Form 5

__  Check box if no longer subject to 
      Section 16. Form 4 or Form 5 obligations
      may continue. See Instruction 1(b).
__ Form 3 Holdings Reported
__ Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


ANNUAL STATEMENT OF CHANGES BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1.  Name and Address of Reporting Person*

Whitman, Martin  J.

2.  Issuer Name and Tickler or Trading Symbol

 Nabors Industries ("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)

 C/O Third Avenue Management LLC
622 Third Avenue, 32nd Floor

3.  I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)

 

4.  Statement for Month/Year

 12/2002

(Street)

New York,         NY                 10017

5.  If Amendment, Date of Original
   (Month/Year)

  N/A

7.  Individual or Joint/Group Reporting
            (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)

2A.  Deemed
       Execution
       Date, if any
  (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 the
    end of Issuer's
    Fiscal Year 
    (Instr. 3 and 4)

6.Ownership Form:
   Direct  (D) or
   Indirect (I)
    (Instr. 4)

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

Amount

(A) or (D)

Price
  Common Stock   1/14/02 1/14/02   G    23,333   D        
  Common Stock   1/15/02 1/15/02   G    78,004   D        
  Common Stock   1/16/02 1/16/02   G         953   D            47   D  
  Common Stock(1)   1/14/02 1/14/02   G    20,000   D           
  Common Stock(1)   1/15/02 1/15/02   G    69,942   D           
  Common Stock(1)   1/15/02 1/15/02   G   110,000   D           
  Common Stock(1)   1/16/02 1/16/02   G          47   D     132,819   D  
  Common Stock(2)   1/15/02 1/15/02   G         787   D            -0-   D  
  Common Stock(3)                    102,500          I  

* If the form is filed by more than one reporting person, see instruction 4(b)(v).

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.Trans-
   action
   Date
   (Month/
   Day/
   Year)

3A.  Deemed
Execution
Date, if any
(Month/Day/Year)

4.Trans-
   action
   Code
   (Instr. 8)

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

6.Date Exercisable
  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 Year
   (Instr. 4)

10.Ownership of
     Derivative
     Security: Direct
     (D) or Indirect (I)
     (Instr. 4)

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy) (4)

 27.05  

  1/22/02

  

  A

 30,000 

  

  1/22/03

  1/22/12

Common Stock  

30,000  

  

  30,000

  D

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Explanation of Responses: (1) The reporting person, who is President and CEO of the M.J. Whitman & Co. Inc.  (which prior to August 14, 1991, was a registered broker/dealer) that holds these securities for the benefit of third parties, disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 for any other purpose.

(2) These securities were owned by the wife (Mrs. Lois Whitman) of the reporting person.  The reporting person disclaim beneficial ownership of such securities for purposes of Section 16 or for any other purpose.  

(3)   The amount of securities listed for Mr. Whitman includes 102,500 shares which may be acquired pursuant to the exercise of vested options (30,000 options are not vested as of the date of this filing).

(4)  Options vest 100% and will be non forfeitable on the first anniversary on the date of grant, provided that Mr. Whitman is a director of the company on such date.

         /s/ Martin J. Whitman        
**Signature of Reporting Person

          03/11/2003         
Date

**

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, one of which must be manually signed.  If space provided is insufficient, see Instruction 6 for procedure.