Document:

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                                                                     EXHIBIT 4.7

                            NABORS INDUSTRIES, INC.,

                                     Issuer

                                       and

                             NABORS INDUSTRIES LTD.,

                                    Guarantor

                                       To

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,

                                     Trustee

                              --------------------

                          Supplemental Indenture No. 2

                            Dated as of June 21, 2002

                              --------------------

                              6.80% Notes due 2004

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                  SUPPLEMENTAL INDENTURE NO. 2, dated as of June 21, 2002,
between NABORS INDUSTRIES, INC., a corporation duly organized and existing under
the laws of the State of Delaware (herein called the "Company"), NABORS
INDUSTRIES LTD., an exempted company duly organized and existing under the laws
of the Islands of Bermuda (herein called the "Guarantor"), and WELLS FARGO BANK
MINNESOTA, NATIONAL ASSOCIATION, a national banking association organized under
the laws of the United States of America, as Trustee (herein called the
"Trustee") (this "Supplemental Indenture").

                             RECITALS OF THE COMPANY

                  WHEREAS, the Company has heretofore executed and delivered to
the Trustee an Indenture dated as of March 1, 1999, as supplemented by
Supplemental Indenture No. 1, dated as of March 1, 1999 (as so supplemented,
herein called the "Indenture");

                  WHEREAS, the Company is party to an Agreement and Plan of
Merger, dated as of January 2, 2002, by and among the Company, the Guarantor,
Nabors US Holdings Inc., a corporation duly organized and existing under the
laws of the State of Delaware (herein called "US Holdings") and Nabors
Acquisition Corp. VIII, a corporation duly organized and existing under the laws
of the State of Delaware (herein called "NAC8") (such agreement is herein called
the "Merger Agreement");

                  WHEREAS, US Holdings assigned all of its right, title and
interest, in, to and under the Merger Agreement to Nabors International Finance
Ltd., an exempted company duly organized and existing under the laws of the
Islands of Bermuda, and NAC8 assigned all of its right, title and interest, in,
to and under the Merger Agreement to Nabors Acquisition Corp. IX, a corporation
duly organized and existing under the laws of the State of Delaware (herein
called "NAC9");

                  WHEREAS, pursuant to the terms and conditions of the Merger
Agreement, NAC9 will merge with and into the Company, with the Company being the
surviving corporation (herein called the "Merger" and the date on which the
Merger becomes effective by filing a Certificate of Merger with the Secretary of
State of the State of Delaware is herein called the "Merger Date");

                  WHEREAS, as a result of the Merger the Company will be an
indirect, wholly owned subsidiary of the Guarantor;

                  WHEREAS, the Guarantor desires to issue a guarantee to the
Holders of the Notes as provided in this Supplemental Indenture;

<PAGE>

                  WHEREAS, Section 901 provides that the Company may enter into
one or more supplemental indentures without the written consent of any Holders,
when authorized by a Board Resolution and in form satisfactory to the Trustee to
add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities or to surrender any right or power conferred upon the
Company;

                  WHEREAS, the respective Board of Directors of the Company and
of the Guarantor (or a duly authorized committee thereof) has duly adopted
resolutions authorizing the Company and the Guarantor, respectively, to execute
and deliver this Supplemental Indenture; and

                  WHEREAS, all the conditions and requirements necessary to make
this Supplemental Indenture, when duly executed and delivered, a valid and
binding agreement in accordance with its terms for the purposes herein
expressed, have been performed and fulfilled.

             NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

                  For and in consideration of the premises provided for herein
by the Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows:

                                   ARTICLE ONE

                              RELATION TO INDENTURE

         SECTION 1.1 RELATION TO INDENTURE.

         This Supplemental Indenture constitutes an integral part of the
Indenture.

         SECTION 1.2 DEFINITIONS.

         For all purposes of this Supplemental Indenture, except as expressly
provided for or unless the context otherwise requires:

                  (1) Capitalized terms used but not defined in this
Supplemental Indenture shall have the respective meanings assigned to them in
the Indenture; and

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                  (2) All references in this Supplemental Indenture to Articles
and Sections, unless otherwise specified, refer to the corresponding Articles
and Sections of this Supplemental Indenture.

