<SEC-DOCUMENT>0001193125-25-282776.txt : 20251114
<SEC-HEADER>0001193125-25-282776.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114154156
ACCESSION NUMBER:		0001193125-25-282776
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-78460
		FILM NUMBER:		251485243

	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:			Varde Investment Partners (Offshore) Master, L.P.
		CENTRAL INDEX KEY:			0001705023
		ORGANIZATION NAME:           	
		EIN:				980604977
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001705023</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common shares, $.05 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001163739</issuerCik>
        <issuerName>Nabors Industries Ltd.</issuerName>
        <issuerCusip>G6359F137</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">Crown House, 4 Par-La-Ville Road</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">Second Floor</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Hamilton, HM08</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">D0</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">00000</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Varde Investment Partners (Offshore) Master, L.P.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Varde Credit Partners Master, L.P.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>749318</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>749318</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>749318</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.15</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>
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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Varde Investment Partners, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>The Varde Skyway Master Fund, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Varde Partners, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>749318</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>749318</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>749318</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.15</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>
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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Nabors Industries Ltd.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Crown House, 4 Par-La-Ville Road, Second Floor, Hamilton, HM08, Bermuda, 0000</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>
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"). </filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>
The principal business address of each Reporting Person is 350 N Fifth Street, Suite 800, Minneapolis, MN 55401.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>
See responses to Item 4 on each cover page.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
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.</amountBeneficiallyOwned>
        <classPercent>
See responses to Item 11 on each cover page hereto and the information set forth in Item 4(a) above.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
See responses to Item 5 on each cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
See responses to Item 6 on each cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
See responses to Item 7 on each cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
See responses to Item 8 on each cover page.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </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>
    <signatureInformation>
      <reportingPersonName>Varde Investment Partners (Offshore) Master, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Investment Partners G.P., L.P., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Investment Partners UGP, LLC, its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, L.P., its Managing Member</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, Inc., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>Andrew Malone/General Counsel</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Varde Credit Partners Master, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Credit Partners G.P., L.P., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Credit Partners UGP, LLC, its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, L.P., its Managing Member</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, Inc., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>Andrew Malone/General Counsel</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Varde Investment Partners, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Investment Partners G.P., L.P., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Investment Partners UGP, LLC, its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, L.P., its Managing Member</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, Inc., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>Andrew Malone/General Counsel</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>The Varde Skyway Master Fund, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: The Varde Skyway Fund G.P., L.P., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: The Varde Skyway Fund UGP, L.P., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, L.P., its Managing Member</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>By: Varde Partners, Inc., its General Partner</title>
        <date>11/14/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>Andrew Malone/General Counsel</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Varde Partners, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew Malone</signature>
        <title>Andrew Malone/General Counsel</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>

Exhibit A	Joint Filing Agreement, dated as of March 18, 2025 incorportated herein by reference. </signatureComments>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
