# EDGAR Filing Document

**Accession Number:** 0001163739
**File Stem:** 0001140361-25-037398
**Filing Date:** 2025-10
**Character Count:** 14919
**Document Hash:** 9fc580249f575f070b30e0b18c4f07c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-037398.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001140361-25-037398

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NABORS INDUSTRIES LTD
- **CENTRAL INDEX KEY:** 0001163739
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980363970
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-78460
- **FILM NUMBER:** 251377690

**BUSINESS ADDRESS:**
- **STREET 1:** CROWN HOUSE
- **STREET 2:** 4 PAR-LA-VILLE ROAD   SECOND FLOOR
- **CITY:** HAMILTON, HM08
- **STATE:** D0
- **ZIP:** 0000
- **BUSINESS PHONE:** 4412921510

**MAIL ADDRESS:**
- **STREET 1:** P O BOX HM3349
- **CITY:** HAMILTON, HMPX
- **STATE:** D0
- **ZIP:** 0000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oaktree Capital Holdings, LLC
- **CENTRAL INDEX KEY:** 0001790787

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** C/O OAKTREE CAPITAL MANAGEMENT, L.P.
- **STREET 2:** 333 S. GRAND AVENUE, 28TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-830-6300

**MAIL ADDRESS:**
- **STREET 1:** C/O OAKTREE CAPITAL MANAGEMENT, L.P.
- **STREET 2:** 333 S. GRAND AVENUE, 28TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Atlas OCM Holdings, LLC
- **DATE OF NAME CHANGE:** 20191009

## Exhibit 99.1

------

EXHIBIT A

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each of the Reporting Persons (as such term is defined in the Schedule 13G referred to below) by Oaktree Capital Holdings, LLC, a Delaware corporation, on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the common shares, par value $0.05 per share, of Nabors Industries Ltd., a Delaware corporation, and that this agreement may be included as an exhibit to such joint filing.

---

| | | |
|:---|:---|:---|
| Dated: October 6, 2025 | **OAKTREE CAPITAL MANAGEMENT, L.P.** | **OAKTREE CAPITAL MANAGEMENT, L.P.** |
|  | By: | Oaktree Capital Holdings, LLC |
|  | Its: | Sole Managing Member |
|  | By: | Oaktree Capital Group Holdings GP, LLC |
|  | Its: | Indirect Owner |
|  | By:****  | **/s/** Henry Orren |

---

<br> Name: Henry Orren <br>Title:<br> Managing Director

**OAKTREE CAPITAL HOLDINGS, LLC**<br>

---

| | |
|:---|:---|
| By:****  | **/s/** Henry Orren |

---

<br> Name: Henry Orren <br>Title:<br> Managing Director

**OAKTREE CAPITAL GROUP HOLDINGS GP, LLC**<br>

---

| | |
|:---|:---|
| By:****  | **/s/** Henry Orren |

---

<br> Name: Henry Orren <br>Title:<br> Managing Director

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** NABORS INDUSTRIES LTD

**Title of Class of Securities:** Common Shares

**CUSIP Number:** G6359F137

**Date of Event Which Requires Filing of this Statement:** 09/29/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Oaktree Capital Holdings, LLC | Names of Reporting Persons<br>Oaktree Capital Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>809047 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>809047 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.12% | Percent of Class Represented by Amount in Row (9)<br>5.12% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.

Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

---

| 1. | Names of Reporting Persons<br>Oaktree Capital Group Holdings GP, LLC | Names of Reporting Persons<br>Oaktree Capital Group Holdings GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>809047 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>809047 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.12% | Percent of Class Represented by Amount in Row (9)<br>5.12% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.

Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

---

| 1. | Names of Reporting Persons<br>Oaktree Capital Management, L.P. | Names of Reporting Persons<br>Oaktree Capital Management, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>809047 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>809047 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>809047 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.12% | Percent of Class Represented by Amount in Row (9)<br>5.12% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.

Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.

---

**Item 1(a). Name of Issuer:**
NABORS INDUSTRIES LTD

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Crown House, Second Floor 4 Par-la-Ville Road, Hamilton, Bermuda, HM08

**Item 2(a). Name of Person Filing:**
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to common shares.

(i)	Oaktree Capital Holdings, LLC ("OCH")
(ii)	Oaktree Capital Group Holdings GP, LLC ("OCGH")
(iii)	Oaktree Capital Management, L.P. ("OCM")

**Item 2(b). Address of Principal Business Office:**
333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071

**Item 2(c). Citizenship:**
See response to Item 4 on the cover page.

**Item 2(d). Title of Class of Securities:**
Common Shares

**Item 2(e). CUSIP Number:**
G6359F137

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See response to Item 9 on cover page.
The reported securities are held and managed by OCM on behalf of various funds and accounts including: Oaktree Value Opportunities Fund, L.P., Oaktree London Liquid Value Opportunities Fund (VOF), L.P., Oaktree Global Credit Fund, L.P., Oaktree Global Credit Plus Fund, L.P., Oaktree (Lux.) III - Oaktree Global Credit Fund, and Oaktree (Lux.) Global Convertibles Bond Fund. OCM is indirectly managed by OCH which is directly managed by OCGH. Accordingly, each of OCM, OCG, and OCGH may be deemed to share voting and dispositive power with respect to the reported securities. The filing of this Statement shall not be deemed an admission of beneficial ownership by any of the Reporting Persons for purposes of Section 13(d) or 13(g), or for any other purpose.

**(b) Percent of class:**

See response to Item 11 on the cover page.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See response to Item 5 on the cover page.

**(ii) Shared power to vote or to direct the vote:**

See response to Item 6 on the cover page.

**(iii) Sole power to dispose or to direct the disposition of:**

See response to Item 7 on the cover page.

**(iv) Shared power to dispose or to direct the disposition of:**

See response to Item 8 on the cover page.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The information set forth in Item 4a of this statement is hereby incorporated by reference into this Item 6.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Oaktree Capital Holdings, LLC**

**Date:** 10/06/2025

**By:** /s/ Henry Orren

**Name & Title:** Henry Orren/ Managing Director

**Oaktree Capital Group Holdings GP, LLC**

**Date:** 10/06/2025

**By:** /s/ Henry Orren

**Name & Title:** Henry Orren/ Managing Director

**Oaktree Capital Management, L.P.**

**Date:** 10/06/2025

**By:** /s/ Henry Orren

**Name & Title:** Henry Orren/Managing Director