                  "Guarantor" means Nabors Industries Ltd., an exempted company
duly organized and existing under the laws of the Islands of Bermuda.

                  "Guarantee" means any of the unconditional and unsubordinated
guarantees by the Guarantor of the due and punctual payment of principal of, and
premium, if any, and interest, if any, on the Notes and all other obligations of
the Company pursuant to this Indenture when and as the same shall become due and
payable, whether at stated maturity, by acceleration, call for redemption, upon
a repurchase date or otherwise in accordance with the terms of the Notes and
this Indenture.

         SECTION 1.3 AMENDMENT OF DEFINITIONS IN THE INDENTURE.

         The following definitions in the Indenture are hereby amended by
deleting such definitions in their entirety and substituting in place thereof
the following:

                  "Board of Directors" means either (i) the board of directors
         of the Company or the Guarantor, as applicable, the executive committee
         of such board of directors or any other duly authorized committee of
         directors and/or officers appointed by such board of directors or
         executive committee, or (ii) one or more duly authorized officers of
         the Company or the Guarantor, as applicable, to whom the board of
         directors of the Company or the Guarantor, as applicable, or a
         committee thereof has delegated the authority to act with respect to
         the matters contemplated by this Indenture.

                  "Board Resolution" means (i) a copy of a resolution certified
         by the Corporate Secretary or an Assistant Corporate Secretary of the
         Company or the Guarantor, as applicable, to have been duly adopted by
         the board of directors of the Company or a committee thereof and to be
         in full force and effect on the date of such certification or (ii) a
         certificate signed by the duly authorized officer or officers of the
         Company or the Guarantor, as applicable, to whom the board of directors
         of the Company or the Guarantor, as applicable, or a duly authorized
         committee thereof has delegated its authority (as described in the
         definition of Board of Directors), and in each case, delivered to the
         Trustee.

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                  "Officer's Certificate" means a certificate signed by (i) any
         two of the following individuals: the Chairman, a Vice Chairman, the
         President or a Vice President, or (ii) by one of the foregoing
         individuals and by any other Vice President, the Treasurer, an
         Assistant Treasurer, the Controller, an Assistant Controller, the
         Corporate Secretary or an Assistant Corporate Secretary of the Company
         or the Guarantor, as applicable, or any other individual authorized by
         the Board of Directors of the Company or the Guarantor, as applicable,
         for such purpose (as specified in a Board Resolution of the Company or
         the Guarantor, as applicable), and delivered to the Trustee. One of the
         officers signing an Officers' Certificate given pursuant to Section
         1004 shall be the principal executive, financial or accounting officer
         of the Company or the Guarantor, as applicable.

                  "Opinion of Counsel" means a written opinion of counsel, who
         may be an employee of or counsel to the Company or the Guarantor, as
         applicable, or who may be other counsel reasonably satisfactory to the
         Trustee.

                                   ARTICLE TWO

                              REPORTS BY GUARANTOR

         SECTION 2.1 REPORTS. Section 704 of the Indenture is hereby amended by
deleting it in its entirety and substituting in place thereof the following:

                  Section 704. Reports by the Company and the Guarantor. Each of
                  the Company and the Guarantor shall file with the Trustee and
                  the Commission, and transmit to Holders, such information,
                  documents and other reports, and such summaries thereof, as
                  may be required pursuant to the Trust Indenture Act at the
                  times and in the manner provided pursuant to such Act. Any
                  information, documents or reports required to be filed by each
                  of the Company and the Guarantor with the Commission pursuant
                  to Section 13 or 15(d) of the Exchange Act shall be filed with
                  the Trustee within 15 days after the same is so required to be
                  filed with the Commission.

