**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K/A**

**Amendment No. 1**

 

| **(Mark One)** |
|---------------------|
| ** **          | ** ** |
| **x**               | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF   THE SECURITIES EXCHANGE ACT OF 1934** |

 

**For the fiscal year ended December 31, 2017**

 

| **o** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR   15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-------|---------------------------------------------------------------------------------------------------------------|

 

**For the transition period from                         to**

 

**Commission File Number 001-32657**

 

**NABORS INDUSTRIES LTD.**

(Exact name of registrant as specified in its charter)

 

| **Bermuda**(State or Other Jurisdiction of   Incorporation or Organization)                                                 |   | **980363970**   (I.R.S. Employer   Identification No.) |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|
| ** **                                                                                                                  |   | ** **                                             |
| **Crown   House Second Floor   4 Par-la-Ville Road   Hamilton, HM08****Bermuda**   (Address of principal executive offices) |   | **N/A**   (Zip Code)                                   |

 

**(441) 292-1510**

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

| **Title   of each class**                  |   | **Name of   each exchange on which registered** |
|--------------------------------------------|--------|-------------------------------------------------|
| Common   shares, $.001 par value per share |   | New   York Stock Exchange                       |

 

Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: **None.**

 

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  YES x  NO o

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  YES o  NO x

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YES x  NO o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to file such reports).  YES x  NO o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

| Large Accelerated Filer x      |   | Accelerated Filer o              |
|-----------------------------------------------|--------|--------------------------------------------|
|                                          |   |                                       |
| Non-accelerated Filer o             |   | Smaller Reporting Company o |
| (Do not check if a smaller reporting company) |   | Emerging Growth Company o             |

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES o  NO x

 

The aggregate market value of the 189,149,782 common shares held by non-affiliates of the registrant outstanding as of the last business day of our most recently completed second fiscal quarter, June 30, 2017, based on the closing price of our common shares as of such date of $8.14 per share as reported on the New York Stock Exchange, was $1,539,679,225. Common shares held by each officer and director and by each person who owns 5% or more of the outstanding common shares have been excluded in that such persons may be deemed affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

 

The number of common shares outstanding as of February 22, 2018 was 315,538,146, excluding 52,800,203 common shares held by oursubsidiaries, or 368,338,349 in the aggregate.

 

**DOCUMENTS INCORPORATED BY REFERENCE**

 

Specified portions of the definitive Proxy

Statement to be distributed in connection with our 2018 Annual General Meeting of Shareholders (Part III).

 

 

 

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**NABORS INDUSTRIES LTD.**

**Form 10-K/A**

**For the Year Ended December 31, 2017**

**Explanatory Note**

 

This Amendment No.1 on Form 10-K/A (this “Amendment”) is being filed to amend our Annual Report on Form 10-K for the year ended December 31, 2017, originally filed with the Securities and Exchange Commission on March 1, 2018 (the “Original Filing”). We are filing this Amendment solely to revise the selected financial information included in Part II, Item 6.—Selected Financial Data for the operating data for the years ended December 31, 2014 and 2013 and balance sheet data as of December 31, 2015, 2014 and 2013 in the Original Filing. As required by Rule 12b-15 of the Securities and Exchange Act of 1934, as amended, the Company is also filing as exhibits to this Amendment the required certifications of the Company’s principal executive and principal financial officers.

 

Except as described above, this Amendment does not amend any information set forth in the Original Filing and we have not updated disclosures contained therein to reflect any events that occurred on a date subsequent to the date of the Original Filing.

 

**ITEM 6.  *SELECTED FINANCIAL DATA***

 

The following table summarizes selected financial information and should be read in conjunction with Part II, Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and related notes thereto included under Part II, Item 8.—Financial Statements and Supplementary Data.

