Nabors Industries Ltd. (NBR) received an amended Schedule 13G reporting from Värde entities. Värde Credit Partners Master, L.P. beneficially owns 749,318 common shares, representing 5.15% of the class, with shared voting and dispositive power over those shares. The percentage is calculated against 14,561,171 common shares outstanding as of October 27, 2025, as reported in the company’s Form 10‑Q.
Other Värde-affiliated reporting persons listed report 0 shares. The amendment notes the reported amount gives effect to sales occurring after September 30, 2025, the event date triggering the filing. The certification states the securities were not acquired to change or influence control, consistent with a passive ownership filing under Schedule 13G.
Positive
None.
Negative
None.
Insights
Värde reports a passive 5.15% stake in Nabors via 13G/A.
Värde Credit Partners Master, L.P. discloses 749,318 Nabors common shares with shared voting and dispositive power, equating to 5.15% of the class. The denominator references 14,561,171 shares outstanding as of October 27, 2025.
This is filed on Schedule 13G/A, indicating a passive intent. The filing specifies the amount reflects sales after September 30, 2025, aligning ownership with the latest quarter’s share count.
Because this is a standard ownership disclosure without transaction terms or governance changes, the direct investment thesis impact is limited. Any future changes would depend on subsequent ownership updates in company or holder filings.
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, $.05 par value per share
(Title of Class of Securities)
G6359F137
(CUSIP Number)
09/30/2025
(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
749,318.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
749,318.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
749,318.00
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)
5.15 %
12
Type of Reporting Person (See Instructions)
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.
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
749,318.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
749,318.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
749,318.00
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)
5.15 %
12
Type of Reporting Person (See Instructions)
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.
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").
(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 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 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:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Investment Partners UGP, LLC, its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, L.P., its Managing Member
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, Inc., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
Andrew Malone/General Counsel
Date:
11/14/2025
Varde Credit Partners Master, L.P.
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Credit Partners G.P., L.P., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Credit Partners UGP, LLC, its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, L.P., its Managing Member
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, Inc., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
Andrew Malone/General Counsel
Date:
11/14/2025
Varde Investment Partners, L.P.
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Investment Partners G.P., L.P., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Investment Partners UGP, LLC, its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, L.P., its Managing Member
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, Inc., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
Andrew Malone/General Counsel
Date:
11/14/2025
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:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: The Varde Skyway Fund UGP, L.P., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, L.P., its Managing Member
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
By: Varde Partners, Inc., its General Partner
Date:
11/14/2025
Signature:
/s/ Andrew Malone
Name/Title:
Andrew Malone/General Counsel
Date:
11/14/2025
Varde Partners, Inc.
Signature:
/s/ Andrew Malone
Name/Title:
Andrew Malone/General Counsel
Date:
11/14/2025
Comments accompanying signature:
Exhibit A Joint Filing Agreement, dated as of March 18, 2025 incorportated herein by reference.
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