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In 2025, we continued to execute our strategy to position Nabors for sustainable value creation across industry cycles. While market conditions in the U.S. Lower 48 softened during the year, we made significant progress strengthening our strategic foundation, expanding our international footprint, advancing our technology leadership, and scaling our capital-efficient Drilling Solutions (“NDS”) platform. These initiatives support our objective of building a more diversified and resilient enterprise capable of generating durable free cash flow and delivering attractive long-term returns to shareholders.

The highlight of the year was the acquisition of Parker Wellbore, and the subsequent sale of Parker’s Quail Tools subsidiary. The acquisition of Parker Wellbore for $274 million (comprised of 4.8 million shares and $93 million of acquired net debt) translated into 1.4x EV/EBITDA with immediately accretive adjusted free cash flow. The subsequent Quail Tools divestiture led to cash proceeds of $625 million, translating into a valuation on the sale of 4.2x EV/EBITDA. The combined result of these transactions was that Nabors essentially sold shares at approximately $130 per share, a valuation significantly higher than Nabors’ share price at that time.

Compared to the beginning of 2025, we reduced gross debt on a pro-forma basis by $389 million, materially strengthening our balance sheet and reducing future cash interest obligations. In addition, we completely extinguished the debt acquired from the Parker Wellbore acquisition. This reflects our disciplined capital allocation framework and continued focus on expanding free cash flow while reducing leverage.

Our International Drilling segment delivered exceptional results, with Adjusted EBITDA increasing more than 12% year over year. This growth reflects our long-term customer relationships and growing demand for Nabors’ advanced drilling capabilities. A key contributor was SANAD, our onshore drilling joint venture in Saudi Arabia. During 2025, SANAD deployed five additional newbuild rigs, bringing the number of operating newbuild rigs to 14 of the planned 50-rig fleet by year-end. These high-specification rigs are generating attractive financial returns while reinforcing SANAD’s leadership position in the Saudi Arabia land drilling market. We also expanded our presence across several other strategic international markets. In Argentina, we mobilized idle rigs from the United States and paired them with a comprehensive suite of NDS technologies under multi-year term contracts to support development in the rapidly growing unconventional market of the Vaca Muerta. In addition, we deployed three large, high-specification rigs in Kuwait, also under multi-year term contracts. These rigs are targeted for high-value deep natural gas drilling.

Our NDS business continued to demonstrate the value of its capital-efficient model, further enhanced by the addition of several Parker businesses. Adjusted EBITDA grew more than 65% during 2025, including the contribution from Quail Tools. In addition, our NDS business, adjusted to exclude Quail Tools, generated 87% free cash flow conversion. The NDS portfolio improves drilling performance and efficiency for our customers while requiring significantly less capital than traditional drilling operations, creating a highly scalable and differentiated business model. This model supports higher margins and advances our strategy to expand free cash flow and strengthen our balance sheet.

Looking ahead, our strategic priorities remain clear. We will continue to strengthen our balance sheet, expand free cash flow generation, and further scale our technology and services portfolio. At the same time, we remain committed to advancing technologies that improve drilling performance, enhance safety, and reduce the environmental footprint of our operations and those of our customers.

For our shareholders, disciplined capital allocation and sustained value creation take precedence. We will remain consistent in our approach: investing selectively in high-return growth opportunities, deleveraging, and strengthening the Company’s financial resilience. As free cash flow expands, we expect to increase our flexibility to return capital to shareholders over time while continuing to invest in the technologies and capabilities that differentiate Nabors in the global energy services market.

Nabors operates at the center of an industry that continues to evolve rapidly. With our expanding global footprint, differentiated technology portfolio, and the dedication of our talented employees worldwide, we believe the Company is well positioned to deliver long-term value for our customers and our shareholders.

On behalf of the Board of Directors and our leadership team, thank you for your continued confidence and support.

