment. No termination or amendment of the Plan by
the Company, without the consent of Optionee, shall adversely affect the rights
of Optionee with respect to any option granted under this Agreement.

     8. Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Delaware.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first written above.

                                     NABORS INDUSTRIES LTD.

                                     By:
                                        ----------------------------------------

                                        ----------------------------------------
                                                    [EXECUTIVE]EXHIBIT 10.04

                              FORM OF THE STANDARD
                             STOCK OPTION AGREEMENT
                             NABORS INDUSTRIES LTD.

     This Stock Option Agreement ("Agreement") that is effective the _______ day
of ___________, 200__ is between Nabors Industries, Inc. ("NII"), acting on
behalf of Nabors Industries Ltd. ("NIL") and at the request of a subsidiary of
the Company (the "Subsidiary"), and [NAME] ("Optionee"), an employee of
Subsidiary.

     WHEREAS, Subsidiary desires to provide a grant of stock options to Optionee
as an incentive to encourage stock ownership and to remain in the employ of
Subsidiary; and

     WHEREAS, it is agreed between the parties that the stock options shall be
governed exclusively by this Agreement and the [Plan].

     NOW, THEREFORE, the parties agree as follows:

     1. Grant of Options:

     (a) Number of Shares. NII at the request of Subsidiary hereby grants to
Optionee in accordance with the terms and conditions of the Plan, the right and
option to purchase from NIL all or any part of an aggregate of [NUMBER] common
shares, par value $.001 per share, of NIL (the "Options").

     (b) Exercise Price. The Options shall have an exercise price of $_____ per
share, such options to be exercisable as hereinafter provided.

     (c) Expiration Date. The Options shall expire on ____________________.

     (d) Vesting. The Optionee's rights with respect to the Options, subject to
the provisions of paragraph (2) below, shall vest ______________.

     2. Terms and Conditions. The Options are subject to the following terms and
conditions:

     (a) Effect of Termination of Employment. If an Optionee ceases to be an
employee, officer, director or consultant of the Subsidiary by reason of death
or permanent disability (as defined in Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended), or by a bona fide voluntary resignation by Optionee
(as determined in the sole discretion of the Committee) which provides at least
two (2) weeks notice of resignation (or longer period if required by other
written arrangement) any outstanding vested options on the date of termination
may be exercised after Optionee's date of termination by the Optionee (or the
Optionee's heirs, devisees, or legatees) no later than three months from the
date of termination. If an Optionee ceases to be an employee, officer, director
or consultant of the Subsidiary for any reason other than death or permanent
disability or bona fide voluntary resignation by Optionee (including termination
by Subsidiary whether with or without cause), any outstanding options whether
vested or unvested may not be exercised after the Optionee's date of termination
and shall be forfeited; provided, however, in its sole discretion the Committee
may extend the time to exercise any options that were vested on the date of
termination to a period ending three (3) months from the date of termination. In
all events, all options which are unvested on and as of the date of termination
shall be forfeited.

     (b) Wrongful Conduct. If the Board of Directors of NIL or any committee of
the Board of Directors, prior to or following the date an Optionee ceases for

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any reason whatsoever to be an employee, officer, director, or consultant of the
Subsidiary and after full consideration of the facts, find by majority vote that
Optionee has engaged in fraud, embezzlement, theft, commission of a felony,
dishonesty, or any other conduct inimical to NII, NIL or Subsidiary, Optionee
shall forfeit all unexercised options, whether or not vested. The decision of
the Board of Directors of NIL or such committee shall be final.