 
| ** **                                                        | ** ** | **Three Months Ended December 31,**                                             | ** ** |
|-------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------|------------|
| **Operating Data (1)(2)**                               | ** ** | **2017**                                                                                            | ** ** | **2016** | ** ** | **2015** | ** ** | **2014** | ** ** | **2013** | ** ** |
| ** **                                                        | ** ** | **(In thousands, except per share amounts and ratio data)** | ** ** |
| Operating   revenues                                              |       | $                                                                                                   | 2,564,285  |   | $ | 2,227,839 |   | $ | 3,864,437 |   | $ | 6,804,197 |   | $ | 6,152,015 |   |
| Income (loss) from   continuing operations, net of tax            |       | (497,114                                                                                            | )          | (1,011,244 | ) | (329,497 | ) | (669,265 | ) | 158,341 |   |
| Income (loss)   from discontinued operations, net of tax          |       | (43,519                                                                                             | )          | (18,363 | ) | (42,797 | ) | 21 |   | (11,179 | ) |
| Net income (loss)                                                 |       | (540,633                                                                                            | )          | (1,029,607 | ) | (372,294 | ) | (669,244 | ) | 147,162 |   |
| Less: Net   (income) loss attributable to noncontrolling interest |       | (6,178                                                                                              | )          | (135 | ) | (381 | ) | (1,415 | ) | (7,180 | ) |
| Net income   (loss) attributable to Nabors                        |       | (546,811                                                                                            | )          | (1,029,742 | ) | (372,675 | ) | (670,659 | ) | 139,982 |   |
|                                                              |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Earnings   (losses) per share:                                    |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Basic from   continuing operations                                |       | $                                                                                                   | (1.75      | ) | $ | (3.58 | ) | $ | (1.14 | ) | $ | (2.28 | ) | $ | 0.51 |   |
| Basic from   discontinued operations                              |       | (0.15                                                                                               | )          | (0.06 | ) | (0.15 | ) | — |   | (0.04 | ) |
| Total Basic                                                       |       | $                                                                                                   | (1.90      | ) | $ | (3.64 | ) | $ | (1.29 | ) | $ | (2.28 | ) | $ | 0.47 |   |
|                                                              |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Diluted from   continuing operations                              |       | $                                                                                                   | (1.75      | ) | $ | (3.58 | ) | $ | (1.14 | ) | $ | (2.28 | ) | $ | 0.51 |   |
| Diluted from   discontinued operations                            |       | (0.15                                                                                               | )          | (0.06 | ) | (0.15 | ) | — |   | (0.04 | ) |
| Total Diluted                                                     |       | $                                                                                                   | (1.90      | ) | $ | (3.64 | ) | $ | (1.29 | ) | $ | (2.28 | ) | $ | 0.47 |   |
|                                                              |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Weighted-average   number of common shares outstanding:           |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Basic                                                             |       | 280,653                                                                                             |       | 276,475 |   | 282,982 |   | 290,694 |   | 294,182 |   |
| Diluted                                                           |       | 280,653                                                                                             |       | 276,475 |   | 282,982 |   | 290,694 |   | 296,592 |   |
|                                                              |       |                                                                                                |       |   |   |   |   |   |   |   |   |
| Capital   expenditures and acquisitions of businesses (3)         |       | $                                                                                                   | 600,909    |   | $ | 414,379 |   | $ | 923,236 |   | $ | 1,923,779 |   | $ | 1,365,994 |   |
| Interest   coverage ratio (4)                                     |       | 2.4:1                                                                                               |       | 3.4:1 |   | 6.2:1 |   | 9.8:1 |   | 7.4:1 |   |

 

----

 
| ** **                                          | ** ** | **As of December 31,**                     | ** ** |
|-----------------------------------------------------|------------|-----------------------------------------------------------|------------|
| **Balance Sheet Data (1)(2)**        | ** ** | **2017**                                                  | ** ** | **2016** | ** ** | **2015** | ** ** | **2014** | ** ** | **2013** | ** ** |
| ** **                                          | ** ** | **(In thousands, except ratio data)** | ** ** |
| Cash, cash   equivalents and short-term investments |       | $                                                         | 365,366    |   | $ | 295,202 |   | $ | 274,589 |   | $ | 536,169 |   | $ | 507,133 |   |
| Working capital                                     |       | 527,860                                                   |       | 333,905 |   | 469,398 |   | 1,174,399 |   | 1,442,406 |   |
| Property, plant   and equipment, net                |       | 6,109,565                                                 |       | 6,267,583 |   | 7,027,802 |   | 8,599,125 |   | 8,597,813 |   |
| Total assets                                        |       | 8,401,984                                                 |       | 8,187,015 |   | 9,537,840 |   | 11,862,923 |   | 12,137,749 |   |
| Long-term debt                                      |       | 4,027,766                                                 |       | 3,578,335 |   | 3,655,200 |   | 4,331,840 |   | 3,882,055 |   |
| Shareholders’   equity                         |       | 2,911,816                                                 |       | 3,247,025 |   | 4,282,710 |   | 4,908,619 |   | 5,969,086 |   |
| Debt to capital   ratio:                            |       |                                                      |       |   |   |   |   |   |   |   |   |
| Gross (5)                                           |       | 0.58:1                                                    |       | 0.52:1 |   | 0.46:1 |   | 0.47:1 |   | 0.39:1 |   |
| Net (6)                                             |       | 0.56:1                                                    |       | 0.50:1 |   | 0.44:1 |   | 0.43:1 |   | 0.36:1 |   |
|                                                     |            |                                                           |            |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

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(1)                                 All periods present the operating activities of most of our wholly owned oil and gas businesses, our previously held equity interests in oil and gas joint ventures in Canada and Colombia, aircraft logistics operations and construction services as discontinued operations.

