# EDGAR Filing Document

**Accession Number:** 0001163739
**File Stem:** 0001193125-25-282776
**Filing Date:** 2025-11
**Character Count:** 17225
**Document Hash:** 8c1fe04622e46c9be9eaacc456bc75d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-282776.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-282776

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-78460
- **FILM NUMBER:** 251485243

**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:** Varde Investment Partners (Offshore) Master, L.P.
- **CENTRAL INDEX KEY:** 0001705023

**ORGANIZATION NAME:**
- **EIN:** 980604977
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE SOUTH
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 952-374-6998

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE SOUTH
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Nabors Industries Ltd.

**Title of Class of Securities:** Common shares, $.05 par value per share

**CUSIP Number:** G6359F137

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**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>Varde Investment Partners (Offshore) Master, L.P. | Names of Reporting Persons<br>Varde Investment Partners (Offshore) Master, 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>E9 | Citizenship or Place of Organization<br>E9 |
| 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>0 |
| 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>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 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>0% | Percent of Class Represented by Amount in Row (9)<br>0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Varde Credit Partners Master, L.P. | Names of Reporting Persons<br>Varde Credit Partners Master, 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>E9 | Citizenship or Place of Organization<br>E9 |
| 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>749318 |
| 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>749318 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>749318 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>749318 |
| 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>5.15% | Percent of Class Represented by Amount in Row (9)<br>5.15% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The reported percentage is calculated based on 14,561,171 common shares $.05 par value per share ("Common Shares") outstanding as of October 27, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on October 31, 2025.

---

| 1. | Names of Reporting Persons<br>Varde Investment Partners, L.P. | Names of Reporting Persons<br>Varde Investment Partners, 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>0 |
| 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>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 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>0% | Percent of Class Represented by Amount in Row (9)<br>0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>The Varde Skyway Master Fund, L.P. | Names of Reporting Persons<br>The Varde Skyway Master Fund, 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>0 |
| 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>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0 |
| 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>0% | Percent of Class Represented by Amount in Row (9)<br>0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Varde Partners, Inc. | Names of Reporting Persons<br>Varde Partners, Inc. |
|:---|:---|:---|:---|
| 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>749318 |
| 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>749318 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>749318 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>749318 |
| 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>5.15% | Percent of Class Represented by Amount in Row (9)<br>5.15% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** The reported percentage is calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on October 31, 2025.

---

**Item 1(a). Name of Issuer:**
Nabors Industries Ltd.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Crown House, 4 Par-La-Ville Road, Second Floor, Hamilton, HM08, Bermuda, 0000

**Item 2(a). Name of Person Filing:**
This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons":
(i) Varde Investment Partners (Offshore) Master, L.P.;
(ii) Varde Credit Partners Master, L.P. ("Credit Partners");
(iii) Varde Investment Partners, L.P.;
(iv) The Varde Skyway Master Fund, L.P.; and
(v) Varde Partners, Inc. ("General Partner").

**Item 2(b). Address of Principal Business Office:**
The principal business address of each Reporting Person is 350 N Fifth Street, Suite 800, Minneapolis, MN 55401.

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page.

**Item 2(d). Title of Class of Securities:**
Common shares, $.05 par value per share

**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 responses to Item 9 on each cover page.
The reported percentages are calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on October 31, 2025 (which amount does not include 1,161,283 Common Shares held by subsidiaries of the Issuer). The reported amount gives effect to sales that occurred after September 30, 2025.
Credit Partners directly holds 749,318 Common Shares, representing 5.15% of the outstanding Common Shares. Varde Credit Partners G.P., L.P. ("Credit Partners GP") is the general partner of Credit Partners, and Varde Credit Partners UGP, LLC ("Credit Partners UGP") is the general partner of Credit Partners GP. Therefore, Credit Partners GP and Credit Partners UGP may be deemed beneficial owners of the securities held directly by Credit Partners.
Varde Partners, L.P. ("VPLP") is the managing member of Credit Partners UGP. The General Partner is the general partner of VPLP. Bradley Bauer ("Mr. Bauer") is the Chief Executive Officer of the General Partner. Therefore, VPLP, the General Partner and Mr. Bauer may be deemed beneficial owners of the securities held directly by the Credit Partners.
The filing of this statement on Schedule 13G (this "Statement") shall not be construed as an admission that any of the Reporting Persons or other persons referenced in this Item 4(a) are, for the purposes of Section 13(d) and/or Section 13(g) of the Act, the beneficial owner of any securities covered by this Statement.

**(b) Percent of class:**

See responses to Item 11 on each cover page hereto and the information set forth in Item 4(a) above.

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

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

See responses to Item 5 on each cover page.

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

See responses to Item 6 on each cover page.

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

See responses to Item 7 on each cover page.

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

See responses to Item 8 on each 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.**

Not Applicable

**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.

**Varde Investment Partners (Offshore) Master, L.P.**

**Date:** 11/14/2025

**By:** /s/ Andrew Malone

**Name & Title:** By: Varde Investment Partners G.P., L.P., its General Partner

**Varde Credit Partners Master, L.P.**

**Date:** 11/14/2025

**By:** /s/ Andrew Malone

**Name & Title:** By: Varde Credit Partners G.P., L.P., its General Partner

**Varde Investment Partners, L.P.**

**Date:** 11/14/2025

**By:** /s/ Andrew Malone

**Name & Title:** By: Varde Investment Partners G.P., L.P., its General Partner

**The Varde Skyway Master Fund, L.P.**

**Date:** 11/14/2025

**By:** /s/ Andrew Malone

**Name & Title:** By: The Varde Skyway Fund G.P., L.P., its General Partner

**Varde Partners, Inc.**

**Date:** 11/14/2025

**By:** /s/ Andrew Malone

**Name & Title:** Andrew Malone/General Counsel