On behalf of the Board of Directors of Nabors Industries Ltd., I am pleased to present our 2026 Proxy Statement. In 2025, the Board remained closely engaged with management to strengthen Nabors’ competitive position, enhance its financial resilience, and advance the Company’s long-term value for shareholders.

Throughout the year, the Board maintained active oversight of the Company’s strategy, capital allocation priorities, and enterprise risk management. Our focus remains to ensure Nabors is positioned to compete effectively across industry cycles, improve returns, strengthen the balance sheet, and expand the Company’s differentiated capabilities in international markets and technology-enabled drilling solutions.

During 2025, Nabors advanced several strategic priorities under the Board’s oversight, in particular:

The integration of Parker Wellbore, which strengthened Nabors’ global drilling and services platform and enhanced the Company’s ability to deliver integrated solutions to customers.

The divestiture of Parker’s Quail Tools business, which optimized our business portfolio. The Board worked closely with management to evaluate this transaction and to oversee the disciplined deployment of proceeds.

A central priority for the Board in 2025 was continued progress in improving the Company’s capital structure. Proceeds from the Quail Tools divestiture were largely used to reduce outstanding debt, supporting a meaningful reduction in leverage and enhancing financial flexibility.

The Board believes that maintaining a robust balance sheet is essential to supporting Nabors’ long-term strategy, enabling the Company to pursue opportunities that drive durable earnings growth and improved investment returns over time. We will continue to oversee capital allocation decisions with a focus on strengthening the Company’s financial profile and creating value for shareholders.

International markets remain a key driver of Nabors’ long-term strategy. During 2025, the SANAD joint venture with Saudi Aramco continued to expand its rig fleet under long-term contracts in the Kingdom of Saudi Arabia. These deployments support one of the most active and stable drilling markets globally and are expected to contribute increasingly to Nabors’ earnings and cash flow in the years ahead.

The Board also maintained oversight of the Company’s continued investment in advanced drilling technologies and automation. Nabors Drilling Solutions’ expanding platform and Nabors’ Canrig equipment innovations continue to differentiate the Company’s service offering by improving drilling efficiency, consistency, and safety. We believe these technologies represent an important competitive advantage as the industry continues to emphasize performance and capital efficiency.

The Board remains committed to maintaining high standards of governance, transparency, and accountability. Our independent directors provide active oversight of management and regularly review the Company’s strategy, financial performance, and risk management practices.

During the year, the Board and its committees continued to focus on executive compensation alignment, succession planning, and Board composition. Specifically, during 2025, we added a new independent director, David Tudor. David’s addition brings decades of leadership and expertise in power generation, distribution and energy storage that will strengthen the strategic decision-making and risk oversight capabilities of the Board. In addition, we also appointed a new Chief Financial Officer, Miguel Rodriguez, in

accordance with the Company’s succession plan. The execution of the succession plan ensured continuity in the lead financial role of the Company, preserved institutional knowledge, and enabled the promotion of an existing executive with proven capital discipline. We believe these steps reflect our commitment to responsiveness, accountability, and execution as we engage with shareholders and position Nabors for sustainable growth.

The Board believes that Nabors has made important progress in strengthening the Company’s strategic and financial foundation. With an expanding international presence, differentiated drilling technologies, and a stronger balance sheet, the Company is increasingly well positioned to generate sustainable value across industry cycles.

The Board will continue to work closely with management to ensure disciplined execution of the Company’s strategy, prudent capital allocation, and strong governance practices that support long-term shareholder value.

YOUR VOTE IS VERY IMPORTANT. PLEASE SUBMIT YOUR PROXY OR VOTING INSTRUCTIONS AS SOON AS POSSIBLE. Even if you plan to attend the Annual Meeting, please submit a proxy as soon as possible to ensure that your shares are voted at the Annual Meeting in accordance with your instructions. On behalf of the Board of Directors, I would like to thank our employees worldwide for their dedication to operational excellence and safe performance, and we appreciate the continued support and engagement of our shareholders.

