# EDGAR Filing Document

**Accession Number:** 0001163739
**File Stem:** 0001163739-26-000008
**Filing Date:** 2026-1
**Character Count:** 12884
**Document Hash:** 3a031cec49a0b425751888c2f40a6f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163739-26-000008.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001163739-26-000008

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** PETRELLO ANTHONY G
- **CENTRAL INDEX KEY:** 0001195669

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32657
- **FILM NUMBER:** 26504024

**MAIL ADDRESS:**
- **STREET 1:** C/O NABORS CORPORATE SERVICES, INC
- **STREET 2:** 515 W GREENS RD SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77067
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>PETRELLO ANTHONY G<br><sub>(Last) (First) (Middle)</sub><br>C/O NABORS CORPORATE SERVICES, INC.<br>515 WEST GREENS ROAD<br><sub>(Street)</sub><br>HOUSTON, TX 77067<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CHAIRMAN, PRESIDENT & CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NABORS INDUSTRIES LTD [ NBR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-31 |  | G<sup>(1)</sup> |  | 18000<sup>(1)</sup> | D | $0 | 294793 | I | Trust |
| Common Stock | 2025-12-31 |  | D<sup>(2)</sup> |  | 17843<sup>(2)</sup> | D | $0 | 74426 | D |  |
| Common Stock | 2026-01-01 |  | M<sup>(3)</sup> |  | 5016<sup>(3)</sup> | A | $0 | 79442 | D |  |
| Common Stock | 2026-01-01 |  | F<sup>(4)</sup> |  | 1974<sup>(4)</sup> | D | $54.30 | 77468 | D |  |
| Common Stock | 2026-01-01 |  | M<sup>(5)</sup> |  | 13980<sup>(5)</sup> | A | $0 | 91448 | D |  |
| Common Stock | 2026-01-01 |  | F<sup>(6)</sup> |  | 5502<sup>(6)</sup> | D | $54.30 | 85946 | D |  |
| Common Stock | 2026-01-01 |  | M<sup>(7)</sup> |  | 19098<sup>(7)</sup> | A | $0 | 105044 | D |  |
| Common Stock | 2026-01-01 |  | F<sup>(8)</sup> |  | 7693<sup>(8)</sup> | D | $54.30 | 97351 | D |  |
| Common Stock | 2026-01-01 |  | M<sup>(9)</sup> |  | 16420<sup>(9)</sup> | A | $0 | 113771 | D |  |
| Common Stock | 2026-01-01 |  | F<sup>(10)</sup> |  | 6462<sup>(10)</sup> | D | $54.30 | 107309 | D |  |
| Common Stock | 2026-01-01 |  | A<sup>(11)</sup> |  | 48621<sup>(11)</sup> | A | $0 | 155930 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 2021 Warrants | $166.6666 |  |  |  |  |  |  | 2021-06-11 | 2026-06-11 | Common Stock | 4470 |  | 4470 | D |  |
| 2021 Warrants | $166.6666 |  |  |  |  |  |  | 2021-06-11 | 2026-06-11 | Common Stock | 170649 |  | 170649 | I | Trust |
| 2023 Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | M<sup>(3)</sup> |  |  | 5016<sup>(3)</sup> | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 5016 | $0 | 0 | D |  |
| 2024 Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | M<sup>(5)</sup> |  |  | 13980<sup>(5)</sup> | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 13980 | $0 | 13981 | D |  |
| 2025 Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | A<sup>(13)</sup> |  | 57293<sup>(13)</sup> |  | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 57293 | $0 | 57293 | D |  |
| 2025 Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | M<sup>(7)</sup> |  |  | 19098<sup>(7)</sup> | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 19098 | $0 | 38195 | D |  |
| 2023 Long Term Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | A<sup>(14)</sup> |  | 16420<sup>(14)</sup> |  | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 16420 | $0 | 16420 | D |  |
| 2023 Long Term Performance Share Units | <sup>(12)</sup> | 2026-01-01 |  | M<sup>(9)</sup> |  |  | 16420<sup>(9)</sup> | <sup>(12)</sup> | <sup>(12)</sup> | Common Stock | 16420 | $0 | 0 | D |  |

---

### Footnotes:

(1) These shares were donated to a charitable foundation for which Mr. Petrello has shared voting and dispositive power.  Mr. Petrello disclaims beneficial ownership of the shares held by the charitable foundation.

