<SEC-DOCUMENT>0001140361-25-037398.txt : 20251006
<SEC-HEADER>0001140361-25-037398.hdr.sgml : 20251006
<ACCEPTANCE-DATETIME>20251006172219
ACCESSION NUMBER:		0001140361-25-037398
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251006
DATE AS OF CHANGE:		20251006

SUBJECT COMPANY:	

	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
		EIN:				980363970
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-78460
		FILM NUMBER:		251377690

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oaktree Capital Holdings, LLC
		CENTRAL INDEX KEY:			0001790787
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		C/O OAKTREE CAPITAL MANAGEMENT, L.P.
		STREET 2:		333 S. GRAND AVENUE, 28TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-830-6300

	MAIL ADDRESS:	
		STREET 1:		C/O OAKTREE CAPITAL MANAGEMENT, L.P.
		STREET 2:		333 S. GRAND AVENUE, 28TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Atlas OCM Holdings, LLC
		DATE OF NAME CHANGE:	20191009
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001790787</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>09/29/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001163739</issuerCik>
<issuerName>NABORS INDUSTRIES LTD</issuerName>
<issuerCusip>G6359F137</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>Crown House</com:street1>
<com:street2>Second Floor 4 Par-la-Ville Road</com:street2>
<com:city>Hamilton</com:city>
<com:stateOrCountry>D0</com:stateOrCountry>
<com:zipCode>HM08</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Oaktree Capital Holdings, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>809047</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>809047</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>809047</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.12</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<comments>Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.&#13;
&#13;
Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Oaktree Capital Group Holdings GP, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>809047</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>809047</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>809047</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.12</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<comments>Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.&#13;
&#13;
Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Oaktree Capital Management, L.P.</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>809047</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>809047</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>809047</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.12</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<comments>Represents 737,112 common shares and 71,935 common shares issuable upon redemption of convertible bonds.&#13;
&#13;
Calculated based on 15,736,950 Common Shares outstanding as of June 30, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on August 1, 2025, and as increased by 71,935 common shares issuable in respect of convertible bonds.</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>NABORS INDUSTRIES LTD</issuerName>
<issuerPrincipalExecutiveOfficeAddress>Crown House, Second Floor 4 Par-la-Ville Road, Hamilton, Bermuda, HM08</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to common shares.&#13;
&#13;
(i)	Oaktree Capital Holdings, LLC ("OCH")&#13;
(ii)	Oaktree Capital Group Holdings GP, LLC ("OCGH")&#13;
(iii)	Oaktree Capital Management, L.P. ("OCM")</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071</principalBusinessOfficeOrResidenceAddress>
<citizenship>See response to Item 4 on the cover page.</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>See response to Item 9 on cover page.&#13;
&#13;
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.</amountBeneficiallyOwned>
<classPercent>See response to Item 11 on the cover page.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>See response to Item 5 on the cover page.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>See response to Item 6 on the cover page.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>See response to Item 7 on the cover page.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>See response to Item 8 on the cover page.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The information set forth in Item 4a of this statement is hereby incorporated by reference into this Item 6.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<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.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit A - Joint Filing Agreement, dated as of October 6, 2025, by and among the Reporting Persons.</exhibitInfo>
<signatureInformation>
<reportingPersonName>Oaktree Capital Holdings, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Henry Orren</signature>
<title>Henry Orren/ Managing Director</title>
<date>10/06/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Oaktree Capital Group Holdings GP, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Henry Orren</signature>
<title>Henry Orren/ Managing Director</title>
<date>10/06/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Oaktree Capital Management, L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Henry Orren</signature>
<title>Henry Orren/Managing Director</title>
<date>10/06/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20056723_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div>
        <div style="text-align: right; font-weight: bold;"><a name="a_005"></a>EXHIBIT A</div>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center; font-weight: bold;">JOINT FILING AGREEMENT</div>
      </div>
      <div>
        <div> <br>
        </div>
      </div>
      <div style="text-indent: 36pt;">In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each of the Reporting Persons (as such term is defined in the
        Schedule 13G referred to below) by Oaktree Capital Holdings, LLC, a Delaware corporation, on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the common shares, par value $0.05 per share, of
        Nabors Industries Ltd., a Delaware corporation, and that this agreement may be included as an exhibit to such joint filing.</div>
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            <tr>
              <td style="width: 50.00%;">Dated: October 6, 2025</td>
              <td colspan="2" style="font-weight: bold;">OAKTREE CAPITAL MANAGEMENT, L.P.</td>
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              <td rowspan="1" style="width: 3%; font-weight: normal;">By:</td>
              <td rowspan="1" style="width: 47%; font-weight: normal;">Oaktree Capital Holdings, LLC</td>
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            <tr>
              <td rowspan="1" style="width: 50.00%;"><br>
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              <td rowspan="1" style="width: 3%; font-weight: normal;">Its:<br>
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              <td rowspan="1" style="width: 3%; font-weight: bold;"><br>
              </td>
              <td rowspan="1" style="width: 47%; font-weight: bold;"><br>
              </td>
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              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td rowspan="1" style="width: 3%; font-weight: normal;">By:</td>
              <td rowspan="1" style="width: 47%; font-weight: normal;">Oaktree Capital Group Holdings GP, LLC</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50.00%;">&#160;</td>
              <td rowspan="1" style="width: 3%; font-weight: normal;">Its:</td>
              <td rowspan="1" style="width: 47%; font-weight: normal;">Indirect Owner</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50.00%;">&#160;</td>
              <td rowspan="1" style="width: 3%; font-weight: normal;">&#160;</td>
              <td rowspan="1" style="width: 47%; font-weight: normal;">&#160;</td>
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              </td>
              <td rowspan="1" style="width: 3%; font-weight: normal; padding-bottom: 2px;">By:<font style="font-weight: bold;"> <br>
                </font></td>
              <td rowspan="1" style="width: 47%; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">/s/ </font>Henry Orren</td>
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              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td rowspan="1" style="width: 5%; font-weight: normal;">Name:</td>
              <td rowspan="1" style="width: 45%; font-weight: normal;">Henry Orren</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td rowspan="1" style="width: 5%; font-weight: normal;">Title:<br>
              </td>
              <td rowspan="1" style="width: 45%; font-weight: normal;">Managing Director</td>
            </tr>