We believe that dialogue with shareholders and key stakeholders affords our Board and management team deep, important insights on the most important topics facing our Company. This year, we reached out to the top thirty institutional holders (which includes institutions holding more than 0.30% of Nabors shares outstanding) with an emphasis on engaging with institutional holders who voted against Say-on-Pay. We respond to all shareholder engagement requests continually engage with shareholders on a variety of topics throughout the year. Doing so allows for more focused, effective responses to issues and questions as they arise.

During the past year, the Board elected to rename the ESG Committee to the Governance and Nominating Committee to better reflect its responsibilities for corporate governance, board composition, and ESG oversight. The Board believes this change aligns committee oversight with evolving governance practices and shareholder expectations.

The Governance and Nominating Committee retains oversight of the Company’s environmental, social, and governance strategy, including sustainability initiatives, human capital management, and corporate responsibility matters.

As disclosed in more detail, below, the Governance and Nominating Committee’s responsibilities include identifying and recommending qualified Director nominees, overseeing board and committee evaluations and refreshment, monitoring ESG-related risks and opportunities, and reviewing the Company’s corporate governance framework.

In connection with this change, the Board updated the committee charter to reflect the new name and responsibilities and posted the revised charter on the Company’s website.

We were among the first public companies to establish an independent board committee focused on sustainability initiatives. Over the past several years, and in direct response to shareholder feedback, the Governance and Nominating Committee has implemented meaningful enhancements to our governance and sustainability programs. In addition to the actions taken in 2025 (see “2025 and 2026 Shareholder Feedback on ESG” below), we continue to view a thoughtful sustainability approach as important – even as perspectives evolve in the broader macro landscape.

The table below details the feedback we heard from our shareholders on ESG initiatives and the actions the Company took to address shareholders’ views on our ESG program. The changes implemented in 2025 and 2026 reflect our Board’s strong commitment to shareholder engagement and responsiveness.

Nabors is committed to balancing traditional and emerging energy solutions while minimizing environmental impact, prioritizing safety, and leveraging technology to drive long-term value creation.

Our integrated management system supports a structured, enterprise-wide approach to sustainability governance, addressing risks in operations, safety, environmental, security, and compliance.

We value safety. We care.

As a global company, we prioritize collaboration and partnership to drive success. We recognize that a diverse workforce is essential to achieving our goals and are committed to fostering an inclusive environment that values diverse backgrounds, ethnicities, and experiences.

Our shareholders elect the Board of Directors to act on their behalf and to oversee their interests. Unless reserved to the shareholders under applicable law or the Company’s Bye-laws, all corporate authority resides in the Board as the representative of the shareholders.

The Board directs the management of the Company’s business and affairs and selects executive officers to manage the day-to-day operations of the Company, while retaining ultimate oversight responsibilities. Together, the Board and management share an ongoing commitment to the highest standards of corporate governance and ethics. The Board reviews all aspects of our governance policies and practices, including the “Board Guidelines on Significant Corporate Governance Issues” (the “Governance Guidelines”) and the Company’s “Code of Business Conduct”, at least annually and makes changes as necessary. The Governance Guidelines, and the Code of Business Conduct, and all Committee Charters are available on the Company’s website at www.nabors.com.

As corporate governance best practices continue to evolve, so do we. Our Board is committed to the following best practices:

Shareholders and other interested parties may contact any of the Company’s Directors (as a group or individually), Board committees, or independent Directors as a group, by writing to them at Nabors Industries Ltd., c/o: Corporate Secretary and delivered in person or by courier to the Company’s principal executive offices at Crown House, 2^nd Floor, 4 Par-la-Ville Road, Hamilton, HM08, Bermuda, or by mail to P.O. Box HM3349, Hamilton, HMPX, Bermuda or by emailing Investor.relations@nabors.com. Shareholder communications received in this manner will be handled in accordance with the Board’s “Policy Regarding Shareholder Communications with the Board of Directors”, which is available at www.nabors.com. In addition, any concern about the Company’s conduct, or a complaint about the Company’s accounting, internal control or auditing matters, may be communicated directly to the Independent Lead Director, to the outside Directors as a group, or to the Audit Committee. Such communications will be treated as confidential and can be anonymous and may be submitted in writing in care of the Corporate Secretary, or reported by phone to the Nabors Hotline, established specifically for reporting policy concerns, at 1-877-NABORS7.