(2) Represents the number of TSR shares forfeited on December 31, 2025, out of a total of 17,843 TSR shares originally granted to Mr. Petrello on January 1, 2023, based on the Issuer's relative total shareholder return as compared to a peer group of companies during the three-year performance period beginning on January 1, 2023 and ending on December 31, 2025, as determined on December 31, 2025, by the Compensation Committee of the Issuer's Board of Directors (the "Compensation Committee").

(3) Reflects the number of shares vesting on January 1, 2026 in respect of the 15,048 earned and vested Performance restricted stock units originally granted on January 1, 2023.

(4) Reflects the number of shares surrendered on January 1, 2026 to satisfy the tax withholding on the vesting and issuance of 5,016 shares of the 15,048 Performance restricted stock units originally granted on January 1, 2023. The remaining 3,042 vested performance shares were retained by Mr. Petrello.

(5) Reflects the number of shares vesting on January 1, 2026 in respect of the 41,942 earned and vested Performance restricted stock units originally granted on January 1, 2024.

(6) Reflects the number of shares surrendered on January 1, 2026 to satisfy the tax withholding on the vesting and issuance of 13,980 shares of the 41,942 Performance restricted stock units originally granted on January 1, 2024. The remaining 8,478 vested performance shares were retained by Mr. Petrello.

(7) Reflects the number of shares vesting on January 1, 2026 in respect of the 57,293 earned and vested Performance restricted stock units originally granted on January 1, 2025.

(8) Reflects the number of shares surrendered on January 1, 2026 to satisfy the tax withholding on the vesting and issuance of 19,098 shares of the 57,293 Performance restricted stock units originally granted on January 1, 2025. The remaining 11,405 vested performance shares were retained by Mr. Petrello.

(9) Represents the aggregate number of Long Term 2023 Performance restricted stock units originally granted on May 18, 2023, the vesting of which was subject to the achievement of certain ROIC performance criteria, that have been earned as a result of the achievement of the applicable performance criteria. All of such shares have fully vested as of January 1, 2026.

(10) Reflects the number of shares surrendered on January 1, 2026 to satisfy the tax withholding on the vesting and issuance of 16,420 shares of the 2023 Long Term Performance restricted stock units originally granted on May 18, 2023. The remaining 9,958 vested performance shares were retained by Mr. Petrello.

(11) Represents an award of TSR shares that will only vest at the end of a three-year performance period (January 1, 2026 to December 31, 2028) based on the Issuer's relative total shareholder return as compared to a peer group of companies. The number of shares reported represents the maximum that may be earned, which is 200% of the target number. No number of shares is guaranteed to vest and the actual number of shares that will vest at the end of the performance period may be anywhere from zero to the amount stated.

(12) Performance restricted stock units convert into common shares on a 1-for-1 basis.

(13) These Performance restricted stock units were earned by Mr. Petrello pursuant to his employment agreement based on the achievement of certain objectives for the year 2025, as determined on December 31, 2025, by the Compensation Committee. 191.78% of the target number of performance restricted stock units granted pursuant to the terms of Mr. Petrello's employment agreement were determined to have been earned. The number reported above reflects the number of earned performance restricted stock units that are payable in share-settled restricted stock units. The remaining 52,578 performance restricted stock units were settled in cash pursuant to the terms of the applicable award agreement. The Performance restricted stock units that settle in shares are scheduled to vest in three (3) equal annual installments beginning on the first anniversary of the date of grant, January 1, 2026.

(14) On May 18, 2023, the Reporting Person was granted Performance restricted stock units, the vesting of which is subject to the achievement of certain ROIC performance criteria during the three-year performance period beginning on January 1, 2023 and ending on December 31, 2025. The number of shares reported in this line item represents the number of Performance restricted stock units that were earned as a result of the achievement of such performance criteria.

**Signature:** /s/ Mark D. Andrews by Power of Attorney for Anthony G. Petrello  
**Date:** 2026-01-05

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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

** 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 is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**