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      <div>&#160;</div>
      <div style="font-weight: 400;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td colspan="2" rowspan="1" style="width: 5%; font-weight: normal;">
                <div style="text-align: left; font-weight: bold;">OAKTREE CAPITAL HOLDINGS, LLC</div>
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              </td>
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                <td rowspan="1" style="width: 3%; font-weight: normal; padding-bottom: 2px;">By:<font style="font-weight: bold;"> <br>
                  </font></td>
                <td rowspan="1" style="width: 47%; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">/s/ </font>Henry Orren</td>
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              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td rowspan="1" style="width: 5%; font-weight: normal;">Name:</td>
              <td rowspan="1" style="width: 45%; font-weight: normal;">Henry Orren</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50.00%;"><br>
              </td>
              <td rowspan="1" style="width: 5%; font-weight: normal;">Title:<br>
              </td>
              <td rowspan="1" style="width: 45%; font-weight: normal;">Managing Director</td>
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      <div>&#160;</div>
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        <div style="font-weight: 400;">
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                </td>
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                  <div style="text-align: left; font-weight: bold;">
                    <div style="font-weight: bold;">OAKTREE CAPITAL GROUP HOLDINGS GP, LLC</div>
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                </td>
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                </td>
                <td rowspan="1" style="width: 45%; font-weight: normal;"><br>
                </td>
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                    </font></td>
                  <td rowspan="1" style="width: 47%; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">/s/ </font>Henry Orren</td>
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                <td rowspan="1" style="width: 50.00%;"><br>
                </td>
                <td rowspan="1" style="width: 5%; font-weight: normal;">Name:</td>
                <td rowspan="1" style="width: 45%; font-weight: normal;">Henry Orren</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50.00%;"><br>
                </td>
                <td rowspan="1" style="width: 5%; font-weight: normal;">Title:<br>
                </td>
                <td rowspan="1" style="width: 45%; font-weight: normal;">Managing Director</td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
      </div>
      <div>&#160;</div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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