While our Governance Guidelines provide for an independent chair of the Board following the tenure of our current Chairman and CEO, the Board believes that the current combination of the Chair/CEO role with an experienced, Independent Lead Director creates the most effective and balanced board leadership

structure for the Company at this time. Both the Chairman and Independent Lead Director serve on the Board’s Executive Committee, and any Director may raise a matter for consideration by the Board. The Board’s current view is that a combined Chair and CEO position, together with non-executive independent Directors and a proactive, objective and highly engaged Independent Lead Director, promotes candid discourse and responsible corporate governance.

If re-elected, Mr. Yearwood will continue to serve as our Independent Lead Director, a position he has held since 2011. The Board believes that Mr. Yearwood’s extensive management experience, industry-leading reputation and effective performance in the role of Independent Lead Director, qualifies him to continue to serve in that capacity.

The Independent Lead Director’s primary responsibilities include:

The Independent Lead Director also participates in direct engagement discussions with the Company’s shareholders. This past year, our Independent Lead Director partnered with the Chair of the Compensation Committee and members of the Nabors management team in extensive communications with significant shareholders and other stakeholders regarding compensation and ESG matters.

The Governance and Nominating Committee conducts a review at least annually of the independence of each member of the Board and its Committees and reports its findings to the full Board. As permitted by the rules of the SEC and New York Stock Exchange (“NYSE”), the Board has adopted categorical standards to assist in making determinations of Director independence. These standards incorporate and are consistent with the independence requirements of the SEC and NYSE and are set forth in our Governance Guidelines available on our website at www.nabors.com. In addition to these standards, the Board also reviews each of the transactions, relationships and arrangements described under “Certain Relationships and Related Transactions” below, as well as social and other relationships, in determining whether a Director is independent.

Upon the recommendation of the Governance and Nominating Committee, and after considering all relevant factors, the Board has determined that each member of the Board, other than Mr. Petrello, is independent. The Board also has determined that each member of our Audit, Compensation, and Governance and Nominating Committees meets the independence standards established for these Committees by the NYSE and the applicable rules and regulations of the SEC.

The Governance and Nominating Committee regularly assesses the Board’s performance and ensures that it is composed of highly qualified Directors with diverse skillsets and backgrounds. A formal evaluation of the Board and its committees is conducted on an annual basis to solicit anonymous feedback and determine appropriate action.

To ensure a robust approach to Director evaluation and refreshment, our Independent Lead Director, together with the Governance and Nominating Committee Chair, leads the Board’s annual self-evaluation, which considers the following topics:

The results of the evaluation are reviewed by the Governance and Nominating Committee and discussed at the full board level. When appropriate, changes are implemented to improve board performance.

The Board’s Guidelines on Significant Corporate Governance Issues provide that Directors generally will not stand for re-election after reaching age 75. The Board believes this guideline supports thoughtful Board refreshment while preserving flexibility to retain Directors whose continued service is in the best interests of the Company and its shareholders.

In connection with the recommendations for Director Nominees at the Annual Meeting, the Board has elected to waive this guideline with respect to Mr. John Kotts, who turned 75 this year. In reaching this determination, the Board considered, among other things, Mr. Kotts’ extensive industry experience, historical and institutional knowledge of the Company, continued strong performance and engagement as a Director, and the Board’s ongoing succession and refreshment planning. The Board also considered the importance of maintaining continuity during a period of strategic execution.