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                                  ARTICLE THREE

                            CERTIFICATE OF COMPLIANCE

         SECTION 3.1 STATEMENT BY OFFICERS AS TO COMPLIANCE. Section 1004 of the
Indenture is hereby amended by deleting it in its entirety and substituting in
place thereof the following:

                  Section 1004. Statement by Officers as to Compliance. The
                  Company and the Guarantor will each deliver to the Trustee
                  within 120 days after the end of each fiscal year of the
                  Company and the Guarantor ending after the date hereof, a
                  certificate signed by the Company's or the Guarantor's, as
                  applicable, principal executive officer, principal financial
                  officer or principal accounting officer stating to the best
                  knowledge of the signer thereof whether or not the Company or
                  the Guarantor, as applicable, has complied during such
                  immediately preceding fiscal year with and is in compliance
                  with all terms, conditions and covenants of this Indenture
                  (without regard to any period of grace or requirement of
                  notice provided hereunder) and if the signer has obtained any
                  knowledge of any continuing default by the Company or the
                  Guarantor, as applicable, in the performance, observation or
                  fulfillment of any such term, condition or covenant,
                  specifying each such default and the nature thereof.

                                  ARTICLE FOUR

                                    GUARANTEE

         SECTION 4.1 GUARANTEE. The Indenture is hereby amended by adding a new
Article Sixteen as follows:

                  Section 1601. Guarantee. The Guarantor hereby irrevocably and
         unconditionally Guarantees to each Holder of a Note authenticated and
         delivered by the Trustee that: (i) the principal of, premium, if any,
         and interest, if any, on the Notes will be promptly paid in full when
         due, whether at maturity, by acceleration, redemption or otherwise, and
         interest on the overdue principal of and interest, if any, and premium,
         if any, on the Notes, if any, to the extent lawful, and all other
         obligations of the Company to the Holders or the Trustee under this
         Indenture and the Notes will be promptly paid in full, all in
         accordance with the terms of this Indenture and the Notes; and (ii) in
         case of any extension of time of payment or renewal of any Notes or any
         of such other obligations, that the Notes will be promptly paid in full
         when due in accordance with the terms of such extension or renewal,
         whether at stated maturity, by acceleration or otherwise.

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                  The Guarantor hereby further agrees that its obligations under
         this Indenture and the Notes shall be unconditional, regardless of the
         validity, legality or enforceability of this Indenture or the Notes,
         the absence of any action to enforce this Indenture or the Notes, any
         waiver or consent by any Holder with respect to any provisions of this
         Indenture or the Notes, any modification or amendment of, or supplement
         of, this Indenture or the Notes. The Guarantor hereby waives diligence,
         presentment, demand of payment, filing of claims with a court in the
         event of insolvency or bankruptcy of the Company, any right to require
         a proceeding first against the Company, protest, notice and all demands
         whatsoever and covenants that its Guarantee will not be discharged
         except by complete performance by the Company of its obligations under
         the Indenture.

                  Upon making any payment with respect to the Company hereunder,
         the Guarantor shall be subrogated to the rights of the payee against
         the Company with respect to such payment; provided that the Guarantor
         shall not enforce any payment by way of subrogation or contribution
         until all obligations of the Company under this Indenture have been
         paid in full.

                  Section 1602. Release of Guarantee. Notwithstanding anything
         in this Article Sixteen to the contrary, concurrently with the payment
         in full of (i) the principal of, premium, if any, and interest, if any,
         on the Notes; and (ii) all other obligations of the Company under this
         Indenture, the Guarantor shall be released from and relieved of its
         obligations under this Article Sixteen. Upon the delivery by the
         Company to the Trustee of an Officers' Certificate and an Opinion of
         Counsel to the effect that the transaction giving rise to the release
         of this Guarantee was made by the Company in accordance with the
         provisions of this Indenture and the Notes, the Trustee shall execute
         any documents reasonably required in order to evidence the release of
         the Guarantor from its obligations under this Guarantee. If any of the
         obligations to pay the principal of, premium, if any, and interest, if
         any, on the Notes and all other obligations of the Company are revived
         and reinstated after the termination of this Guarantee, then all of the
         obligations of the Guarantor under this Guarantee shall be revived and
         reinstated as if this Guarantee had not been terminated until such time
         as the principal of, premium, if any, and interest, if any, on the
         Notes and all other obligations of the Company under the Indenture are
         paid in full, and the Guarantor shall enter into an amendment to this
         Guarantee, reasonably satisfactory to the Trustee, evidencing such
         revival and reinstatement.

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                                  ARTICLE FIVE

                            MISCELLANEOUS PROVISIONS

         SECTION 5.1 RATIFICATION OF INDENTURE.

         Except as expressly modified or amended hereby, the Indenture continues
in full force and effect and is in all respects confirmed and preserved.