 

(2)                                 Our acquisitions’ results of operations and financial position have been included beginning on the respective dates of acquisition and include RDS (September 2017), Tesco (December 2017), Nabors Arabia (May 2015), 2TD (October 2014), KVS (October 2013) and Navigate Energy Services, Inc. (January 2013). Following consummation of the merger of our Completion & Production Services business with C&J Energy (March 2015), we ceased consolidating that business’s results with our results of operations and began reporting our share of the earnings (losses) of CJES through earnings (losses) from unconsolidated affiliates in our consolidated statements of income (loss). As a result of the CJES Chapter 11 filing, we ceased accounting for our investment in CJES under the equity method of accounting beginning on July 20, 2016.

 

(3)                                 Represents capital expenditures and the total purchase price of acquisitions.

 

(4)                                 The interest coverage ratio is a trailing 12-month quotient of the sum of (x) operating revenues, direct costs, general and administrative expenses and research and engineering expenses *divided* by (y) interest expense. The interest coverage ratio is not a measure of operating performance or liquidity defined by generally accepted accounting principles in the United States of America (“U.S. GAAP”) and may not be comparable to similarly titled measures presented by other companies.

 

(5)                                 The gross debt to capital ratio is calculated by dividing total debt by total capitalization (total debt plus shareholders’ equity). The gross debt to capital ratio is not a measure of operating performance or liquidity defined by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies.

 

(6)                                 The net debt to capital ratio is calculated by dividing net debt by net capitalization. Net debt is defined as total debt minus the sum of cash and cash equivalents and short-term investments. Net capitalization is defined as net debt plus shareholders’ equity. The net debt to capital ratio is not a measure of operating performance or liquidity defined by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies.

 

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**ITEM 15.  *EXHIBITS, FINANCIAL STATEMENT SCHEDULES***

 

**(a)**                                 **The following documents are filed as part of this annual report:**

 

(1)                                 Financial Statements

 
|                                                                                                              |   | **Page No.** |
|-------------------------------------------------------------------------------------------------------------------|--------|-------------------|
| Consolidated Balance Sheets as of December 31,   2017 and 2016                                               |   | *                 |
| Consolidated Statement of Income (Loss) for the   Years Ended December 31, 2017, 2016 and 2015               |   | *                 |
| Consolidated Statement of Comprehensive Income   (Loss) for the Years Ended December 31, 2017, 2016 and 2015 |   | *                 |
| Consolidated Statement of Cash Flows for the Years   Ended December 31, 2017, 2016 and 2015                  |   | *                 |
| Consolidated Statement of Changes in Equity for the   Years Ended December 31, 2017, 2016 and 2015           |   | *                 |
| Notes to Consolidated Financial Statements                                                                        |   | *                 |

 

(2)                                 Financial Statement Schedule

 
|                                                                                                                  |   | **Page No.** |
|-----------------------------------------------------------------------------------------------------------------------|--------|-------------------|
| Schedule II—Valuation   and Qualifying Accounts for the Years Ended December 31, 2017, 2016 and   2015 |   | *                 |

 

All other supplemental schedules are omitted because of the absence of the conditions under which they would be required or because the required information is included in the financial statements or related notes.

 

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*                                         Previously filed as part of the Original Filing.

 

**(b)**                                 **Exhibit Index**

 
| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                                                                                   |
|----------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                  |       | Agreement   and Plan of Merger, dated as of June 25, 2014, by and among Nabors   Industries Ltd., Nabors Red Lion Limited and C&J Energy   Services, Inc. (incorporated by reference to Exhibit 10.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on July 1,   2014).                                         |
| 2.2                  |       | Separation   Agreement, dated as of June 25, 2014, by and between Nabors   Industries Ltd. and Nabors Red Lion Limited (incorporated by reference   to Exhibit 10.2 to our Form 8-K (File No. 001-32657) filed   with the SEC on July 1, 2014).                                                                                          |
| 2.3                  |       | Amendment   No. 1 to the Agreement and Plan of Merger, by and among Nabors   Industries Ltd., Nabors Red Lion Limited, C&J Energy   Services, Inc., Nabors Merger Co. and CJ Holding Co.   (incorporated by reference to Exhibit 10.2 of our Form 8-K (File   No. 001-32657) filed with the SEC on February 9, 2015). |
| 2.4                  |       | Amendment   No. 1 to the Separation Agreement, by and between Nabors   Industries Ltd. and Nabors Red Lion Limited (incorporated by reference   to Exhibit 10.1 of our Form 8-K (File No. 001-32657) filed   with the SEC on February 9, 2015).                                                                                          |