The Board conducts annual evaluations of its composition and individual Director performance and expects to continue to assess Mr. Kotts’ service in the same manner as all other Directors.

Directors are encouraged to serve on the boards of directors of other companies, as the Board believes such service broadens and deepens our Directors’ knowledge and experience. Our Board Guidelines on Significant Corporate Governance Issues set forth certain limitations on Director service to ensure that each Director’s outside directorships do not interfere with his or her ability to meet the responsibilities and expectations of service on our Board, including as it relates to conflicts of interest and overboarding. Under such policy, unless approved by the Board, the employee Directors of the Board may not be a member of the Board of Directors of more than two public companies and non-employee Directors of the Board may not be a member of the board of Directors of more than four public companies. All Directors must notify the Chair of the Board and Chair of the Governance and Nominating Committee in advance of accepting an invitation to serve on another public company board (other than a non-profit’s board) to ensure that such new board does not present a conflict with the Director’s role as a member of the Board or overburden the Director’s capacity to serve on the Board. Furthermore, the Governance and Nominating Committee conducts an annual review of Director commitments, including consideration of directorships and any

leadership positions held at other public and private companies and nonprofit entities, and has determined that all Directors currently comply with these guidelines.

As the Governance and Nominating Committee considers its long-term Board refreshment strategy, we are committed to maintaining a pipeline of diverse Director candidates. The Governance and Nominating Committee also routinely evaluates the size and structure of its Board, including the possibility of expanding the size of the Board over time. The Governance and Nominating Committee would aim to fill these positions with diverse candidates from the current pipeline.

The Governance and Nominating Committee believes it is desirable to maintain a mix of longer-tenured, experienced Directors who have developed enhanced knowledge and understanding of, and valuable insight into, the Company and its operations and newer Directors with fresh perspectives. The Governance and Nominating Committee has considered shareholder perspective regarding longer-tenured Directors. At this time, the Board believes that its longer-serving Directors provide meaningful contribution and perspective to the boardroom given their experience and institutional knowledge and are well positioned to provide effective oversight of management. Accordingly, while Director tenure is taken into consideration when evaluating the Board’s composition, the Governance and Nominating Committee believes that imposing limits on Director tenure would deprive the Board of the valuable contributions of its most experienced members. While the Board does not impose Director tenure limits and is comfortable with its current size, which allows for greater collaboration and non-member participation across committees, the Board is mindful of the benefits of refreshment and, as such, expanded the board size and appointed a new member, David Tudor, who brings diverse experience and complimentary skillsets to the Board. For further detail on Mr. Tudor’s appointment, please see the “Director Nominees” section, below.

The Board also has an established practice of rotating membership of key Committees as well as rotating Committee leadership positions to allow for fresh perspectives.

Our full Board is responsible for risk oversight and delegates this responsibility to the Risk Oversight Committee. The Risk Oversight Committee oversees the Company’s policies and processes regarding risk assessment and risk management, and the Company’s enterprise risk management, compliance, and operational control activities. The Risk Oversight Committee meets at least quarterly to evaluate the Company’s risk exposure and tolerance and to discuss the most critical risks facing the Company.

The Board also has a procedure in place for employees, shareholders and any other person to report concerns about the Company’s conduct, accounting, internal controls and other matters to the Board.

Cybersecurity is an integral element of risk management at Nabors. The Board appreciates the rapidly evolving nature of threats presented by cybersecurity incidents and is committed to the prevention, timely

detection, and mitigation of the effects, and preparedness for recovery of any such incidents on the Company and our stakeholders. Our Board is actively engaged in the oversight of our cybersecurity program.

We leverage the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF 2.0) to drive strategic direction and maturity improvement and engage third party security experts for risk assessments and program enhancements. Additionally, we evaluate our controls environment using other relevant standards such as the Oil and Natural Gas Subsector Cybersecurity Capability Maturity Model (ONG C2M2). The Company has not experienced a material cybersecurity breach within the last three years.

