Nabors Industries Ltd received an updated ownership report from several Oaktree entities on a Schedule 13G/A. The filing shows that Oaktree Capital Holdings, Oaktree Capital Group Holdings GP and Oaktree Capital Management together report beneficial ownership of 121,673 common shares, issuable upon redemption of convertible bonds. This represents 0.83% of Nabors’ common shares, calculated using 14,561,171 shares outstanding as of October 27, 2025, plus the shares underlying the convertible bonds.
The securities are held across various Oaktree-managed funds, and the Oaktree entities may be deemed to share voting and dispositive power over these shares. They state that the holdings are not acquired or held to change or influence control of Nabors, and the position remains below the 5% ownership threshold.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Nabors Industries Ltd
(Name of Issuer)
Common Shares
(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
Oaktree Capital Holdings, LLC
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
121,673.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
121,673.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
121,673.00
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)
0.83 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Represents 121,673 common shares issuable upon redemption of convertible bonds.
Calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on October 31, 2025 (the "Form 10-Q") and as increased by 121,673 common shares issuable in respect of convertible bonds.
SCHEDULE 13G
CUSIP No.
G6359F137
1
Names of Reporting Persons
Oaktree Capital Group Holdings GP, LLC
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
121,673.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
121,673.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
121,673.00
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)
0.83 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Represents 121,673 common shares issuable upon redemption of convertible bonds.
Calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025, as reported on the Form 10-Q as increased by 121,673 common shares issuable in respect of convertible bonds.
SCHEDULE 13G
CUSIP No.
G6359F137
1
Names of Reporting Persons
Oaktree Capital Management, 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
121,673.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
121,673.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
121,673.00
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)
0.83 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Represents 121,673 common shares issuable upon redemption of convertible bonds.
Calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025, as reported on the Form 10-Q as increased by 121,673 common shares issuable in respect of convertible bonds.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Nabors Industries Ltd
(b)
Address of issuer's principal executive offices:
Crown House, Second Floor 4 Par-la-Ville Road, Hamilton, HM08, Bermuda
Item 2.
(a)
Name of person filing:
This statement is being jointly filed by each of the entities below pursuant to Rule 13d-1(k) promulgated by the SEC pursuant to Section 13 of the Act, all of whom together are referred to herein as the "Reporting Persons."
(i) Oaktree Capital Holdings, LLC ("OCH")
(ii) Oaktree Capital Group Holdings GP, LLC ("OCGH")
(iii) Oaktree Capital Management, L.P. ("OCM")
(b)
Address or principal business office or, if none, residence:
333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071
(c)
Citizenship:
See response to Item 4 on the cover page.
(d)
Title of class of securities:
Common Shares
(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 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 each of the cover pages.
(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 each of the cover pages.
(ii) Shared power to vote or to direct the vote:
See response to Item 6 on each of the cover pages.
(iii) Sole power to dispose or to direct the disposition of:
See response to Item 7 on each of the cover pages.
(iv) Shared power to dispose or to direct the disposition of:
See response to Item 8 on each of the cover pages.
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.
Oaktree Capital Holdings, LLC
Signature:
/s/ Henry Orren
Name/Title:
Henry Orren/ Managing Director
Date:
01/23/2026
Oaktree Capital Group Holdings GP, LLC
Signature:
/s/ Henry Orren
Name/Title:
Henry Orren/ Managing Director
Date:
01/23/2026
Oaktree Capital Management, L.P.
Signature:
/s/ Henry Orren
Name/Title:
Henry Orren/Managing Director
Date:
01/23/2026
Exhibit Information
Exhibit A - Joint Filing Agreement, dated as of October 6, 2025, by and among the Reporting Persons and filed with the SEC as Exhibit A to the Schedule 13G filed on such date, is hereby incorporated by reference.
What does the Schedule 13G/A filing reveal about Oaktree’s stake in Nabors Industries Ltd (NBR)?
The filing shows that Oaktree Capital Holdings, Oaktree Capital Group Holdings GP and Oaktree Capital Management report beneficial ownership of 121,673 Nabors common shares, all issuable upon redemption of convertible bonds.
What percentage of Nabors Industries Ltd’s common shares does Oaktree report owning?
Oaktree reports beneficial ownership of 0.83% of Nabors’ common shares, based on 14,561,171 shares outstanding as of October 27, 2025, plus the 121,673 shares underlying the convertible bonds.
How is Oaktree’s Nabors Industries Ltd position held across its funds?
The reported securities are held and managed on behalf of various Oaktree 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.
Does Oaktree intend to influence control of Nabors Industries Ltd according to this 13G/A?
No. The certification states that the securities were not acquired and are not held for the purpose of changing or influencing the control of Nabors and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.
Why do multiple Oaktree entities appear as reporting persons in the Nabors (NBR) Schedule 13G/A?
Oaktree Capital Holdings, Oaktree Capital Group Holdings GP and Oaktree Capital Management jointly file as Reporting Persons under Rule 13d-1(k). The structure reflects that the securities are managed through Oaktree’s investment platform, and these entities may be deemed to share voting and dispositive power over the reported shares.
Is Oaktree’s ownership in Nabors Industries Ltd above or below the 5% threshold?
The filing indicates ownership of 5 percent or less of the class. Oaktree’s reported 0.83% stake is well below the 5% threshold that usually triggers a full Schedule 13D filing.