 

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| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.5                  |       | Arrangement   Agreement, dated August 13, 2017, by and among Nabors Industries Ltd.,   Nabors Maple Acquisition Ltd., and Tesco Corporation (incorporated by   reference to Exhibit 2.1 to our Form 8-K (File No. 001-32657)   filed with the SEC on August 16, 2017).                                                                                                                                                                                                                                                                                                 |
| 3.1                  |       | Memorandum   of Association of Nabors Industries Ltd. (incorporated by reference to   Annex II to the proxy statement/prospectus included in our Registration   Statement on Form S-4 (File No. 333-76198) filed with the SEC on   May 10, 2002, as amended).                                                                                                                                                                                                                                                                                                               |
| 3.2                  |       | Amended   and Restated Bye-laws of Nabors Industries Ltd. (incorporated by reference to   Exhibit 3.2 to our Form S-8 (File No. 333-212781) filed with   the SEC on July 29, 2016).                                                                                                                                                                                                                                                                                                                                                                                         |
| 4.1                  |       | Indenture,   dated February 20, 2008, among Nabors Industries, Inc., Nabors   Industries Ltd. and Wells Fargo Bank, N.A. (incorporated by reference to   Exhibit 4.2 to Nabors Industries Ltd.’s Current Report on Form 8-K   (File No. 001-32657) filed with the Commission on February 25, 2008).                                                                                                                                                                                                                                                               |
| 4.2                  |       | Indenture,   dated as of January 12, 2009, among Nabors Industries, Inc., Nabors   Industries Ltd. and Wells Fargo Bank, National Association, as trustee,   with respect to Nabors Industries, Inc.’s 9.25% Senior Notes due 2019   (including form of 9.25% Senior Note due 2019) (incorporated by reference to   Exhibit 4.2 to our Form 8-K (File No. 001-32657) filed with the SEC   on January 14, 2009).                                                                                                                                         |
| 4.3                  |       | Indenture,   dated as of September 14, 2010, among Nabors Industries, Inc.,   Nabors Industries Ltd., Wilmington Trust Company, as trustee, and   Citibank, N.A. as securities administrator, with respect to Nabors   Industries, Inc.’s 5.0% Senior Notes due 2020 (including form of 5.0%   Senior Note due 2020) (incorporated by reference to Exhibit 4.2 to our   Form 8-K (File No. 001-32657) filed with the SEC on   September 15, 2010).                                                                                                      |
| 4.4                  |       | Indenture,   dated as of August 23, 2011, among Nabors Industries, Inc., Nabors   Industries Ltd., Wilmington Trust, National Association, as trustee and   Citibank, N.A. as securities administrator, with respect to Nabors   Industries, Inc.’s 4.625% Senior Notes due 2021 (including form of 4.625%   Senior Note due 2021) (incorporated by reference to Exhibit 4.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on August 24,   2011).                                                                                           |
| 4.5                  |       | Indenture   related to the 2.35% Senior Notes due 2016 and 5.10% Senior Notes due 2023,   dated as of September 12, 2013, among Nabors Industries, Inc. as   Issuer, Nabors Industries Ltd. as Guarantor, Wilmington Trust, National   Association as Trustee and Citibank, N.A. as Securities Administrator   (including form of 2.35% Senior Note due 2016 and form of 5.10% Senior Note   due 2023) (incorporated by reference to Exhibit 4.1 to Nabors   Industries Ltd. Form 8-K (File No. 001-32657) filed with the   SEC on September 13, 2013). |
| 4.6                  |       | Indenture,   dated as of December 9, 2016 by and among Nabors Industries, Inc.,   as issuer, Nabors Industries Ltd., as guarantor, Citibank, N.A., as   securities administrator and Wilmington Trust, National Association, as   trustee with respect to Nabors Industries, Inc.’s 5.50% Senior Notes due   2023 (incorporated by reference to Exhibit 4.1 to our Form 8-K   (File No. 001-32657) filed with the SEC on December 9, 2016).                                                                                                                  |
| 4.7                  |       | Indenture,   dated as of January 13, 2017, by and among Nabors Industries, Inc.,   as issuer, Nabors Industries Ltd., as guarantor, Citibank, N.A., as   securities administrator and Wilmington Trust, National Association, as   trustee with respect to Nabors Industries, Inc.’s 0.75% Exchangeable   Senior Notes due 2024 (incorporated by reference to Exhibit 4.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on   January 13, 2017).                                                                                                  |
| 4.8                  |       | Indenture,   dated as of January 23, 2018, by and among Nabors Industries, Inc.,   Nabors Industries Ltd., as Guarantor, Citibank, N.A., as securities   administrator and Wilmington Trust National Association, as trustee with   respect to Nabors Industries, Inc.’s 5.75% Senior Notes due 2025   (incorporated by reference to Exhibit 4.1 to our Form 8-K (File   No. 001-32657) filed with the SEC on January 23, 2018).                                                                                                                             |