We also include multi-domain cybersecurity training as part of our required annual training program. In addition, training and awareness is integrated and continues throughout the year, utilizing various delivery methods such as phishing campaigns, live training sessions, and informational articles. The Company is committed to supporting our Directors’ expansion of skills and knowledge related to cybersecurity to better equip them to assess our exposure (and guide our response) to cybersecurity threats. For example, Tanya Beder holds a Certificate in Cybersecurity Oversight from the Software Engineering Institute of Carnegie Mellon University and a certification in Gaming Cyber and Information Operations from the Military Operations Research Society.

We perform regular testing and monitoring of our systems including vulnerability scanning, penetration testing, tabletop exercises, and disaster recovery exercises that are performed both in-house and by external third parties.

Overseeing the Company’s business strategy is a key focus area for the Board, and Directors are regularly engaged in ongoing dialogue on the topic. In order for the Board to remain apprised of ongoing and emerging developments, senior management presents at least quarterly on strategic progress and initiatives. The Board also meets at least annually for a formal strategy session in which it assesses overall progress and go-forward strategic priorities, which ensure that compensation metrics incentivize executives and the management team to execute on goals aligned with the budget and achievement of the Board’s short and long-term objectives. Further, frequent formal and informal interactions take place between the Board and senior business unit leaders.

The Company has adopted a Code of Business Conduct in accordance with NYSE requirements. All of our employees, including our executive officers and senior management, as well as our non-employee

Directors, are required to abide by our Code of Business Conduct and related policies and procedures, to ensure that our business is conducted in a consistently legal and ethical manner. We also expect our vendors,suppliers, consultants and agents to act consistently with the Code of Business Conduct. The Code of Business Conduct is posted on our website at www.nabors.com.

Our Board members are actively involved in on-going oversight of the Company’s activities. Board and Committee meetings typically involve several days of preparation and meeting time, periodically involving travel to one of our business operations locations, so that board members have a “field-level” view of the business and its people. In addition to the 24 board and Committee meetings held throughout 2025, our board members routinely met with members of Nabors’ senior leadership, shareholders, key customers, vendors, and other stakeholders.

The Board has six Committees, each of which report, its activities to the full Board:

Appointments to and chairs of the Committees are recommended by the Governance and Nominating Committee and approved by the Board. Directors are expected to attend all meetings of the Board and Committees on which they serve. In practice, we believe a smaller board provides the unique opportunity for all Directors to participate in all committee meetings, regardless of committee membership, which promotes greater knowledge sharing and leverages each Director’s specialized skillset.

Each of our Directors attended at least 75% of all meetings and information sessions of the Board and Committees on which they served during 2025. Although it is not a policy, we encourage our Board members to attend the annual general meeting of shareholders. In 2025, four of our Board members attended the 2025 Annual General Meeting.

The following chart shows the current membership and Chair of each Committee.

The Board held four meetings during 2025, in addition to numerous information sessions. The Board also took action by unanimous written consent when appropriate. Each of the Audit, Compensation, Governance and Nominating (formerly the ESG Committee), Risk Oversight, and Technology and Safety committees met four times, in addition to holding numerous information sessions, and also took action by unanimous written consent when appropriate. On an interim basis, the Executive Committee of the Board or a Special Committee may be designated to oversee ongoing active matters that may require actions between Board meetings. In 2025, the Executive Committee took action on three occasions via unanimous written consent.