         SECTION 5.2 EFFECTIVENESS.

         This Supplemental Indenture No. 2 shall be effective as of the date
first written above, provided, however, that the provisions contained in
Articles One, Two, Three and Four hereof shall become effective as of the Merger
Date. In the event that the Merger Agreement is terminated in accordance with
its terms, this Supplemental Indenture shall automatically become null and void
and the Company and the Trustee shall continue to comply with the Indenture. On
or promptly following the Merger Date, the Company shall furnish to the Trustee
an Officer's Certificate certifying that the Merger has occurred and that
Articles One, Two, Three and Four hereof have become effective.

         SECTION 5.3 GOVERNING LAW.

         THIS SUPPLEMENTAL INDENTURE AND THE NOTE GUARANTEE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. This Supplemental Indenture is
subject to the provisions of the Trust Indenture Act and shall, to the extent
applicable, be governed by such provisions.

         SECTION 5.4 COUNTERPARTS.

         This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original, but all such counterparts
shall together constitute but one and the same instrument.

         SECTION 5.5 CERTAIN RIGHTS OF TRUSTEE.

         Except as otherwise provided herein, no duties, responsibilities or
liabilities are assumed, or shall be construed to be assumed, by the Trustee by
reason of this

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Supplemental Indenture. This Supplemental Indenture is executed and accepted by
the Trustee subject to all the terms and conditions set forth in the Indenture
with the same force and effect as if those terms and conditions were repeated at
length herein and made applicable to the Trustee with respect hereto.

         SECTION 5.6 TRUSTEE NOT RESPONSIBLE FOR RECITALS.

         The Trustee shall not be responsible in any manner for or in respect of
the validity or sufficiency of this Supplemental Indenture, or for or in respect
of the recitals contained herein, all of which recitals are made by the Company
and the Guarantor.

                            [SIGNATURE PAGE FOLLOWS]

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         IN WITNESS WHEREOF, the parties hereto have cause this Supplemental
Indenture No. 2 to be duly executed as of the first day and year first written
above.

                              NABORS INDUSTRIES, INC.

                              By:  /s/ Anthony G. Petrello
                                     Anthony G. Petrello
                                     President and Chief Operating Officer

                              NABORS INDUSTRIES LTD.

                              By:  /s/ Bruce P. Koch
                                     Bruce P. Koch
                                     Vice President - Finance

                              WELLS FARGO BANK MINNESOTA,
                              NATIONAL ASSOCIATION,
                              Trustee

                              By:  /s/ Michael T. Lechner
                                     Name: Michael T. Lechner
                                     Title: Assistant Vice President

                                       9<PAGE>
                                                                    EXHIBIT 10.1

                     FIRST AMENDMENT TO AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

         This Amendment, dated as of June 24, 2002, by and among Nabors
Industries, Inc. ("Nabors Delaware"), Nabors Industries Ltd. ("Nabors Bermuda")
and Eugene M. Isenberg (the "Executive" and, collectively with Nabors Delaware
and Nabors Bermuda, the "Parties").

         WHEREAS, Nabors Delaware and the Executive have entered into an
Employment Agreement last amended effective as of October 1, 1996 (the
"Employment Agreement");

         WHEREAS, Nabors Delaware, Nabors Bermuda, Nabors US Holding Inc. and
Nabors Acquisition Corp. VII have entered into an Agreement and Plan of Merger
dated as of January 2, 2002 (the "Merger Agreement"), pursuant to which Nabors
Delaware will become an indirect wholly-owned subsidiary of Nabors Bermuda (the
"Inversion");

         WHEREAS, the Employment Agreement makes certain provisions in respect
of a "Change in Control" of Nabors Delaware (as defined in the Employment
Agreement);

         WHEREAS, because of the risk that the definition of "Change in Control"
in the Employment Agreement could be read to include the Inversion;

         WHEREAS, pursuant to Section 25 of the Employment Agreement, Nabors
Delaware and the Executive may amend the Employment Agreement by writing signed
by the Executive and an authorized officer of Nabors Delaware, and either Nabors
Delaware or the Executive may waive any condition or provision contained in the
Employment Agreement by writing signed by the Executive or an authorized officer
of Nabors Delaware, as the case may be;