 

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| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|----------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.9                  |       | Registration   Rights Agreement relating to the 5.75% Senior Notes due 2025, dated as of   January 23, 2018, by and among Nabors Industries, Inc. and the   certain holders identified therein (incorporated by reference to   Exhibit 4.2 to Nabors Industries Ltd.’s Form 8-K (file No. 001-32657)   filed with the Commission on January 23, 2018).                                                                                                           |
| 10.1                 |       | Shareholders’   Agreement, dated October 31, 2016, between Saudi Aramco Development Company   and Nabors International Netherlands B.V. (incorporated by reference to   Exhibit 10.20 to our Form 10-K (File No. 001-32657) filed with   the SEC on February 28, 2017).                                                                                                                                                                                               |
| 10.2                 |       | Purchase   Agreement, dated January 16, 2018, among Nabors Industries, Inc.,   Nabors Industries Ltd. and Goldman Sachs & Co. LLC, Citigroup Global   Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co.   LLC and Wells Fargo Securities, LLC as Initial Purchasers (incorporated by   reference to Exhibit 10.1 to Nabors Industries Ltd.’s Form 8-K   (File No. 001-32657) filed with the Commission on January 17,   2018). |
| 10.3                 |       | Call   Option Transaction Confirmation, dated as of January 9, 2017, between   Nabors Industries Ltd., Nabors Industries, Inc. and Citigroup Global Markets   Inc. (incorporated by reference to Exhibit 10.2 to our Form 8-K   (File No. 001-32657) filed with the SEC on January 11, 2017).                                                                                                                                                                              |
| 10.4                 |       | Call   Option Transaction Confirmation, dated as of January 9, 2017, between Nabors   Industries Ltd., Nabors Industries, Inc. and Goldman, Sachs & Co.   (incorporated by reference to Exhibit 10.3 to our Form 8-K (File   No. 001-32657) filed with the SEC on January 11, 2017).                                                                                                                                                                                   |
| 10.5                 |       | Additional   Call Option Transaction Confirmation, dated as of January 10, 2017,   between Nabors Industries Ltd., Nabors Industries, Inc. and Citigroup   Global Markets Inc. (incorporated by reference to Exhibit 10.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on   January 13, 2017).                                                                                                                                                           |
| 10.6                 |       | Additional   Call Option Transaction Confirmation, dated as of January 10, 2017,   between Nabors Industries Ltd., Nabors Industries, Inc. and Goldman,   Sachs & Co. (incorporated by reference to Exhibit 10.2 to our   Form 8-K (File No. 001-32657) filed with the SEC on January 13,   2017).                                                                                                                                                           |
| 10.7(+)              |       | Executive   Employment Agreement by and among Nabors Industries Ltd., Nabors   Industries, Inc. and Anthony G. Petrello, effective as of   January 1, 2013 (incorporated by reference to Exhibit 99.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on March 11,   2013).                                                                                                                                                                            |
| 10.7(a)(+)           |       | First   Amendment to Executive Employment Agreement, dated December 19, 2014,   among Nabors Industries Ltd., Nabors Industries, Inc. and Anthony   G. Petrello (incorporated by reference to Exhibit 99.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on December 19,   2014).                                                                                                                                                                    |
| 10.7(b)(+)           |       | Second   Amendment to Executive Employment Agreement, dated as of June 5, 2015,   among Nabors Industries Ltd., Nabors Industries, Inc. and Anthony   G. Petrello (incorporated by reference to Exhibit 99.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on June 8, 2015).                                                                                                                                                                              |
| 10.7(c)(+)           |       | Third   Amendment to Executive Employment Agreement, dated as of December 31,   2015, among Nabors Industries Ltd., Nabors Industries, Inc. and Anthony   G. Petrello (incorporated by reference to Exhibit 99.1 to our   Form 8-K (File No. 001-32657) filed with the SEC on January 5,   2016).                                                                                                                                                                     |
| 10.7(d)(+)           |       | Fourth   Amendment to Executive Employment Agreement, dated June 10, 2016, among   Nabors Industries Ltd., Nabors Industries, Inc. and Anthony G. Petrello   (incorporated by reference to Exhibit 99.1 to our Form 8-K (File   No. 001-32657) filed with the SEC on June 13, 2016).                                                                                                                                                                                       |
| 10.8(+)              |       | Executive   Employment Agreement, by and among Nabors Industries Ltd., Nabors   Industries, Inc. and William Restrepo, effective as of March 31,   2014 (incorporated by reference to Exhibit 10.1 to our Form 8-K   (File No. 001-32657) filed with the SEC on March 4, 2014).                                                                                                                                                                                       |
| 10.8(a)(+)           |       | First   Amendment to Executive Employment Agreement, dated December 19, 2014,   among Nabors Industries Ltd., Nabors Industries, Inc. and William   Restrepo (incorporated by reference to Exhibit 99.2 to our Form 8-K   (File No. 001-32657) filed with the SEC on December 19, 2014).                                                                                                                                                                              |