Key management personnel are invited on a rotational basis to make presentations to the Board at every meeting. This practice ensures informed contact by the Board members with management. Our standard practice is to permit all Board members to attend any and all Committee meetings. This practice promotes extraordinary depth of knowledge with respect to Company matters and ensures the Company benefits from the Directors’ collective knowledge, skill and experience. Board members also hold meetings with shareholders, either in person or by telephone. This allows the Board to have direct communication and to discuss issues that are of importance to the shareholders. Members of the Board also meet regularly with management and employees of the Company to discuss strategy and other matters. The Board and its committees also have executive sessions without management present whenever required, including in connection with every regular meeting of the Board. Any committee member or Board Director can request such executive session at each of the regularly scheduled meetings.

The following tables show the key responsibilities of each Board Committee.

We believe it is essential to attract outstanding non-employee Directors and to align their economic interests in the Company with other shareholders. We accomplish this through a combination of annual cash retainers and equity incentive awards. Director compensation and benefits are set by the full Board, upon the recommendation of the Compensation Committee. Director compensation is based on market analysis provided by the Compensation Committee’s independent compensation consultant. Since the 2021 Annual General Meeting, Pay Governance, LLC (“Pay Governance”) has served as the Compensation Committee’s independent compensation consultant, and we are pleased with the ongoing refreshment of our compensation practices. The Compensation Committee consists entirely of independent Directors and is authorized to delegate authority to one or more subcommittees.

We believe that Director compensation should be reasonable considering the customary practices for companies of similar size, global scope and complexity and should reflect the time, effort and expertise required of our Directors to adequately perform their responsibilities. The amount of compensation paid or awarded to our non-employee Directors takes into account the high level of Director involvement with the Company, the amount of time required for our Directors to adequately perform their duties, and the requirement that our Directors occasionally travel substantial distances to attend multi-day meetings at key Nabors market locations throughout the world.

Current retainers are as follows:

All cash retainers are paid on a pro rata basis at the end of each quarter. Any Director may elect to receive immediately vested stock options in lieu of the quarterly cash retainer payment, with the number of options determined using the Black-Scholes options pricing model.

The restricted share awards to non-employee Directors typically are made shortly after the annual general meeting of shareholders. This ensures that the awards are granted only to shareholder-elected members for the current year and not to Directors who are retiring or otherwise not continuing as Directors. In addition, Directors who retire from the Board and who meet other criteria may, under certain circumstances, maintain previously issued equity awards outstanding upon approval by the Compensation Committee.

Under the Director Share Ownership guidelines, each director is required to own Company shares with a value of at least five times the Director’s annual cash retainer (exclusive of any portion of the retainer received as a member or Chair of any Committee). Share value for purposes of the guidelines is determined as of the date of grant for vested or unvested restricted share awards or, in the case of open market purchases, the date of acquisition. Each Director has three years from the date of their first election to the Board by the shareholders to meet the ownership requirements of the guidelines. Each Director is currently in compliance with the guidelines, including for Mr. Tudor who joined as a director on July 24, 2025 and is on track to meet the ownership guidelines within three (3) years of his initial appointment.

The following table sets forth information concerning total Director compensation in 2025 for each non-employee Director. Mr. Petrello, who was an employee of the Company throughout 2025, is not included in this table. His compensation is reflected in the Summary Compensation Table under “Executive Compensation Tables” below.

Our Directors and executive officers are required to own our common shares in order to align their interests with those of other shareholders. Ownership of the Company’s common shares ties a portion of their net worth to the Company’s share price and provides a continuing incentive for them to work toward superior long-term stock performance.

As of April 2, 2026, Nabors had 15,959,743 common shares outstanding and entitled to vote, including shares held by subsidiaries of Nabors. For purposes of the following table, “beneficial ownership” is determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) pursuant to which a person or group of persons is deemed to have “beneficial ownership” of any common shares that such person has the right to acquire within 60 days. The following table sets forth the beneficial ownership of common shares, as of April 2, 2026, by each of our current Directors and named executive officers, individually, and our current Directors and current executive officers as a group. Except as otherwise indicated below, each person has sole voting and investment power for the common shares shown below:

