[Form 4] NABORS INDUSTRIES LTD Insider Trading Activity

Rhea-AI Filing Summary

Varde-affiliated entities reported sales of Nabors Industries (NBR) common shares. The filing discloses two sales: 305,000 shares sold at $41.0076 and 7,378 shares sold at $42.3265, reported as dispositions. After those transactions, the reported beneficial holdings across the related Varde entities total either 1,413,430 shares or 1,406,052 shares depending on the line reported, with a detailed breakdown showing 76,687 shares held by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 224,946 by Varde Investment Partners, L.P., and 181,115 by The Varde Skyway Master Fund, L.P. The filing identifies the reporting persons as a group of Varde funds and affiliates and includes the customary disclaimer that each reporting person disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Transparent disclosure of insider/group sales with prices and share counts
• Detailed ownership breakdown across Varde entities clarifies indirect holdings

Negative

• Notable dispositions totaling 312,378 shares, which reduce the group's reported stake
• Potential market perception risk from insider-affiliated selling (reported volumes)

Insights

Corporate Governance Expert

TL;DR Insider group sales were disclosed by multiple Varde entities, reducing reported holdings but retaining sizeable positions.

The Form 4 shows routine dispositions by affiliated investment vehicles rather than a single officer or director acting alone. The structured ownership chart clarifies fund-level holdings and GP/UGP relationships, which supports transparency about who ultimately controls the positions. The filing includes the required disclaimers about beneficial ownership. For governance review, the key items are the volume sold relative to aggregate holdings and the clear mapping of intermediary entities to ultimate managers.

Securities Analyst

TL;DR Reported sales are material in share count but the group retains a meaningful stake across funds.

The transaction lines report a sale of 305,000 shares at $41.0076 and 7,378 shares at $42.3265. Those dispositions reduce the reported group holdings shown on the form but do not eliminate the positions; combined reported holdings by the listed funds remain in the hundreds of thousands to over nine hundred thousand shares for the largest fund. This is a disclosure of trading activity by investment funds and does not by itself provide operational or financial performance information about the issuer.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

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^*

VARDE PARTNERS INC

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NABORS INDUSTRIES LTD [ NBR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/11/2025		S		305,000	D	$41.0076	1,413,430	I	See footnotes(1)(2)(3)
Common Shares	09/11/2025		S		7,378	D	$42.3265	1,406,052	I	See footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

VARDE PARTNERS INC

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

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

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Varde Credit Partners Master, L.P.

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

VARDE INVESTMENT PARTNERS LP

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Varde Skyway Master Fund, L.P.

(Last) (First) (Middle)

C/O VARDE PARTNERS, INC.

520 MADISON AVE, 34TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. After giving effect to the sales reported in this Statement, the common shares are directly held as follows: 76,687 by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 224,946 by Varde Investment Partners, L.P., 181,115 by The Varde Skyway Master Fund, L.P.

2. Varde Investment Partners G.P., L.P. ("VIP GP") is the general partner of each of Varde Investment Partners (Offshore) Master, L.P. and Varde Investment Partners, L.P., and Varde Investment Partners UGP, LLC ("VIP UGP") is the general partner of VIP GP. Varde Credit Partners G.P., L.P. ("Credit Partners GP") is the general partner of Varde Credit Partners Master, L.P., and Varde Credit Partners UGP, LLC ("Credit Partners UGP") is the general partner of Credit Partners GP. The Varde Skyway Fund G.P., L.P. ("Skyway GP") is the general partner of The Varde Skyway Master Fund, L.P., and The Varde Skyway Fund UGP, LLC ("Skyway UGP") is the general partner of Skyway GP. Varde Partners, L.P. ("VPLP") is the managing member of Credit Partners UGP, VIP UGP, and Skyway UGP. Varde Partners, Inc. is the general partner of VPLP.

3. Each of the Reporting Persons disclaims beneficial ownership except to the extent of their pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any Reporting Person is the beneficial owner of any or all of the reported securities for the purposes of Section 16 or for any other purpose.

	Varde Investment Partners (Offshore) Master, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	09/15/2025
	Varde Credit Partners Master, L.P. By: Varde Credit Partners G.P., L.P., its GP By: Varde Credit Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	09/15/2025
	Varde Investment Partners, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	09/15/2025
	The Varde Skyway Master Fund, L.P. By: The Varde Skyway Fund G.P., L.P., its GP By: The Varde Skyway Fund UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	09/15/2025
	Varde Partners, Inc. /s/ Andrew Malone, GC	09/15/2025
	** Signature of Reporting Person	Date
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).
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FAQ

What transactions were reported for Nabors Industries (NBR)?

The filing reports dispositions of 305,000 shares at $41.0076 and 7,378 shares at $42.3265.

Which entities filed the Form 4 for NBR?

The reporting entities are Varde-affiliated funds, including Varde Investment Partners (Offshore) Master, L.P., Varde Credit Partners Master, L.P., Varde Investment Partners, L.P., and The Varde Skyway Master Fund, L.P.

How many shares do the Varde entities report holding after the sales?

Post-transaction beneficial holdings are reported as 1,413,430 shares on one line and 1,406,052 shares on another, with a fund-level breakdown provided in the footnotes.

Do the reporting persons claim beneficial ownership of all reported shares?

No. Each reporting person includes a disclaimer that it disclaims beneficial ownership except to the extent of its pecuniary interest.

Are there derivative transactions reported in this filing?

No derivative securities are reported; Table II contains no derivative transaction entries.