 

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| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                                       |
|----------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8(b)(+)           |       | Second   Amendment to Executive Employment Agreement, dated as of June 5, 2015,   among Nabors Industries Ltd., Nabors Industries, Inc. and William   Restrepo (incorporated by reference to Exhibit 99.2 to our Form 8-K   (File No. 001-32657) filed with the SEC on June 8, 2015).        |
| 10.8(c)(+)           |       | Third   Amendment to Executive Employment Agreement, dated as of December 31,   2015, among Nabors Industries Ltd., Nabors Industries, Inc. and William   Restrepo (incorporated by reference to Exhibit 99.2 to our Form 8-K   (File No. 001-32657) filed with the SEC on January 5, 2016). |
| 10.8(d)(+)           |       | Fourth   Amendment to Executive Employment Agreement, dated June 10, 2016, among   Nabors Industries Ltd., Nabors Industries, Inc. and William Restrepo   (incorporated by reference to Exhibit 99.2 to our Form 8-K (File   No. 001-32657) filed with the SEC on June 13, 2016).            |
| 10.9(+)              |       | Form of   Indemnification Agreement entered into between Nabors Industries Ltd.   and the directors and executive officers (incorporated by reference to Exhibit 10.28   to our Form 10-K (File No. 000-49887) filed with the SEC on March 31,   2003).                                      |
| 10.10(+)             |       | Nabors   Industries Ltd. 2016 Stock Plan (incorporated by reference to   Exhibit 99.1 to our Form S-8 (File No. 333-212781) filed with the   SEC on July 29, 2016).                                                                                                                                    |
| 10.10(a)(+)          |       | Form of   Stock Option Agreement — Others, pursuant to the 2016 Stock Plan (incorporated   by reference to Exhibit 10.1(b) to our Form 10-Q (File   No. 001-32657) filed with the SEC on April 28, 2017).                                                                                    |
| 10.10(b)(+)          |       | Form of   Restricted Stock Agreement — Others, pursuant to the 2016 Stock Plan (incorporated   by reference to Exhibit 10.1(c) to our Form 10-Q (File   No. 001-32657) filed with the SEC on April 28, 2017).                                                                           |
| 10.10(c)(+)          |       | Form of   Nabors Industries Ltd. TSR Stock Grant Agreement — Anthony G. Petrello,   pursuant to the 2016 Stock Plan (incorporated by reference to Exhibit 10.1(d) to   our Form 10-Q (File No. 001-32657) filed with the SEC on April 28,   2017).                                      |
| 10.10(d)(+)          |       | Form of   Nabors Corporate Services, Inc. TSR Stock Grant Agreement — Anthony G.   Petrello, pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(e) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                   |
| 10.10(e)(+)          |       | Form of   Nabors Industries Ltd. TSR Stock Grant Agreement — William Restrepo, pursuant   to the 2016 Stock Plan (incorporated by reference to Exhibit 10.1(f) to   our Form 10-Q (File No. 001-32657) filed with the SEC on   April 28, 2017).                                    |
| 10.10(f)(+)          |       | Form of   Nabors Corporate Services, Inc. TSR Grant Agreement — William Restrepo,   pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(g) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                            |
| 10.10(g)(+)          |       | Form of   Nabors Industries Ltd. Restricted Stock Agreement — Anthony G. Petrello,   pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(h) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                                |
| 10.10(h)(+)          |       | Form of   Nabors Corporate Services, Inc. Restricted Stock Agreement — Anthony G.   Petrello, pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(i) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                  |
| 10.10(i)(+)          |       | Form of   Nabors Industries Ltd. Restricted Stock Agreement — William Restrepo,   pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(j) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                                   |
| 10.10(j)(+)          |       | Form of   Nabors Corporate Services, Inc. Restricted Stock Agreement — William   Restrepo, pursuant to the 2016 Stock Plan (incorporated by reference to   Exhibit 10.1(k) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                     |
| 10.11(+)             |       | Nabors   Industries Ltd. 2013 Stock Plan (incorporated by reference to   Appendix B of Nabors Industries Ltd.’s Definitive Proxy Statement   on Schedule 14A (File No. 001-32657) filed with the SEC on   April 30, 2013).                                                         |
| 10.11(a)(+)          |       | Form of   Stock Option Agreement—Others, pursuant to the 2013 Stock Plan (incorporated   by reference to Exhibit 10.8(a) to our Form 10-K (File   No. 001-32657) filed with the SEC on March 3, 2014).                                                                                       |