All of our Directors and executive officers are required to file reports of share ownership and reports of changes in ownership with the SEC pursuant to Section 16(a) of the Exchange Act. To our knowledge, and based solely on our review of the copies of Forms 3, 4 and 5 and amendments thereto furnished to us

during 2025, and written representations from our Directors and executive officers, we believe that all Section 16(a) filing requirements were met for such directors and executive officers in 2025 in a timely manner, with the exception of the following:

Explanatory Note:

The late filings identified above for Mr. Rodriguez resulted from administrative delays associated with the October 2025 federal government shutdown. During this period, unforeseen processing delays in obtaining new EDGAR access credentials prevented the electronic submission of these reports within the required ten-business day and two-business-day timeframe for the Form 3 and Form 4, respectively. These transactions were reported immediately upon the resolution of the administrative delay. The late filing identified above for Mr. Restrepo resulted from an administrative delay associated with Company’s transition to SEC’s Edgar Next system and were reported immediately upon resolution of the administrative delay.

The following table contains information regarding each person known to us to beneficially own more than 5% of our outstanding common shares as of April 2, 2026, the record date for this year’s Annual Meeting, except as otherwise specified in the footnotes below, based on Schedule 13G filings made by such persons with the SEC.

The Board has adopted a written policy regarding the review, approval and ratification of “related-party transactions”, which is reviewed on an ongoing basis by the Board. A “related person” is defined under applicable SEC rules and includes our Directors, executive officers, beneficial owners of 5% or more of our common shares and each of their immediate family members. Under the written policy, our Governance and Nominating Committee, which is comprised entirely of independent Directors, is responsible for reviewing and approving in advance all transactions involving any related party of the Company. In making its determination, the Governance and Nominating Committee must consider the fairness of the transaction to the Company and the potential impact of the transaction on the Director’s independence.

Mr. Crane, an independent Director of our Board, controls Crane Capital Group Inc. (“CCG”), an investment management company that indirectly owns a majority interest in or otherwise controls several operating companies, some of which have provided services to the Company in the ordinary course of business, including transportation and international logistics. In 2025, the value of the Company’s transactions with these CCG companies was $14.8 million excluding pass through charges, which the Governance and Nominating Committee determined is immaterial to both the CCG companies and the Company. In its determination, the Governance and Nominating Committee considered that:

The Governance and Nominating Committee and the Board considered the totality of the information and concluded that Mr. Crane met both the objective and subjective standards of Director independence established by the NYSE, as well as the Board’s Governance Guidelines and the Company’s Related Party Policy. The Governance and Nominating Committee and the Board also approved ongoing ordinary-course business transactions between the Company and the CCG companies. Mr. Crane was available to answer questions about the transactions and the relationship between the Company and the CCG companies, but otherwise abstained from any discussion, consideration, or vote of the Board on this subject. Mr. Crane does not serve on the Compensation Committee, the Governance and Nominating Committee, or the Audit Committee of the Board.

In connection with our acquisition of Parker Drilling Company (“Parker”) we entered into voting and lock-up agreements (the “Voting & Lock-Up Agreements”) with certain shareholders of Parker (the “Supporting Shareholders”) that became shareholders of ours upon consummation of the acquisition. Among other things, the Voting & Lock-Up Agreements require the Supporting Shareholders to vote shares received as consideration in the acquisition and any other shares they may own in favor of any candidate nominated as a Director to our Board by the Board itself or the appropriate committee, vote in favor of any other proposals to the shareholders that the Board recommends shareholders at-large vote in favor of or the Board has already approved and vote against any Board candidate not recommended or approved by the Board. The Voting & Lock-Up Agreements also contain standstill provisions. The Voting and Lock-Up Agreements will terminate upon the earlier to occur of (i) 180th consecutive day that the applicable Supporting Shareholder no longer, directly or indirectly, beneficially owns any of our common shares and (ii) the third anniversary of the closing date of the merger.