     (c) Solicitation of Employees/Competition. During the term of employment
and for a period of one (1) year following the termination of employment with
the Subsidiary, an Optionee, who has received $80,000 (eighty thousand) or more
in base salary and cash bonus in the aggregate from the Subsidiary or any
affiliate(s) of the Subsidiary during a one (1) year period preceding the date
of termination, agrees that he or she will not (i) individually or on behalf of
his or her employer or any other person or entity, directly or indirectly,
solicit, divert, or recruit any employee of NIL, NII, Subsidiary or affiliated
companies, or induce any employee of NIL, NII, Subsidiary or affiliated
companies, to terminate his or her employment, or (ii) directly or indirectly,
as an employee, principal, agent, trustee or otherwise, engage in any business
through a corporation, partnership or other entity that competes directly with
any business that is conducted by NIL, NII, Subsidiary or affiliated companies.
If the Board of Directors of NIL or any committee of the Board of Directors,
prior to or following the date an Optionee ceases, for any reason whatsoever, to
be an employee, officer, director, or consultant of the Subsidiary and after
full consideration of the facts, find by majority vote that Optionee has engaged
in any of the activities mentioned in (i) or (ii) above, Optionee shall forfeit
all unexercised options, whether or not vested. The decision of the Board of
Directors of NIL or any committee of the Board of Directors shall be final.

     (d) Continuance of Employment. Nothing in this Agreement shall confer on
any individual any right to continue in the employ of the Subsidiary or to
interfere in any way with the right of the Subsidiary to terminate the
Optionee's employment at any time.

     (e) Non-Qualified Options. The options shall be treated as non-qualified
stock options for U.S. federal income tax purposes.

     (f) Governing Terms. This Agreement is subject to, and the Subsidiary and
the Optionee agree to be bound by, all the terms and conditions of the Plan
under which this Option was granted, as the same may have been amended from time
to time in accordance with its terms. Pursuant to said Plan, the Board of
Directors of NIL or its Committee established for such purposes is vested with
conclusive authority to interpret and construe the Plan and this Agreement, and
is authorized to adopt rules and regulations for carrying out the Plan. A copy
of the Plan in its present form is available to inspection during business hours
by the Optionee or other persons entitled to exercise this Option at NII's
principal office.

     3. Notices. Any notice hereunder to NII shall be addressed to it at its
office as follows: Attn: Secretary. Any notice hereunder to Optionee shall be
addressed to Optionee at the address on file with the Subsidiary. Either party
may designate at any time hereafter in writing some other address.

     4. Acknowledgments. The Optionee agrees to be bound by the terms of this
Agreement and hereby acknowledges that all decisions, determinations and
interpretations of the Committee (as defined in the Plan) in respect of this
Agreement and the Plan shall be final, conclusive and binding on all Optionees
and their heirs, devisees, legal representatives, legatees or beneficiaries
distributees.

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     5. Stockholder's Rights. Neither the Optionee nor the Optionee's heirs,
devisees, legal representative, legatees or distributees, as the case may be,
shall have any of the rights or privileges of a stockholder of NIL by virtue of
the Option except with respect to any shares of Stock actually issued or
transferred of record and delivered to one of the aforementioned persons.

     6. Governing Law & Severability. The Plan and all rights and obligations
thereunder shall be construed in accordance with and governed by the laws of the
State of Delaware. If any provision of this Agreement should be held invalid,
the remainder of this Agreement shall be enforced to the greatest extent
permitted by applicable law, it being the intent of the parties that invalid or
unenforceable provisions are severable.

     7. Modifications. No modification or waiver of this Agreement or any part
hereof shall be valid or effective unless in writing and signed by the parties
hereto. Further, no waiver or breach of this Agreement shall be deemed to be a
waiver of any other subsequent breach or conditions, whether of a like or
different nature.

     8. Entire Agreement. This Agreement contains the entire agreement between
the parties with respect to the subject matter and supersedes any and all prior
understandings, agreements or correspondence between the parties.

     9. Dispute. Any dispute, controversy or claim arising out of, or relating
to, this Agreement or the breach, termination or invalidity thereof, shall be
settled by arbitration before three arbitrators in accordance with the rules of
the American Arbitration Association. The place of arbitration shall be at
Houston, Texas. Nothing herein shall preclude either party from seeking
injunctive relief or other provisional remedy in aid of arbitration or
arbitration panel in case of any such breach, without limiting any other relief
to which such party may be entitled at law or equity or under this Agreement by
the Subsidiary. The losing party shall bear all the costs of any proceeding
including reasonable attorney fees.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first written above.

                                                      NABORS INDUSTRIES, INC.

                                                      By:-----------------------

                                                      OPTIONEE

                                                      --------------------------
                                                      [NAME]

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