 

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| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                   |
|----------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.11(b)(+)          |       | Form of   Restricted Stock Agreement—Others, pursuant to the 2013 Stock Plan (incorporated   by reference to Exhibit 10.8(b) to our Form 10-K (File   No. 001-32657) filed with the SEC on March 3, 2014).                                                          |
| 10.11(c)(+)          |       | Form of   Restricted Stock Agreement—Directors, pursuant to the 2013 Stock Plan   (incorporated by reference to Exhibit 10.8(c) to our Form 10-K   (File No. 001-32657) filed with the SEC on March 3, 2014).                                                       |
| 10.11(d)(+)          |       | Form of   TSR Stock Grant Agreement—Anthony G. Petrello, pursuant to the 2013 Stock   Plan (incorporated by reference to Exhibit 10.8(d) to our   Form 10-K (File No. 001-32657) filed with the SEC on March 3,   2014).                                       |
| 10.11(e)(+)          |       | Form of   Nabors Industries Ltd. Restricted Stock Agreement—Anthony G. Petrello,   pursuant to the 2013 Stock Plan (incorporated by reference to Exhibit 10.8(e) to   our Form 10-K (File No. 001-32657) filed with the SEC on   March 3, 2014).          |
| 10.11(f)(+)          |       | Form of   Nabors Corporate Services, Inc. Restricted Stock Agreement—Anthony G.   Petrello, pursuant to the 2013 Stock Plan (incorporated by reference to   Exhibit 10.8(f) to our Form 10-K (File No. 001-32657)   filed with the SEC on March 3, 2014). |
| 10.11(g)(+)          |       | Form of   TSR Stock Grant Agreement—William Restrepo, pursuant to the 2013 Stock Plan   (incorporated by reference to Exhibit 10.1 to the Form 10-Q (File   No. 001-32657) filed with the SEC on May 9, 2014).                                                      |
| 10.11(h)(+)          |       | Form of   Nabors Industries Ltd. Restricted Stock Agreement—William Restrepo,   pursuant to the 2013 Stock Plan (incorporated by reference to   Exhibit 10.1 to the Form 10-Q (File No. 001-32657) filed with   the SEC on May 9, 2014).                       |
| 10.11(i)(+)          |       | Form of   Nabors Corporate Services, Inc. Restricted Stock Agreement—William   Restrepo, pursuant to the 2013 Stock Plan (incorporated by reference to   Exhibit 10.3 to the Form 10-Q (File No. 001-32657) filed with   the SEC on May 9, 2014).                   |
| 10.12(+)             |       | Form of   Restricted Stock Award—Isenberg/Petrello (incorporated by reference to Exhibit 10.01   to Nabors Industries Ltd.’s Form 8-K, File No. 000-49887, filed   March 2, 2005).                                                                             |
| 10.12(a)(+)          |       | Form of   Restricted Stock Award—Others (incorporated by reference to   Exhibit 10.02 to Nabors Industries Ltd.’s Form 8-K, File   No. 000-49887, filed March 2, 2005).                                                                                        |
| 10.12(b)(+)          |       | Form of   Stock Option Agreement—Petrello/Isenberg (incorporated by reference to   Exhibit 10.03 to our Form 8-K (File No. 000-49887) filed with   the SEC on March 2, 2005).                                                                                       |
| 10.12(c)(+)          |       | Form of   Stock Option Agreement—Others (incorporated by reference to Exhibit 10.04   to our Form 8-K (File No. 000-49887) filed with the SEC on March 2,   2005).                                                                                                       |
| 10.13(+)             |       | Nabors   Industries Ltd. Amended and Restated 2003 Employee Stock Plan (incorporated   by reference to Exhibit A of our Proxy Statement (File   No. 001-32657) filed with the SEC on May 4, 2006).                                                                                 |
| 10.14(+)             |       | Amended   and Restated 1999 Stock Option Plan for Non-Employee Directors (amended on   May 2, 2003) (incorporated by reference to Exhibit 10.29 to our   Form 10-Q (File No. 000-49887) filed with the SEC on May 12,   2003).                                           |
| 10.14(a)(+)          |       | Form of   Stock Option Agreement to the Amended and Restated 1999 Stock Option Plan for   Non-Employee Directors (incorporated by reference to Exhibit 10.2 to our   Form 10-Q (File No. 001-32657) filed with the SEC on April 28,   2017).                             |
| 10.15(+)             |       | Nabors   Industries, Inc. Executive Deferred Compensation Plan (as Amended and   Restated Effective as of April 1, 2017) (incorporated by reference to   Exhibit 10.3(a) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).        |
| 10.15(a)             |       | Form of   Deferred Bonus Agreement under the Nabors Industries, Inc. Executive   Deferred Compensation Plan (incorporated by reference to   Exhibit 10.3(b) to our Form 10-Q (File No. 001-32657)   filed with the SEC on April 28, 2017).                     |
| 10.16(+)             |       | Nabors   Industries, Inc. Deferred Compensation Plan (as Amended and Restated   Effective as of January 1, 2017) (incorporated by reference to   Exhibit 10.4 to our Form 10-Q (File No. 001-32657) filed with   the SEC on April 28, 2017).                        |

