On April 1, 2009, Nabors Industries Ltd. (the "Company") and Nabors Corporate Services, Inc., a wholly owned subsidiary of the Company, entered into a Departure Agreement (the "Departure Agreement") with Bruce P. Koch, who was Vice President and Chief Financial Officer of the Company until February 28, 2009. Under the terms of the Departure Agreement, among other things, Mr. Koch will be paid a termination payment of $150,000.00. Mr. Koch agreed to release the Company from claims in connection with his employment and termination of employment from the Company. Mr. Koch also agreed to certain restrictive covenants, including a covenant not to hire, solicit or recruit any employee of the Company for a period of one year from the date of the Departure Agreement. A copy of the Departure Agreement is filed as an exhibit to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Document Description

99.1           Departure Agreement between Nabors Industries Ltd., Nabors Corporate
               Services, Inc. and Bruce P. Koch, executed April 1, 2009.