Värde funds report 0% ownership in Nabors Industries (NBR) in new 13G/A

Rhea-AI Filing Summary

Nabors Industries Ltd. (NBR) received an amended Schedule 13G/A showing that several Värde-managed investment entities have fully exited their position in the company’s common shares. The filing lists Varde Investment Partners (Offshore) Master, L.P., Varde Credit Partners Master, L.P., Varde Investment Partners, L.P., The Varde Skyway Master Fund, L.P., and Varde Partners, Inc. as the reporting persons.

Each reporting person now reports beneficial ownership of 0 common shares, representing 0% of the class, with no sole or shared voting or dispositive power. The ownership figures give effect to dispositions in January 2026, after which these entities ceased to beneficially own any Nabors Industries common stock.

The reporting persons also certify that the securities referenced were not acquired and are not held for the purpose of changing or influencing control of Nabors Industries, and are not connected with any control-related transaction.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Nabors Industries Ltd.

(Name of Issuer)

Common shares, $.05 par value per share

(Title of Class of Securities)

G6359F137

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

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

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Varde Credit Partners Master, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Varde Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

The Varde Skyway Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G6359F137

1

Names of Reporting Persons

Varde Partners, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Nabors Industries Ltd.
(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.; (iii) Varde Investment Partners, L.P.; (iv) The Varde Skyway Master Fund, L.P.; and (v) Varde Partners, Inc.
(b)	Address or principal business office or, if none, residence: The principal business address of each Reporting Person is 350 N Fifth Street, Suite 800, Minneapolis, MN 55401.
(c)	Citizenship: See responses to Item 4 on each cover page.
(d)	Title of class of securities: Common shares, $.05 par value per share
(e)	CUSIP No.: 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 amounts give effect to dispositions in January 2026, after which the Reporting Persons ceased to beneficially own any Common Stock.
(b)	Percent of class: See responses to Item 11 on each cover page.
(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 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	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.

Certifications:

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.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Credit Partners Master, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Credit Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Credit Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Investment Partners, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

The Varde Skyway Master Fund, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: The Varde Skyway Fund G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: The Varde Skyway Fund UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Partners, Inc.

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Comments accompanying signature: Exhibit A Joint Filing Agreement, dated as of March 18, 2025 incorportated herein by reference.

FAQ

What does the latest Schedule 13G/A filing disclose for Nabors Industries Ltd. (NBR)?

The amended Schedule 13G/A shows that several Värde-managed entities have reduced their beneficial ownership of Nabors Industries Ltd. common shares to 0 shares, representing 0% of the class, and no longer have voting or dispositive power over the stock.

Which investors are listed as reporting persons in this Nabors Industries (NBR) Schedule 13G/A amendment?

The reporting persons are Varde Investment Partners (Offshore) Master, L.P., Varde Credit Partners Master, L.P., Varde Investment Partners, L.P., The Varde Skyway Master Fund, L.P., and Varde Partners, Inc..

How many Nabors Industries (NBR) shares do the Värde entities currently beneficially own?

Each listed Värde entity reports an aggregate amount beneficially owned of 0.00 common shares of Nabors Industries, with 0% of the class and no sole or shared voting or dispositive power.

What change in ownership is described in this Nabors Industries (NBR) Schedule 13G/A?

The filing notes that the reported amounts give effect to dispositions in January 2026, after which the reporting persons ceased to beneficially own any common stock of Nabors Industries.

Are the Värde entities seeking to influence control of Nabors Industries Ltd. (NBR)?

The certification states that the securities referred to were not acquired and are not held for the purpose or effect of changing or influencing the control of Nabors Industries, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under the specified rule.

What class of securities is covered by this Nabors Industries (NBR) Schedule 13G/A amendment?

The filing covers common shares of Nabors Industries Ltd. with a par value of $0.05 per share, identified by CUSIP G6359F137.