 

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| **Exhibit No.** | ** ** | **Description**                                                                                                                                                                                                                                                                                                            |
|----------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12                   |       | Computation   of Ratios.**                                                                                                                                                                                                                                                                                                 |
| 21                   |       | Significant   Subsidiaries.**                                                                                                                                                                                                                                                                                              |
| 23.1                 |       | Consent   of Independent Registered Public Accounting Firm—PricewaterhouseCoopers   LLP—Houston.**                                                                                                                                                                                                               |
| 31.1                 |       | Rule 13a-14(a)/15d-14(a) Certification   of Anthony G. Petrello, Chairman, President and Chief Executive Officer.**                                                                                                                                                                                              |
| 31.1(a)              |       | Rule 13a-14(a)/15d-14(a) Certification of   Anthony G. Petrello, Chairman, President and Chief Executive Officer.*                                                                                                                                                                                               |
| 31.2                 |       | Rule 13a-14(a)/15d-14(a) Certification   of William Restrepo, Chief Financial Officer.**                                                                                                                                                                                                                         |
| 31.2(a)              |       | Rule 13a-14(a)/15d-14(a) Certification of   William Restrepo, Chief Financial Officer.*                                                                                                                                                                                                                          |
| 32.1                 |       | Certifications   required by Rule 13a-14(b) or Rule 15d-14(b) and   Section 1350 of Chapter 63 of Title 18 of the United States Code   (18 U.S.C. 1350), executed by Anthony G. Petrello, Chairman, President and   Chief Executive Officer and William Restrepo, Chief Financial Officer.** |
| 101.INS              |       | XBRL Instance   Document**                                                                                                                                                                                                                                                                                                 |
| 101.SCH              |       | XBRL Schema Document**                                                                                                                                                                                                                                                                                                     |
| 101.CAL              |       | XBRL Calculation   Linkbase Document**                                                                                                                                                                                                                                                                                     |
| 101.LAB              |       | XBRL Label Linkbase   Document**                                                                                                                                                                                                                                                                                           |
| 101.PRE              |       | XBRL Presentation   Linkbase Document**                                                                                                                                                                                                                                                                                    |
| 101.DEF              |       | XBRL Definition   Linkbase Document**                                                                                                                                                                                                                                                                                      |

 

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*                                         Filed herewith.

 

**                                  Previously filed with the Original Filing.

 

(+)                                 Management contract or compensatory plan or arrangement.

 

----

 

**SIGNATURES**

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
|   | NABORS INDUSTRIES LTD. |
|--------|------------------------|
|   |
|   | By:                    | /s/ WILLIAM   RESTREPO |
|   |                   | William Restrepo |
|   |                   | *Chief   Financial Officer* |
|   |                   | *(Principal   Financial Officer and Accounting Officer)* |
|   |                   |   |
|   |                   | Date: March 29,   2018 |
|        |                        |  |  |

 

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