<SEC-DOCUMENT>0000950170-25-041203.txt : 20250318
<SEC-HEADER>0000950170-25-041203.hdr.sgml : 20250318
<ACCEPTANCE-DATETIME>20250318161509
ACCESSION NUMBER:		0000950170-25-041203
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250311
FILED AS OF DATE:		20250318
DATE AS OF CHANGE:		20250318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			VARDE PARTNERS INC
		CENTRAL INDEX KEY:			0001054846
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748504

	BUSINESS ADDRESS:	
		STREET 1:		3600 WEST 80TH STREET
		STREET 2:		STE 225
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55431

	MAIL ADDRESS:	
		STREET 1:		3600 WEST 80TH STREET
		STREET 2:		STE 225
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55431

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Varde Skyway Master Fund, L.P.
		CENTRAL INDEX KEY:			0001704946
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748500

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			VARDE INVESTMENT PARTNERS LP
		CENTRAL INDEX KEY:			0001452534
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748501

	BUSINESS ADDRESS:	
		STREET 1:		901 MARQUETTE AVENUE SOUTH
		STREET 2:		SUITE 3300
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		952-646-2061

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bauer Bradley
		CENTRAL INDEX KEY:			0002060565
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748499

	MAIL ADDRESS:	
		STREET 1:		520 MADISON AVENUE, 34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Varde Investment Partners (Offshore) Master, L.P.
		CENTRAL INDEX KEY:			0001705023
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748503

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Varde Credit Partners Master, L.P.
		CENTRAL INDEX KEY:			0001744511
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32657
		FILM NUMBER:		25748502

	BUSINESS ADDRESS:	
		STREET 1:		C/O VARDE PARTNERS
		STREET 2:		901 MARQUETTE AVENUE SOUTH, SUITE 3300
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		952-893-1554

	MAIL ADDRESS:	
		STREET 1:		C/O VARDE PARTNERS
		STREET 2:		901 MARQUETTE AVENUE SOUTH, SUITE 3300
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

ISSUER:		

	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
		IRS NUMBER:				980363970
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-03-11</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001163739</issuerCik>
        <issuerName>NABORS INDUSTRIES LTD</issuerName>
        <issuerTradingSymbol>NBR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001054846</rptOwnerCik>
            <rptOwnerName>VARDE PARTNERS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001705023</rptOwnerCik>
            <rptOwnerName>Varde Investment Partners (Offshore) Master, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001744511</rptOwnerCik>
            <rptOwnerName>Varde Credit Partners Master, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001452534</rptOwnerCik>
            <rptOwnerName>VARDE INVESTMENT PARTNERS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001704946</rptOwnerCik>
            <rptOwnerName>Varde Skyway Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002060565</rptOwnerCik>
            <rptOwnerName>Bauer Bradley</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VARDE PARTNERS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>350 N FIFTH STREET, SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55401</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2013928</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The common shares, par value $0.05 of the Issuer (&quot;Common Shares&quot;) are directly held as follows: 190,022 by Varde Investment Partners (Offshore) Master, L.P., 974,358 by Varde Credit Partners Master, L.P., 477,937 by Varde Investment Partners, L.P., 371,611 by the Varde Skyway Master Fund, L.P.</footnote>
        <footnote id="F2">Varde Investment Partners G.P., L.P. (&quot;VIP GP&quot;) 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 (&quot;VIP UGP&quot;) is the general partner of VIP GP. Varde Credit Partners G.P., L.P. (&quot;Credit Partners GP&quot;) is the general partner of Varde Credit Partners Master, L.P., and Varde Credit Partners UGP, LLC (&quot;Credit Partners UGP&quot;) is the general partner of Credit Partners GP. The Varde Skyway Fund GP LP (&quot;Skyway GP&quot;) is the general partner of The Varde Skyway Master Fund, L.P., and The Varde Skyway Fund UGP LLC (&quot;Skyway UGP&quot;) is the general partner of Skyway GP. Varde Partners, L.P. (&quot;VPLP&quot;) is the managing member of VIP UGP, Credit Partners UGP, VIP UGP, and Skyway UGP. Varde Partners Inc. (&quot;General Partner&quot;) is the general partner of VPLP. Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, VPLP, VIP GP, VIP UGP, Credit Partners GP, Credit Partners UGP,</footnote>
        <footnote id="F3">(Continued from footnote 2)  Skyway GP, Skyway UGP, the General Partner and Mr. Bauer may be deemed beneficial owners of the reported securities.</footnote>
        <footnote id="F4">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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>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</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>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</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>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</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>The Varde Skyway Master Fund By: Varde Skyway Fund GP LP, 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</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Varde Partners, Inc. /s/ Andrew Malone, GC</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Bradley Bauer</signatureName>
        <signatureDate>2025-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