         WHEREAS, the Parties wish to provide that the Inversion shall not be
treated as a "Change in Control" within the meaning of the Employment Agreement;
and

         WHEREAS, the Parties wish to provide that, effective as of the
consummation of the Inversion, Nabors Delaware shall continue to employ the
Executive on the terms and subject to the conditions of the Employment
Agreement, as amended in accordance herewith, and to provide that Nabors Bermuda
shall become a party to the Employment Agreement for the purpose of facilitating
and further ensuring the performance of the obligations of Nabors Delaware under
the Employment Agreement as amended in accordance herewith.

         NOW, THEREFORE, in consideration of the foregoing, subject to the
consummation of the Inversion, the Employment Agreement is amended by adding a
new Section 34 immediately following Section 33 thereof to read in its entirety
as follows, effective as of the consummation of the Inversion:

                  "34. Reincorporation in Bermuda.

                  (a) Background. On January 2, 2002, Nabors Industries, Inc.
         (for purposes of this Section 34, "Nabors Delaware"), Nabors Industries
         Ltd. ("Nabors Bermuda"), Nabors US Holding Inc. and Nabors Acquisition
         Corp. VII entered into an Agreement and Plan

<PAGE>

         of Merger (the "Merger Agreement"), pursuant to which Nabors Delaware
         will become an indirect wholly-owned subsidiary of Nabors Bermuda (the
         "Inversion"). The purpose of this Section 34 is to provide special
         rules that shall apply under this Agreement upon and after the
         consummation of the Inversion. No provision in this Section 34 shall
         become effective unless and until the Inversion is consummated.

                  (b) Change in Control. Neither the Inversion nor any of the
         other transactions contemplated by the Merger Agreement shall be
         treated as a Change in Control for purposes of this Agreement. Upon and
         after the Inversion, whether a Change in Control has occurred will be
         determined by reference to Nabors Bermuda and not Nabors Delaware.

                  (c) References to the Company. Except as otherwise provided
         below in this subsection (c) or as manifestly required under the terms
         of the Agreement in light of the nature and purposes of the Inversion,
         upon and after the Inversion, references in the Agreement to the
         "Company" shall continue to refer to Nabors Delaware (and its
         successors and assigns permitted under the Agreement):

                           (i) References to a "Party" or the "Parties" shall
                  mean each of the Executive, Nabors Bermuda and Nabors
                  Delaware, and references to "both Parties" or "either Party"
                  and the like shall be deemed a reference to any of the
                  Executive, Nabors Bermuda and Nabors Delaware.

                           (ii) The term "Board" as defined in Section 1(f)
                  shall continue to mean the Board of Directors of Nabors
                  Delaware, except that the term shall mean the Board of
                  Directors of Nabors Bermuda for purposes of determining
                  whether there has been a "Change in Control" as defined in
                  Section 1(i) and for such other purposes described in this
                  subsection (c).

                           (iii) The term "Company" shall mean Nabors Bermuda
                  for purposes of determining whether a Change in Control has
                  occurred as defined in Section 1(i), and for purposes of
                  Section 1(i)(vi), the term "Effective Date of this Agreement"
                  shall mean the date on which the Inversion occurs.

                           (iv) For purposes of determining whether there has
                  been a "Constructive Termination Without Cause" of the
                  Executive's employment as described in Section 1(l), the
                  following special rules shall apply:

                                    (A) For purposes of Sections 1(l)(iii),
                           1(l)(vi) and 1(l)(viii), "Company" shall be deemed to
                           refer to both Nabors Delaware and Nabors Bermuda.

                                    (B) Section 1(l)(vii) shall be read as
                           follows: "any act or failure to act by the Board of
                           Directors of Nabors Bermuda or Nabors Delaware which
                           would cause Executive (A) not to be reelected or to
                           be removed from the position of Chief Executive
                           Officer of either Nabors Bermuda or Nabors Delaware
                           or position of the Chairman of the Board of Directors
                           of

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                           either Nabors Bermuda or Nabors Delaware, or (B) not
                           to be elected or reelected as a director by the
                           shareholders of Nabors Bermuda at any meeting held
                           for that purpose or by written ballot of shareholders
                           of Nabors Bermuda."

                           (v) The term "Company" shall mean Nabors Bermuda for
                  purposes of the definitions of "Stock" and "Trading Day" in
                  Sections 1(n) and 1(r), respectively.

                           (vi) For purposes of Section 3(a), "Company" shall be
                  deemed to refer to both Nabors Delaware and Nabors Bermuda,
                  and "Board of Directors" shall refer to the Board of Directors
                  of both Nabors Bermuda and Nabors Delaware. Notwithstanding
                  the foregoing, the Executive shall report exclusively to the
                  Board of Directors of Nabors Bermuda and not to the Board of
                  Directors of Nabors Delaware.

                           (vii) For purposes of Section 4, the reference to the
                  "Board" shall be a reference to the Board of Directors of
                  Nabors Bermuda.

                           (viii) The reference in Section 9(d)(v) to "Company
                  aircraft" shall be a reference to any aircraft of both Nabors
                  Bermuda and Nabors Delaware.

                           (ix) The reference in Sections 9(d)(vii) and 12(a)(v)
                  to the Chairman of the Compensation Committee shall be a
                  reference to the Chairman of the Compensation Committee of the
                  Board of Directors of Nabors Bermuda.

                           (x) For purposes of Section 13, "Company" shall be
                  deemed to refer to both Nabors Delaware and Nabors Bermuda.

                           (xi) For purposes of Sections 14 through 19, the
                  Executive shall be deemed to act in a Corporate Status when
                  acting as a director, officer or fiduciary of Nabors Bermuda,
                  and the term "Enterprise" shall be deemed to include Nabors
                  Bermuda.

                           (xii) The provisions of Section 14(d) shall apply to
                  any Proceeding brought by or in the right of either Nabors
                  Delaware or Nabors Bermuda.

                  (d) Miscellaneous.

                           (i) This Agreement, including this Section 34, shall
                  be binding upon and inure to the benefit of the successors and
                  assigns of Nabors Bermuda. No rights or obligations of Nabors
                  Bermuda under this Agreement may be assigned or transferred
                  except that such rights or obligations may be assigned or
                  transferred pursuant to a merger or consolidation in which
                  Nabors Bermuda is not the continuing entity, or the sale or
                  liquidation of all or substantially all of the assets of
                  Nabors Bermuda, provided that the assignee or transferee is
                  the successor to all or substantially all of the assets of
                  Nabors Bermuda and such assignee or transferee

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<PAGE>

                  assumes the liabilities, obligations and duties of Nabors
                  Bermuda, as contained in this Agreement, by written contract.
                  Nabors Bermuda further agrees that, in the event of a sale of
                  assets or liquidation as described in the preceding sentence,
                  it shall take whatever action it legally can in order to cause
                  such assignee or transferee to expressly assume the
                  liabilities, obligations and duties of Nabors Bermuda
                  hereunder.

                           (ii) Notwithstanding the provisions of Section 25, no
                  provision in this Agreement may be amended unless such
                  amendment is agreed to in writing and signed by the Executive
                  and an authorized officer of each of Nabors Delaware and
                  Nabors Bermuda. Any waiver of any provision of this Agreement
                  must be in writing and signed by the Executive, an authorized
                  officer of Nabors Delaware, or an authorized officer of Nabors
                  Bermuda, as the case may be.

                           (iii) Nabors Bermuda agrees to take, and agrees to
                  cause Nabors Delaware to take, any and all actions required of
                  either Nabors Bermuda or Nabors Delaware to carry out the
                  provisions of this Agreement, including this Section 34."

The Parties further agree that this Amendment may be executed in several
counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.

            [The remainder of this page is intentionally left blank]

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         IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.

                        NABORS INDUSTRIES, INC.

                        By:      /s/ Anthony G. Petrello
                                 --------------------------------------------
                                 Anthony G. Petrello
                                 President & Chief Operating Officer

                        NABORS INDUSTRIES LTD.

                        By:      /s/ Daniel McLachlin
                                 --------------------------------------------
                                 Daniel McLachlin
                                 Vice President

                        EUGENE M. ISENBERG

                        /s/ Eugene M. Isenberg
                        -----------------------------------------------------

                                       5

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